Most modern point of sale (POS) systems will come with some form of POS Reporting. For instance, an effective system should be able to tell you your stock levels, sales reporting, your return on investment (ROI), and more!
With Bepoz we can offer much more in truly understanding your stock reporting. Through these reporting tools, you’ll be able to review what is and isn’t working for your business and adjust your purchasing and marketing decisions accordingly. As such, in-depth, accurate reporting is essential for the success of any company, whether you’re a hotel chain or a local bakery.
Here, we take a look at some of the most useful features of our POS system’s reporting capabilities, to show you how much you can benefit from being in-the-know when it comes to your businesses everyday operations.
Stock Turn Reporting
It’s very easy to focus primarily on your venue’s sales report while neglecting the intricacies of your stock movement. But while your sales report will reveal valuable information that will give you a great overview of how your business is performing, it’s your stock turn report that can really help you expand your bottom line.
Ask yourself this question, are you carrying a selection of profitable menu items, or is your stock budget tied up in niche items like a 40-year old bottle of scotch that only appeals to a handful of connoisseurs? It might look great having high-value liquor on your menu, but if it’s not selling regularly and is taking up valuable shelf space, it could be time to trade it in for more of the alcohol that does sell. To help give you an idea of how well your stock is turning over, and how it’s impacting your profit margin, having access to a range of stock turn reports will prove invaluable.
Some of the options offered by Bepoz include:
Your purchasing patterns can have a massive impact on any potential profit your business will make – the longer the stock stays on your shelves, the lower your cash flow will be, and hence the profitability of your business. With an under/overstock report, the average venue will be able to substantially reduce the amount of stock on hand, while also minimising the risk of running out of particular products.
How does this work in a real-world application?
Let’s go back to our whiskey example above. You run a routine under/overstock report, and you notice that you have three bottles of a high-value whiskey on your shelf, which is too much considering it doesn’t sell, but you’re very low on stock of Coronas, which walk out the door. As a result of this stock issue, your sales over the weekend were down. Now that you’re aware of this problem, you’ll be able to adjust your sales and marketing practices so you can move the whiskey quicker, and get in more of the alcohol you need to keep your sales up.
Return on Investment (ROI)
This calculates the number of stock turns (the number of times your venue turns over a particular product over a certain amount of time), and return on investment for the selected period. ROI is a measuring tool publicans can use to see how well their investment (a product, product group or the complete product range) is faring — and to help them make that important decision to sell a particular stocked product and move on or to stick with it
How much does a bottle of Wine A cost you? How much did it cost last year? Most of you will not have an answer; many may not even have paid attention to that two to three cent monthly increase on your supplier’s quote (it’s just a couple of cents, right?) But it all adds up and can pinch your bottom-line at an alarming rate.
A consolidated cost movement report will show you exactly how rising costs are affecting your profit margins over a period of time. You could consider increasing the selling price of a product which may be costing you more while other products may have had a price reduction over this period – this may present a prime opportunity to adjust promotions so as to maximise the performance of your business.
Understanding how your business is performing goes way beyond sales figures. If your already a Bepoz customer and think you need some extra training please give us a call today on 1300 023 769. If you not using Bepoz and would like to find out more please call or email firstname.lastname@example.org we’ll be happy to get you headed in the right direction.
This video gives a really good overview stock calculations.