Bernard Zimmermann's blog

Make now a stocktaking sale in your shop

POS SOFTWARE

Now is a perfect time to make a stocktake sale.

Please keep it simple and focused.

Concentrate on the stock that you need to clear. Then place them in a prominent position with a sign. Make sure that people outside your shop in front can see your stocktake sale sign.

Want some ideas of what stock to use, this is the report to use.

Go to Register reports > Stock > Slow-moving Stock lines

Now call it up here, you will get a screen like this

I am going to do it by the department because it is easier to assess and collect if you work in a logical order. Here I asked for anything that I had sold less than $100 in a year and am now stocking something.

Interestingly this shop when I ran the report had over $20,000 of worthless stock in just this department.

This is just one report in our point of sale software that can help you expand your business and grow.

 

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This is a top rated integrated EFTPOS offer to think about

POS SOFTWARE

Come this time of year, at the start of the financial year, is the best time in my experience if you are thinking of upgrading your EFTPOS to do so.

This is a very good offer, 

They are waiving account keeping fees for 6 months for new to bank customers. All existing Westpac clients on PC-EFTPOS and standalone can be converted over to an advance integrated EFTPOS system.

WestPac six month free EFTPOS offer

Some functions 

  •  Fast and secure payments to save you time.
  •  Take payments anywhere in-store. 
  •  Wireless connectivity. Instant settlement into a Westpac account. 
  •  View near real-time transactions, settlements and monitor your terminal health on the Presto Dashboard. Seamlessly connects your   EFTPOS terminal to a range of Point of Sale systems. 
  •  Allows you to accept payments anywhere in-store and/or at the table, reducing queues and maximizing sales.

For a grade A, integrated EFTPOS system this is an extremely good offer which could save you a lot of money plus improve your business.

Click here for details.

To get started

Make some enquires, click here

For WestPac click here for partner details.

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Why the delay in your ePay Authorisation?

POS SOFTWARE

Afterpay Touch networks announced the closure of its virtual product section on the 30th June!

So started a mad rush, to get ePay integrated solution implemented in time. This turned out to be a continual source of frustration for all.

Unfortunately, ePay authorisation for the integrated solution was delayed. This is as their testing division was on part-time because of COVID-19. Still for obvious reasons we were authorised first, so we made the deadline.

But to implement ePay requires their authorisation. Since there is so much money involved, this is not something that they give lightly. I have had a client in the six-figure amount. As such, each account has to be approved so the average account set up time is two to four weeks after you have submitted your application. This is why we were telling people to submit their application long ago.

As such, I would suggest that you do not get very worried if you have not heard from them yet. If you have an issue please let me know.

We are all working through it and we are aware that many of you are right now are cut off from Telco products. Please it is troubling times and we are together trying to get through it.

Note if you wish to see what ePay have to offer please look here.

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What is the best printer for my home office?

POS SOFTWARE

This question gets asked a lot now particularly as now many people are working more from home and the need for a home/office printer has increased.

As a rule, I tend to recommend for home an all-in-one (MULTIFUNCTION) printer, as these print, scan, and fax. These, however, are getting a bit rare as who faxes nowadays but they are still available if you look for them. Of course, if you like so many do not have a landline now at home, its not much use to you the fax part but if faxing is very important to you then you may want to investigate some fax services that are available.

Today the scanner is very important, we are continuously being asked to scan some documents and send it by either email or fax it. Yes, you can use your mobile’s camera to do this and if you only occasionally need to do this, it maybe could be enough for you but the quality of this scan doesn’t come up to the quality of a scanner.

How often will you print?

Inkjet printers tend to dry out if not used, so if they are not used for a month there are problems. So if months could go by and no-one prints anything on that printer, then the ink can dry and the inkjet printer needs cleaning, which generally is not an easy task to do.

For this reason, overall lasers cause fewer problems as in school holidays, the kids have not used the printer, you do not print, and then when someone tries to use it the inkjet does not work without a clean, generally, what happens then the inkjet gets dumped as who can be bothered fixing it.

How much do you expect to print?

As a rule, lasers print a page cheaper than an inkjet. However, there are a few inkjet printers out there with a supertank, which have refillable tanks that offer a lower cost per page than lasers. 

This is important as the biggest expense for a printer isn’t the printer, the paper but the ink. I have known people to buy printers on special with free ink when the ink runs out, they throw out the printer. It was not worth buying the ink. So they buy another printer on special with ink.

Do you mind some bother?

Inkjet printers need ink cartridges you often need to continually restock them which is a pain.

 

Plenty of times at home, after doing some printing, just one of these ink cartridges ran out and I had to go to a shop to buy another ink cartridge.  If the shop did not stock my inkjet cartridge, there were problems. 

Do you want to print in colour?

I have given up on printing photos on my home printer, the professional printers are so much better but if want to do photos then you need an inkjet. If you just need some colour now and then, then either laser or inkjet can do the job.

The professional look of the print?

I find the quality of the text printing by lasers more precise although some of the better inkjets are good enough for most documents.

Speed

This is often not a factor in a home printer as you can always in a big run, set the printer up, go and do something else but if it is a factor lasers are faster

My conclusion is that overall, it is worth spending a little more and getting a laser all-in-one (MULTIFUNCTION) printer for home.

Hope this all helps.

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Why not study your stock shrinkage now?

POS SOFTWARE

 

 

Now you have done your stocktake.

It is a simple calculation for you or your accountant to do to determine your stock shrinkage. 


(stock shrinkage)= (opening stock) - (closing stock)+(purchases) -(Total sales at cost price) 

Generally what we do now calculate it as a percentage of sales, so it becomes = (stock shrinkage)/(Total sales) x 100% 

Although often people use, shrinkage by stock value which we do in two steps.

(Average stock holding) =((opening stock) - (closing stock))/2 

(shrinkage by stock value)= (stock shrinkage)/(Average stock holding) x 100% 

So now you know your stock shrinkage, so you have an idea of how big a problem you do have. 

As a punt, I would say that it will be about 1.4%, but it does vary a lot.

One client of ours reported that it was less than 0.1%, which is the best figure I have ever seen. I have also seen a shop which a receiver told me it was 6%, which is no wonder a receiver was there. 

I do suggest that you do these calculations because if you do not know it, what can you do to fix it? Some significant reasons would be.

1) Customer theft - The five-finger discount

2) Damage - We had one furniture shop that was recording huge numbers of damaged goods somewhere between receiving and customer delivery.

Goods that suffer a significant damage problem should be moved to a safer place. I know a shop that after calculating their damage rate stopped handling glass products.

3) Supplier fraud - Which is all too often, although many suppliers claim they are accidents, I am not so sure. The result though is that a supplier bills you for goods shipped, but for some reason, you did not get.

4) Staff theft - I have seen retailers in tears when they discovered what a valued staff member has done. In my experience, this is zero or 100% of the problem. If you have some virtual products, e.g. lotto or telco this can be a measure here. As a rule, experts say that it accounts for half of all retail shrinkage which means that its the most important item. 

5) Administrative errors - are pricing mistakes and sloppy bookkeeping.

For the others as a first guesstimate, most people assume that each of the above factors is equal.

In the retail world, shrinkage is a part of life but, does not mean you have to give away so much. 

Depending on your margins, a 1.4% stock shrinkage could amount to a 20% loss in profits. 


 

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Try having in your shop several special areas

POS SOFTWARE

Most of your sales floor is never seen by your customers. So it’s up to you to bring your merchandise to their attention. So in modern retailing, I have noticed is that shops now have many special areas. Not one but many! In the supermarkets as well as the regular area, you will find the same product at the ends of a shelf, the entrance and cash register area. So rather than have one big section dedicated to a product or line they have several. There is often is no correlation to these items in this area but people look at it. 

Try this

Reduce some of the area of a department and move some of these items into a special area. Make it noticeable put a nice sign advertising this area

This will maximise the reach of these products so giving you more opportunities to market your products.

And of course, tell me how it goes.

 

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Your tax claims with running your business from home

POS SOFTWARE

Due to COVID-19, we all do a lot more work from home. To many, it is a new normal.

Now there are some of the expenses of working from home can be claimed too. 

Some valid deductions would be on your home computer. You can look at such as its desk, your computer chair, electricity, carpets, lighting, etc.

You can also often claim a share of the rent for the area of your office from which you conduct business.

I would suggest that you discuss this with your accountant, click here for more details.

 

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Now i am wondering if anyone knows any specific trusted seller for SEO Ranking, we have been a vendor which need a decent source for such services.

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This is your last opportunity to  join our free webinar on EOFY reporting

POS SOFTWARE

We will be having a webinar on your EOFY reporting which we would love for you to attend. It will be hosted through Facebook Live, on Monday 6th July, at 10 am!




We will cover:

  • Profit / Loss 
  • Stock Valuations
  • Outstanding Customer Debts
  • Outstanding Subagent Debts

-General Discussion

Got anything you wish to add or comment, go for it here.

To join, go to https://www.facebook.com/POSSOLUTIONSAU/Live  at 10 am!

Hope to see you then.

While you are there, why not go to the POS Solutions Facebook Page and like us? That way you will be informed on future webinars too.

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