You may think of your restaurant POS system as a tool for entering orders and printing checks. Of course, these functions see daily use, but they are not the only features that hold value. On the back end, your restaurant POS holds a wealth of reports that are vital to your operation. When explored, these reports can tell you a lot about the current state of your business. You can also use this information to take action to improve your operation.
Here are the top 5 reports with actionable insights that you should be looking for, along with how you can use this information to the benefit of your business.
Whether it’s by the hour, day, week, month, or more; sales reports are the most obvious go-to for restaurant owners. These reports reveal revenue, payments, and tax information.
This can help forecast cost, identify volume trends, and plan for scheduling. Keeping an accurate record of sales tax collected is also vital, and required by law in most areas.
Ingredient reports are eye-openers and allow insight into the true cost of a menu item,. Now you can know exactly how much that burger is costing you when you see the costs of the bun, lettuce, and pickle as well. This report is also helpful in revealing true overhead costs. When it comes time to review your pricing, or add new menu items, you'll want this information.
Many restaurants focus on the main course. But, don’t forget that there are other profit centers on your menu such as appetizers, desserts, and drinks. With category reporting, your restaurant POS system will show whether you’re falling behind in other areas. For a long time, Dunkin Donuts made it a point to emphasize their coffee and sandwich offerings. As a result, doughnut sales dropped. It’s easy to forget about other areas with your attention focused in one direction. Category reporting shows your performance across all profit centers and lets you know where to focus your efforts.
Restaurants are always concerned with the cost of labor, so of course this report makes the list. Labor reports reveal the number of hours worked by an employee, as well as their clock-in and clock-out times. This information is useful in tracking and managing labor costs. You can also use it to make future staffing decisions. In many areas, an accurate record of labor is also required by law.
Like category reports, product reporting is more focused on individual menu items. Armed with this information, restaurant owners can discover their best (and worst) sellers. You can also learn what your top revenue generating dishes are. With this insight, you can replace or improve under-performing items. When it comes time to review your menu, you'll know exactly where to focus your attention and what items you should upsell or cross-sell.
Gain Insight. Take Action
Your restaurant POS software is a crystal ball into the inner workings of your business. With this advanced knowledge, you will be better equipped to make informed decisions that impact your business.