Goal-setting is key to success, whether it’s a personal goal you’ve set for yourself as a manager or a milestone you’re keen to achieve as a business owner. It’s challenging, however, to reach any goal if you can’t measure your progress.
Without data, it’s difficult to understand what’s happening, what’s working and what isn’t. Subsequently, without this insight, you can’t make educated decisions on how to move forward. Fortunately, your point of sale (POS) system can provide you with the reporting and analytics tools you need to succeed. The team at Harbortouch, the nation’s leading POS system provider, is here to explain what POS reports every restaurant should have.
As the name suggests, sales reports present data on sales. While the details can vary from one POS provider to another, generally a sales report should allow you to track sales over a period of time, the number of guests, table turn time, and sales by server.
Product Mix Reports
Product mix reports provide a more in-depth view of sales. These reports include data on sales by item, category, and department.
Inventory reports tell you what ingredients you have in stock and which ones are running low. These reports provide insight into inventory valuation to tell you exactly how much you have on-hand.
Labor and Employee Reports
Labor reports provide insight into how your staff is performing and the cost-effectiveness of your team members. Many POS systems include scheduling and management features to help you better manage employees.
Exception reports allow you to keep tabs on employees. They show voids, refunds, and discounts given by each individual staff member.
X and Z Reports
X and Z reports are a part of routine operations in any restaurant. They typically include information on the individual total sales, along with a cumulative total, and the number of guests served. Cash tips and credit card gratuities owed to the employee are also tracked along coupons or discounts applied. X reports provide shift details or current register information, while Z reports are printed at the end-of-day for bookkeeping purposes and end of day reconciliation.
Payment Reports and Gift Card Reporting
POS reports should also provide insight into the types of payments processed, such as gift cards, cash, credit, and debit cards. With this information, you’ll know how much cash you have on-hand and how much money you’ll have in your bank account once credit and debit cards settle.
CRM and Loyalty Programs
Customer relationship management (CRM) is the tech you can use to manage relationships with your patrons. This is typically connected to a customer loyalty program, which is included in many point of sale systems. If your POS system has a CRM capability, you’ll be able to see the customer’s average check price, their last visit, their favorite items, and special occasions like birthdays or anniversaries. You can use this data for more effective marketing and sales strategies.
More About Harbortouch
In over 20 years of business, Harbortouch has served more than 300,000 small to mid-size businesses, providing first-class POS software and state-of-the-art POS hardware and earning numerous stellar Harbortouch reviews from satisfied customers. From secure payment processing to cloud-based reporting and management tools, Harbortouch’s model makes its products affordable for any budget. Harbortouch’s ground-breaking free equipment program is frequently featured on the hit TV show Bar Rescue. The program offers merchants custom programming, quality expert installation, and unparalleled customer support.