The cash register or POS terminal form the focal point for staff tasks in the hospitality industry. Hotels process check-ins and checkouts here, and restaurants use POS terminals for entering in order information, printing invoices, and accepting payments. But hospitality point of sale systems can also be leveraged to perform many other important business tasks; for example, business owners can monitor finances and inventory, create menus and contactless payment options, and manage reservations.
Keep Tabs on Business Finances
Cloud-based computing and data storage makes it possible to rely on the data collected by POS software to be utilized for financial tasks. This is because of the consistency in how data is formatted as well as information being compatible across all areas of the business.
POS systems use these advanced forms of data management to provide three key financial services.
Out-of-the-box and custom reports reveal both historical and predictive sales and inventory trends, making it easier to make concise changes in operations.
Staff management and payroll processes can be largely automated further freeing you up to manage customer service or other daily tasks.
The ability to house data in the cloud makes using third-party accounting tools simple because everything you need is consolidated into one location that you can access from anywhere.
Develop an Inventory Strategy to Manage Itself
The same data management tools used to manage finances can also be employed in another crucial area of your business—inventory. With the ability to create sales prediction reports, you will be able to develop an inventory control strategy that is largely automated and is based on accurate, up-to-date sales. This reduces the waste of items predisposed to spoiling and lessens the amount of space required to house the products you sell.
A par inventory strategy can be readily adopted using the powerful data tools contained within cutting-edge POS systems. Sales and inventory data can be constantly monitored with a high degree of accuracy so that orders can be built based on what you have needed in the past versus the current purchasing behavior of customers. This can be expanded to include sales data from multiple channels giving you a firmer grasp of your inventory and the expectations of customers.
Build an Online Menu to Attract More Customers
The most capable hospitality point of sale tools will provide you with options for building a virtual presence. Presenting a menu to an online audience is a step that applies to almost any business and immediately introduces your brand to more potential customers. This can be especially effective for those working in food-based industries where the never-ending changes around ingredient availability or specials make menus a highly dynamic feature.
The greatest benefit of an online menu is achieved when your menu is built on a customizable template provided by your POS solutions provider. This ensures the uninterrupted flow of information from your online menu into your POS system and to the kitchen for fulfillment. It also makes the use of virtual terminals, third-party delivery partners, and QR code table placement possible.
Create Contactless Service Experiences
Using online menus and QR codes as virtual customer engagement options can serve a greater purpose in your business, which has quickly gained traction in the past year. Contactless experiences have become the preferred point of engagement for many customers in recent months. You will need to have POS software in place to support mobility and to take full advantage of what the cloud has to offer.
Having a branded website that is provided by your POS vendor is a great start, but you still need to accomplish the hard part. There are several mobile and web-based tools that will help you to develop a contactless strategy. QR codes at tables or on shelves provide instant access to the products you offer and, in many cases, can be directly integrated into virtual terminals for contactless payment options as well.
Once you have built your brand and expanded your reach, you will need a suitable POS solution to manage the growing number of reservations whether you run a hotel, restaurant, or spa. The ability of modern POS systems to automate and streamline reservations through the cloud allows reception to put more of their time into the customer service that you built your business on.
These types of POS software solutions provide a web-based appointment calendar that can be used as a customer-facing reservations portal. The most effective of these will allow syncing to external calendars, like Google calendar, and provide ways to block out times for walk-in customers or account for staffing levels. This enables you to adjust the flow of crowds to match your staffing which reduces long wait times or miscommunication among staff and customers.
Can a Hospitality Point of Sale System Be Budget-Friendly?
Too often, technology comes in an all-or-nothing package forcing its users to spend money on features they never use. The most effective POS provider will allow you to put your POS solution together using only the pieces you need keeping costs down and productivity up. This also allows you to expand your technology in the future, one powerful feature at a time.
Enlisting the help of talech’s knowledgeable engineers will help you build a hospitality POS system for your business that you can afford. Our in-depth levels of support and training and the ability to translate your business processes into POS features will leave you well-positioned in your industry. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
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