Efficient Cash Accounting

Efficient Cash Accounting

Some EPOS systems have been linked to CCTV cameras which make it easy to monitor the events that take place on a particular day and time.

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EPOS Systems for Bars

Most bars are very busy and need an efficient system to manage activities taking place on the premises. Electronic point of sale (EPOS) systems have been in existence for many years but modern systems have made work much easier and faster. There are many benefits of using modern epos, some of which include:

1.Offers Multiple Payment Options

Apart from cash payment, modern EPOS systems also accept electronic payment. This is beneficial to both the customers and bar owners. Customers do not need to carry large amounts of cash and bar owners do not need to handle large amounts of cash. Using electronic payment also reduces problems that come with handling cash such as theft.

2. Improves Stock Management

Staff do not have to waste time counting how much stock is remaining and ordering new stock. Modern EPOS systems keep record of stock and the records are automatically updated each time a sale is made through our Retail POS/EPOS Systems. The records also make it easy to detect any wastage or theft of stock. There are some EPOS systems that automatically order stock when the current one is almost over. Hence, very little work is required on the part of staff in charge of stock. Productivity is increased since the staff can use the extra time to work on other important things.

3. Efficient Cash Accounting

Any missing cash can be easily traced. Some EPOS systems have been linked to CCTV cameras which make it easy to monitor the events that take place on a particular day and time. If cash was stolen or drinks were given for free, it will be easily seen. Additionally, the person on duty usually logs in to the system and all transactions show he/she was the one responsible for sales on certain dates and times. This makes it easier to account for any lost cash. The system also ensures efficient cash accounting by requiring authorization from the management in order to change an order or declare it void.

4. Efficient Price Tracking

Most, if not all, bars have offers that appeal to their customers. Some of these offers can include happy hour where prices of drinks are reduced or you get a good discount if you buy 2 or more drinks. The EPOS is able to keep track of price changes when necessary. This creates an understanding with the customers since they will know why the price of a drink might have changed at a particular point. EPOS systems contribute to customer satisfaction which also contributes to the smooth running of the business.

There are many EPOS systems but you need to choose the right one depending on the type of business you operate. The right bars POS / EPOS system should have the following characteristics:

a) Collect Customer Data

This feature enables you to track which customers spend the most money in the club and the type of drinks they like. Their contact information is collected and this can be used to inform customers of upcoming offers they would not want to miss.

b) Management of Cash Drawer

This can be done in various ways. Each employee involved in sales can be required to reconcile cash by finishing their shift. This will prevent them from stealing any cash since they know they are accountable. Another way to manage the cash drawer is by assigning cash drawers to specific employees so that there is no blaming of another party in case cash goes missing.

c) Reporting Tools

These tools should be able to tell you how much you have made in sales on an hourly, daily, weekly and monthly basis. The tools should also be able to show you which products have been sold. This information makes it easier for bars to maximize profits and buy inventory that will move fast from the shelves.

d) Managed Software that is Cloud Based

This software enables the bar owner to keep track of the performance of the business in real time. If there are multiple locations, the software enables the owner to view the progress in each location.

e) Payment Card Industry Agreement

This agreement ensures the credit card information of customers is protected. Since many people prefer to pay using credit cards and not cash, they need to feel comfortable using their cards, this is very important for things such as our Fashion POS/EPOS Systems. Failure to have this agreement can make the bar liable for any damage caused if the customers' credit card information is accessed by unauthorized parties and used maliciously.