Spreadsheets, graphs, charts, and a seemingly endless amount of numbers to tally. With the wrong system in place, POS reconciliation goes from “regular business procedure” to “mathematical nightmare.” However, modern systems can make it so when it comes time to do some bookkeeping, you’re not pulling an all-nighter just to make the numbers add up.
Balancing Intake and Inventory Reduces Leakage and Saves You Money
It seems simple on the surface, and yet so many businesses struggle to match the revenue they should have taken in versus the actual revenue of the day. Inconsistent sales numbers indicate that you have a cash flow problem, which then indicates that you have a process or procedural issue that needs addressing. This all works to cost you money and can begin a slow drain of your business finances if not identified and remedied.
Modern POS software brings you a high-tech solution to your POS reconciliation (especially compared to a traditional till system). When you set it up, the software tracks all cash flow in and out of the system and can match this to inventory levels as well. For example, if your cash drawer indicates that you sold 50 widgets, but your logged transactions indicate that you sold 53 widgets, all the while your inventory states you sold 55 widgets, you have a problem.
Your POS software should be able to handle the heavy lifting of your business, and at a bare minimum, it must handle cash drawer management, transaction reconciliation, and inventory reporting. When you add real-time reporting into the mix, the road to eliminating leakage through POS reconciliation becomes reality. This reduces your financial liabilities while having a positive impact on your bottom line. Sounds like a win-win, right?
Using POS Reconciliation to Secure Your Data and Finances
An additional aspect that POS reconciliation adds to your business is deeper security of both your data and your finances. Most modern POS software comes with a suite of exciting features. Storing your data in the cloud is a great addition, as you no longer have to fear a hard drive crash or theft of the backroom computer sinking most of your records. Encrypted data transmissions and storage in the cloud help to further deepen the levels of protection for your most valued assets.
Transaction auditing is also simplified and can largely be automated when your POS software provides advanced reconciliation support. Going beyond the register, you can match your transaction reports with inventory management to gain a better perspective on any inventory leakage issues. This can be as simple as misplacing a box behind a larger object, or something a little harder to imagine, such as customer or employee theft (employee theft accounts for 30% of inventory leakage annually).
This also helps to prevent financial losses in other ways as well, such as the reduction of human error (not carrying the one), or a bank transfer that did not occur when it was scheduled, perhaps leading to overdrawn funds or lost interest revenues. A modern POS software solution can safeguard bank and supplier transactions while giving you real-time insight into any potential mistakes or fraud that may end up costing your business valuable revenue.
Smarter POS Reconciliation Can Streamline Business Operations
POS reconciliation allows you to gain a competitive advantage in your industry while reducing the strain on both you and your staff. The avenue paved by a modern, easy to use POS software solution provides you with consistent data to identify the weak points in all of your processes. You gain a deeper understanding of your cash flow while obtaining a high level of loss prevention.
When you modernize to the latest POS software, you gain consistent levels of data to see into all aspects of your business. With POS reconciliation in place, your software handles the mundane with a high level of accuracy to regularly track all of your data. Your inventory trends are easily identified, allowing for automated ordering and the identification of items that are trending upwards in sales for precise inventory controls. It is here that you step ahead of your competition and transcend your field.
You need a complete understanding of which POS solutions fully provide a higher level of reconciliation. An expert opinion on what you need to satisfy your business and growth expectations will be crucial in getting this right.
Expert Assistance for the Ultimate POS Solution
Don’t let an outdated system hold your business back. Managing your finances properly should be at the top of your list and it’s important to have a point of sale that can do a lot of the heavy lifting for you. Ready to ditch the calculator and spreadsheet and move on to something better? That’s where talech can help.
The keys to your business future are reliant on modernizing your POS system so that it can deliver precise reconciliation. At talech, we present you with a handful of POS options that are designed specifically for your business needs. Contact us today to sign up for a free demo and more information on how to bring cutting-edge technology to your customers.