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End of Financial Year
As the 2016/17 Financial Year wraps up, we take a look at what you might need to get done still, and what to get in place for the next year. Now is the time to take action so you can see what business assets you are holding onto, what you have missing, and what you are not selling.
Stock Control Details
This is a no-brainer. Stock Control in any business is one of the main areas where shrinkage can occur without notice if no one checks on it. Idealpos has a number of tools in place to help eliminate, or at least minimise the chances of shrinkage.
Stocktake - If you don't perform a stocktake at any other time of the year, or have never even done one, now is the time to get it done and see where you're sitting. Why not check out our Stock Manage app, which is now available on both iOS and Android devices? It's not just the level of stock that you will find out, but the valuation of all the stock that you are holding. If you don't have cost prices associated with your items, your valuation is going to be out, by a long way. Which leads us into our next step...
Stock Purchases - What happens to the invoices that come with the stock when it's delivered, or are they delivered electronically? However you receive your invoices, they need to be entered into Idealpos to keep stock levels and cost prices as up to date as possible. Without these figures, Idealpos is basically running blind. Although your invoices might be getting entered into MYOB, Xero, QuickBooks or Attache, those programs don't account for each individual item and can never give you a proper stock level. Entering your invoices into Idealpos allows the system to track each item individually where you can see exactly what is going on with your business.
Stock Write-offs - One little area where people forget that stock disappears to in when it is thrown away, wasted, given to staff or used in promotions. We get it, we know it happens, but just record it. Idealpos has a Waste Mode which allows you to write-off any stock item as soon as you have an issue with it. Spill a cappucino? Write it off. Staff can have a drink on their shift? Write it off. All these little things add up over a year and cost you money as a business if you can't explain where they go. If staff are throwing away more and more product each year without recording it, then you don't know about it and can't do anything to change it. That's your profit.
Keeping track of your money is exactly what a point of sale system is designed to do. At it's most basic, it is designed to operate like a simple cash register, but has now been expanded in its functions to do more than that. If you are not utilising these additional functions, you are wasting your money every day.
End of Shift - This function is used as your Z read. There are many different ways that companies choose to do an end of shift. Some staff members have control over their own drawer which must be counted in as a float and counted out at the end of their shift. Others share the cash drawer for the entire day and count it at the end. Regardless of how you choose to end your shifts through Idealpos, it's an important function. This is where your money goes, you want to know and understand these figures and how to make sure there is no variance.
Cash Declaration - The end of shift is only half the story, the cash declaration is where it's at. This is the money from all tenders that you have accepted, entered into Idealpos as the count against them all, and can then report on where your variances are. If a staff member puts through a $15.00 sale on an EFTPOS tender, but only enters $1.50 on the pinpad, will you ever know? You can't if you are not looking at the figures to see if they match.
Integrated EFTPOS - One way to mitigate the instance above is to have integrated EFTPOS. All banks and acquirers nowadays allow you to link your point of sale system to Idealpos for fast, secure and mistake free processing. The staff member doesn't have to enter anything into the pinpad as Idealpos sends the sales amount to it directly, taking away the chance for mistakes to be made. Not only is it more secure and mistake free, but it is faster which gives you more time to spend on serving your customers than processing sales.
In conclusion, if you have an Idealpos system and want more information on implementing these tools, get in touch. Of course you are also able to read our User Guide which contains all the details. You have all the features you need right there literally at your fingertips, so why not use them?
This may be a crazy time of the year, but getting started with a few good habits can make next year a breeze!