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How Much is Your Cash Register Costing You?
Your store has been open for a while now. Things
are going ok, but they could be better. You know that
you’re selling since there is extra cash in the till
at the end of the day, and you have to re-order from
vendors when you need to. But what else do you know?
Are your cashiers honest? How often do you have mis-rings,
and how much are you losing by having them? What is
your inventory turn time? Are you re-ordering the
right product? As you think of more and more questions
about your businesses success (or failure), you then
begin to ponder, “Isn’t their something out there
to keep track of all this so I don’t have to? Am I
really losing money by not knowing the answers to
these questions?”
Don’t feel bad; many retailers are still using incomplete
and/or outdated methods of ringing sales. Even though
many retailers know that a point-of sale system creates
a more streamlined business operation and provides
better service to the customer, many have still not
made the transition.
It seems that the cost of a POS system is too much
to handle, especially when you’re small and just starting
out. Like this, there are many obstacles for you to
overcome, especially money. However, there are some
overwhelming benefits that you should be brought to
your attention. Below is a cost comparison of using
a point of sale solution versus a quick fix solution,
such as a “cheapie” cash register. Hopefully, this
will be a useful resource in determining what type
of solution is the best for your business.
5 Year Solution
Click on Chart for detailed information
* Includes cost of parts, labor and on-site service.
**Unrealized Loss = Lost sales due to down time, Lost
sales due to service/install time, cost of owners
hours to compensate for down time.
***Capital Gains refer to any savings related to improvements
in annual sales, gross margin and reduction in average
inventory.
These also includes reduction in hourly labor by
eliminating physical inventory counts, price ticketing
and re-ticketing, purchasing and inventory record
keeping, receiving paperwork and tracking, labor scheduling
and overtime, reporting, and separate accounting/year-end
tracking & record keeping.
All must be completed when using a cash register.
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