In the last decade, businesses have changed their approaches and have become more Data-driven. It is equally important for the restaurant industry as you end up making informed decisions. When you are driven with data, you are able to analyze well and make better decisions. Successful restaurant chains across the globe give this credit to the integrated technology for restaurant reporting. Therefore, let’s learn how restaurant management pos can rescue you.
As a restaurateur, you have your share of challenges. It becomes very difficult to manage operations and sales. However, when it comes to daily tasks, tracking revenues, understanding the gaps, serving customers only adds the burden. Hence, an integrated restaurant reporting system comes very handy to provide you multiple real-time reports. These reports comprise your revenue, sales, inventory, staff, customer feedback, payments, etc. All these reports contribute significantly to better financial decisions for the restaurant.
In this article, we will talk about the benefits of the restaurant reporting feature.
List Of Reports You Need For Efficient Revenue Management
Data enables you to understand and gauge your daily goals at your restaurant. Not only this, data gives you a bigger picture of your restaurant on a daily basis. An integrated reporting feature gives you multiple reports on one platform and helps you with better business decisions.
These reports help you compare the performance against their business goals.
The pulse of your restaurant is clearly reflected in your costs and sales data. They technically are an indicator of your brand’s growth. Therefore, we have paid extra attention to these reports. Here is how the bifurcation should be done in your POS:
- Top-selling/ worst selling are the reports you need to compare the performance of your menu item. You may like to craft combos of the two items to boost the overall sales of your restaurant.
- Sales by employee/ product/ department: Restaurant management pos enables you to with these reports to understand the efficiency of each of your employees and product.
- Outlet Level Menu Reports for Restaurant Chains: Brands with multiple outlets understand that the performance of each outlet varies. While there may be some dishes doing well in one outlet, it may not perform the same way in another. Therefore, these reports give you a detailed performance of each menu item, at all outlets.
- Pnl Calculation Reports give you complete business growth analysis. Based on these reports, you can explore and moderate your strategies to boost sales.
- Growth Reports are basically a comparison report for your current and previous week performance.
The report feature in your restaurant management pos is a powerful tool to analyze your operational activities. The sales, revenues, and profits generated enable you to determine whether you are making profits or not. You can also customize multiple graphs and pie charts for a better understanding.
In all businesses, analyzing tax consumption is also important. Keeping a close check on your Taxes are essential for any business. A restaurant management software with a robust Tax Tracking feature helps restaurant brands with multiple outlets. Some of the reports you require for your Taxes are:
- Tax summary: With these reports, you can get the details of your total sales for a single and selected range of days. You need that to pay off your taxes on time! The restaurant brands with multiple outlets, these reports are even more crucial.
- Settlement Reports are important to understand the volumes of bills processed via credit card settlement.
Unlike earlier times, nowadays, there are many payment options available with the customers to payout. Nowadays, you have Cash, credit card options, digital wallets, Google Pay, etc as payment methods to enhance the customer experience. A restaurant POS software has a robust feature that gives you payment reports like cash inflows and outflows. These reports give you segregated data for better analysis. Payment reports comprise the details of cash events, refunds, discounts or coupons, voided sales, etc. In addition, you can get a clear picture of the payments received by different methods such as; credit cards, wallets, cash, etc. Modern restaurant management pos gives you complete details about the financial position of your restaurant business.
Inventory is one of the most complex areas of your kitchen. However, most of the restaurateurs neglect the importance of inventory management in an average restaurant. Therefore, inventory reports are of great significance to the purchasing managers of your restaurant. With the help of these reports, one can analyze the inflow of raw materials. In addition, these inventory reports are helpful to the finance department to control food costs. All these detailed reports enable you to evaluate the overall profits for your venture.
Some of the detailed reports which you can generate with the help of Inventory Management Feature are:
- Real-time inventory tracking report
- Value report
- Raw ingredient report
- Inventory reorder report
Audit reports are not only for accounts but it also helps you to understand the restaurant operations at the most fundamental level. These reports are very helpful to evaluate your operations and staff members.
- KOT Detail: While KOTs are important in the Kitchen, KOT reports evaluate the number of orders received on any particular day.
- KOT Tracking reports are useful to track the orders with its bill number. This helps you to organize and prioritize the preparation and delivery of a particular order.
- Purchase and Return Reports: As a restaurateur, it is very helpful if you know the order history of each customer. Therefore, a restaurant POS software enables you with complete reports to analyze the purchasing pattern of the customer. Also, you can access the details of the most preferred orders of your regular customers to upsell more items.
We as restaurateurs must understand and acknowledge the fact that our employees are the face of our brand. All restaurant giants like KFC, Dominos, Keventers, Baskin Robbins, etc attributes their success to their employees. Their loyalty and spirit towards the brand really contribute to your success. Therefore, taking care of your staff members is very critical. Dineplan Suite has a robust feature that generates multiple staff reports for you to track the performance of your staff members.
A complete restaurant management pos generates reports to track their attendance, performance, shifts, etc. All these reports will help you incentivize your employees better.
- Attendance Reports enable you to have a record of your staff login hours and shifts to evaluate their productivity.
- Performance Reports calculates the performance on the basis of table turnovers and upselling done by the waiters.
All these reports about your restaurant operations on real-time basis benefits in your financial decisions. Having technology helps you better manage your revenues and decision making.