What Percent of Your Profits Are You Losing to Theft?

It is no real surprise; theft is a enormous problem in the pub and restaurant market. Sadly, most often it is due to your staff.

Theft accounts for approximately 7% of reduction in yearly revenue for small companies, and that is eating into your narrow profit margins.

Most companies can’t afford to eliminate gain, so for the success and health of your company, it’s better to know where theft and loss can probably happen and where you are able to prevent it.

Sources:

https://www.connectpos.com/shopify-pos/

https://www.connectpos.com/woocommerce-pos/

https://www.connectpos.com/magento-pos/

https://www.connectpos.com/bigcommerce-pos/

The likely culprits

While it is not impossible for theft to occur from simply skimming cash from the money drawer, that sort of theft is unbelievably simple to track. More often than that, we would think about plenty of theft to be a type of”friendly theft.” Friendly theft could be workers giving out free drinks or foods or even taking food home.

We call it”friendly fraud” because it is usually not malicious. Your employees could view giving food away as treating a friend or rewarding themselves for a hard day’s work.

However, it still takes money from your pocket.

The best way to monitor this is to use your point-of-sale system. Prepare the standard of properly getting your staff ring up things, and ring up things by your inventory.
Implementing these methods will let you monitor when things go missing.

Tracking food and beverage orders from the point of sale system can cut down on some free meals and comps your employees may be giving out.

When an order is placed and delivered to the kitchen or bar, the ticket shouldn’t have the choice to be deleted, unless you’ve got a general manager or the owner logging into approve the deletion.

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Needless to say, a POS system used for safety purposes only works if the kitchen staff and bartender know not to give out orders without a ticket. But even if they don’t, it is still possible to track the amount of items sold vs. the amount left in your inventory.

You can prevent lots of that 7% reduction to your profit with the correct tools in place, and train your employees to utilize your point-of-sale system correctly.

See also

https://www.connectpos.com/6-must-have-pos-integrations/

https://www.connectpos.com/pos-review-connectpos-vs-vend/

https://www.connectpos.com/pos-review-connectpos-vs-lightspeed-retail-pos/

https://www.connectpos.com/pos-review-connectpos-vs-shopkeep-pos/

https://www.connectpos.com/pricing-options-for-different-pos-systems

https://www.connectpos.com/offline-mode-in-pos-does-it-matter-to-your-business/

https://www.connectpos.com/5-pos-systems-support-offline-mode/

The Advantage of Real-Time Data and How It Affects Your Business

Running a restaurant or cafe is all about responding to situations.

A lack of awareness once your labor is 30 percent over what has been marketed can leave you losing valuable profits and hurt your bottom line.

Your ability to respond quickly to real-time data can allow you to prevent losses, so how do you make real-time conclusions?

Restaurant Manager has rolled out some new features

A handy little app made by Restaurant Manager called RM Monitor provides you 5-minute real time updates. It provides you with access to stay in touch with your business by tapping into your point-of-sale systems reports on the move.

Even further, the app goes into detail showing you just how much you are making at all your locations. The monitoring built into RM Monitor lets you see labour costs, and the gain you are turning over for that hour.

Some of the other key features include:

  • Employees nearing overtime for the day or the week
  • Large deletions or voids
  • High spending tables
  • Deletions or voids recorded by worker
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What can the information do for your company?

Well, you can decrease your costs by monitoring when workers are nearing overtime, and you may search for theft through free comps.

You can even set the alarms to go to multiple individuals or people. These notifications can be adjusted to come through several different ways, such as:

  • Bulletin board
  • Workers (of a Security Level)
  • Mail
  • Printer
  • SMS Messaging
  • POS station

Whatever your size, Restaurant Manager incorporates their real time data with their traditional POS system and Duet, their iPad system. Your company has the best chance of success when you’re able to use your information to your advantage.

More details

https://www.connectpos.com/pos-review-connectpos-versus-hike-pos/

https://www.connectpos.com/offline-pos-machine-you-will-need/

https://www.connectpos.com/benefits-of-pos-system-for-brick-and-mortar-stores/

https://www.connectpos.com/8-tips-boost-online-presence-for-fashion-brands/

https://www.connectpos.com/pos-transformation-in-physical-store-workflow/

https://www.connectpos.com/pricing-options-for-different-pos-systems/

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