Recently, I was reading a fascinating book about AI in modern legal practice and realised much of it would apply to retail too. The gap isn't whether they use artificial intelligence; it is understanding where it fails and where human control remains essential. What we need to do is safely use AI as an assistant while protecting our stores from its blind spots.

Key Takeaways

• AI drafting tools can only generate rough, initial versions of marketing content and product descriptions.
• Human reviewers must rigorously check all AI-generated text because the software frequently invents incorrect facts, prices, and legal statements.
• Retailers remain legally and commercially responsible for all their published errors.
• Sensitive customer data and wholesale pricing must never be pasted into public AI platforms without a thorough understanding of the provider's privacy rules.
• Sharing confidential material with an outside AI provider may create contractual, privacy, or legal issues for your business.
• Privacy Act obligations apply strictly to customer information even when you use AI to draft emails or handle complaints.

What Is an AI Drafting Tool?

An AI drafting tool is software that quickly creates a first draft of text for review, correction, and finalisation. Our survey shows our retail clients mainly use AI for advertising, such as drafting Father's Day promotional emails. Here, the AI is not an expert. It is not a decision-maker; you are. It must function solely as a brainstorming helper, aiding in organising ideas and overcoming writer's block, thereby speeding up your workflow.

Why Does Human Oversight in Retail AI Matter?

Crucially, human oversight matters partly because artificial intelligence lacks your real-world commercial context and because it is not factually reliable. You cannot simply trust software to understand the nuanced tone of your local business or the specific legalities of your supplier contracts.

Why Does AI Sound Confident Even When It Is Wrong?

An AI is trained to sound confident. They train it to give you what it thinks you want. If you ask it to describe a new candle brand, it might say it has a 100-hour burn time simply because that phrasing sounds good to it. This is what one of my clients got. The problem was that the candle certainly didn't have a 100-hour burn time, not even close.

I had a client disputing his claim for money owed by a private superannuation fund. The AI prepared a highly formal, legally sound letter threatening to escalate the matter to a small-claims tribunal, if it was not paid. He sent it and was ignored. In frustration as time was running out, he lodged his complaint with the small claims tribunal. The tribunal rejected the action because the AI had completely misunderstood the legal structure of the superannuation fund involved. What the AI had created was polished legal rubbish. When queried later, the AI system admitted it had mucked up the legal positioning. It did not help my client by then. His legal position was worse too as he blamed the wrong person. Just because the AI was smooth and fluent did not prove it was accurate.

Checking the Crucial Details

Inevitably, you must review specific elements whenever AI drafts your seasonal promotional copy or event notices. Specifically, you need to verify rigorously:

• Product names and brand descriptions
• Prices and sale conditions
• Dates, times, and store locations
• Stock availability
• Supplier details
• Store contact information and correct spelling
• Whether the tone sounds like your business

I often ask a second AI system to review the draft for possible errors. This can sometimes identify problems. It's not foolproof, but it often works. Here is the prompt I use, feel free to use it or modify it. I think you will find it useful too. 

What Sensitive Information Should Retailers Hide from AI?

Legally, you should be careful about putting sensitive information into a consumer AI tool.

Specifically, sensitive information could include:

• Customer names, email addresses and phone numbers
• Employee details, payroll information or performance issues
• Supplier contracts, wholesale prices and confidential terms
• Financial figures, margins, forecasts and banking information
• Unpublished business plans and new product strategies
• Legal disputes, personal matters or documents that may be legally sensitive

Privacy and Confidentiality

Sharing confidential material with an AI provider may cause privacy breaches and may also violate agreements. Simply entering it into an AI chat might make it public. Supplier agreements often contain confidentiality clauses. Customer information is covered by the Australian Privacy Act. You carry its strict obligations. The legal consequences will depend on the facts. However, a business should not take unnecessary risks with information that could harm customers, employees, suppliers, or the business itself if disclosed.

Consider Local AI, which I previously looked into for AI for Australian retailers. I will need to do an update soon, as so much of the technology has changed, but the central issue here of privacy remains important.

What Are the Best Next Steps for Retailers Using AI?

Set a clear, simple rule for your entire team that a human approves the final version. 

Review the privacy settings of your AI tools.

Opt out of data-sharing features if you are worried.

Do not use public AI systems with your confidential information.

What Is the Final Word on Keeping AI in Its Lane?

In conclusion, AI serves as an incredibly helpful drafting tool that generates fresh ideas and improves your wording quickly. Modern retailers now use it continuously.

Finally, if you would like to read the legal book that originally prompted these thoughts about AI, please let me know. I can easily get you a copy, and it is not expensive at all!

Written by:

Bernard Zimmermann is the founding director of POS Solutions, a leading point-of-sale system company with 45 years of industry experience, now retired and seeking new opportunities. He consults with various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.

It's that time of year again. The EOFY rush is over, and now you finally have a moment to breathe. Before you switch off, review how your shop performed last year.

Do not just ask, "Did we make money?" Ask, "Where did the money come from?" And, just as importantly, "Where didn't it?"

Let Us Study the Stock

This One-Minute Report Tells You a Lot

Go to:

Reports → Sales - Stock → Dissection Family Class Period Sales Comparison

Compare the last two financial years:

Please make sure you put the right dates here. 

• From: 1 July 2024 to 30 June 2025
• To: 1 July 2025 to 30 June 2026

   

Select all stock to run the report for everything. I always recommend keeping settings simple for now until you get a handle on this report's complexity. It will give you a clear breakdown by department. Later, you can run more specialised reports.

What to Look For

Do not get lost in the columns. Focus on two figures for each department: quantity and profit.

• Quantity up, profit down: You may be discounting too much, or the margin in that department may be dropping.
• Quantity up, profit up: Good. That department is moving in the right direction. Do not stop there; look further into why it worked.
• Quantity down, profit down: That department needs a closer look.
• Quantity down, profit up: You may be selling fewer items, but you are selling higher-margin items.

What you need is a forward-looking business strategy to drive your business forward. This requires proactive, actionable execution like this on your part.

Unlike so many other POS systems, our system, I am very proud to say, gives you something you can use.

Written by:

Bernard Zimmermann is the founding director of POS Solutions, a leading point-of-sale system company with 45 years of industry experience, now retired and seeking new opportunities. He consults with various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.

Most SMB retailers aren't using AI for management. Here's how to easily connect your POS system to free AI tools to improve management reporting. We found this out when we recently asked SMB retailers how they use AI, and most said they don't use it at all. This surprised us, since many AI tools are free to try. In today's world, every business should consider using AI.

Key Takeaways

• Our survey found that most SMB retailers do not use AI.
• Cost and time were the main excuses.
• Retailers who do use AI mainly use it for marketing, writing emails, and social posts.
• The people we surveyed felt their current POS system already gives highly reliable data without AI.
• AI can only process management information accurately if you give it enough details.
• You need a Commercial Operations Profile (COP) for management reporting, providing the essential context AI needs to help you.
• Asking an AI to generate a visual dashboard makes complex POS reports incredibly easy to digest.

How Are Retailers Currently Using AI?

Retailers who use AI mostly rely on it for marketing tasks, such as writing social posts, drafting emails, and looking up basic information.

For example, our survey showed that when using AI for marketing, retailers tell the AI what they want, explain their target audience, and ask for help. Since they provide this context, the AI does a good job. Many use ChatGPT to write Facebook posts about things like Mother's Day cards, then make a few tweaks before posting. This saves a lot of time.

However, when it comes to management information, most users are not using AI correctly.

Why Do Most SMB Retailers Avoid AI for Business Management?

Most SMB retailers avoid using AI for business management because they worry about costs and feel their current software is good enough. When we asked how many use AI to better understand their business, very few said yes. Most blamed cost and time. Time is a fair concern, but cost shouldn't be, since many AI tools are free.

Shop owners also skip AI because their POS systems already provide reliable data. Many retailers know their business well and don't see the need for AI. Plus, AI is still new, and everyone is learning as they go. Even data professionals find it hard to keep up with all the changes. But every journey starts with a first step, so now is a good time to begin.

Let us start with the basics.

What Is a Commercial Operations Profile (COP)?

A Commercial Operations Profile (COP) is a brief written summary of your shop's location, target market, and competitors that helps AI or anyone else, for that matter, to understand your business. Even the smartest person does not know anything about your specific business unless you tell them. If, as some do, you paste numbers into an AI chat box, the AI will fail to give you useful management advice because it does not know.

For example, if your Point of Sale (POS) system is reviewing winter sales, the AI analysing these figures needs to know whether you are in sunny Queensland or cold Victoria to give you advice.

This is what a COP is designed to overcome.

Creating a COP is the most important step you can take. Save your COP somewhere easy to find. Our POS system has a spot for it, but you can also keep a text file on your desktop to copy and paste into any AI tool you use.

If you want to use AI  and are unwilling to pay for it, let me know. As long as you have someone very computer-literate on staff, I can give you a free, very good basic AI.

How Do You Use AI for Management Information?

To get management information from AI, give it your Commercial Operations Profile and a detailed report from your POS system. Start by asking the AI to edit the COP template below with your own details until it fits your shop. The more details you include, the better, but this template works well for most retailers.

Fill in the blanks and save your COP. Don't worry if it's not perfect right away—you can always improve it later. Now open your AI tool and paste in your COP. Once the AI has your profile, tell it: "I am pasting in this report. Please analyse it and make a report."

Next, go into your POS System and select a report. Now paste it into your AI.

After the AI creates a report, I like to ask it to generate a visual dashboard for the results. A picture can make the information much easier to understand.

Here's a sample AI financial dashboard for a fictitious newsagency. I use the visual dashboard to quickly grasp the main points, while the text report provides more detail. My clients always find these reports interesting to read.

What Are the Best Pro Tips for Prompting AI?

• Speak plainly. If you have a microphone, use it. Speaking is often faster than typing.
• Ask for a result rather than tell it how to do the task. Say something like "I want a report on …" Let it work out how to do it.
• Never waste time debating with the AI. It is not a person and only works with the information you provide. If the information is wrong, the answer will be too. Don't waste time arguing with AI. If unclear, ask for clarification, like, "Redo in Year 8 Australian English" or "Explain so a busy shop owner can understand."
• Feel free to ask more questions. Do not be embarrassed by asking a stupid question; who cares what an AI thinks of you?

What Are Your Next Steps With AI?

Your next step is to test this with your own store's data right now, without spending a cent. First, spend a few minutes filling out the COP template above and save. Try this out with your own store's data now, without spending any money. Fill out the COP template and save it. Then run a basic sales report and let the AI handle the rest.

Conclusion

Getting management information from your reporting software doesn't have to be confusing. Start by giving the AI a simple business profile. Then, ask for a visual dashboard to make complex reports easy to read. Don't let cost stop you from using free tools and start finding hidden trends in your shop today.

Written by:

Bernard Zimmermann is the founding director of POS Solutions, a leading point-of-sale system company with 45 years of industry experience, now retired and seeking new opportunities. He consults with various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.

One of the most successful retail sales events in Australia is stocktaking sales. It turns slow-moving stock into cash. Shoppers expect these sales and are on the lookout for bargains. So why not hold a clearance event like many others do?

What is a Stocktake Sale?

A stocktake sale is a special promotion held right after your annual stocktake to move excess, slow-moving, or outdated stock. Retailers across Australia now are using these sales to turn unsellable inventory into cash. As you have just finished your stocktake, you know much of the stock that needs to go and now is the perfect time to run a sale to bring in some extra money for your business.

How Do You Choose Which Stock to Discount?

Use your stocktake results and your Point of Sale (POS) system to decide which items to discount. Only include products that have a clear, data-backed reason to go. For example, if your POS reports show a certain candle brand still sells well at full price, don’t put it on sale. I have discussed this in detail here.

Many retailers also use stocktake sales to clear out discontinued products that suppliers no longer make. These items can leave empty spots in your displays.

When it comes to pricing, keep things simple and clear. Use offers like "Clearance Books from $5" or "Buy Two Reduced Items for a Further 10% Off." A "$10 Bin" will encourage more impulse buys than complicated discounts.

Under the Australian Consumer Law, be careful when using the popular 'was/now' pricing discount method. Currently, most say you can only use it if it was in the Australian Consumer Law, which has rules about 'was/now' pricing. Usually, you can only use this method if the item was sold at a higher price in your shop within the last three months. To be safe, I am suggesting most of my clients to avoid using the 'was/now' pricing and simply say, for example, 'down to $10.' Always clearly display the exact start and finish dates on all your marketing materials. 

Furthermore, if your clearance stock is highly limited, you should add "While Stocks Last" to your signs to increase demand.

In-store signage must be bright, consistent, and strategically placed at eye level to capture your customers' attention. I like a red sign as it means to a consumer stop. I do not like yellow as studies show older people see it as dirty. In any case make sure your in-store signs are bright, consistent, and placed at eye level to catch customers' attention.

Many retailers put signs at the front of their shops to attract passersby.

Now after the sale ends, review your results. Also, you should compare your normal trading period against the sale window by looking at these four vital KPIs:

• Track how many slow-moving items you managed to clear out.
• Count the exact amount of working cash you recovered by selling off those obsolete items.
• Check how much profit you gave up to free up space in your store. Looking at that stock is a clear learning experience.
• Review the display areas you freed up.

Conclusion: Refreshing Your Retail Store for 2026

A well-planned post-stocktake sale is one of the best ways to clear old stock, free up cash, and get your store ready for the new season. If you have not moved now do it now while the stocktake season is still on.

Written by:

Bernard Zimmermann is the founding director of POS Solutions, a leading point-of-sale system company with 45 years of industry experience, now retired and seeking new opportunities. He consults with various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.

When your Telco goes down, retail shops can’t operate as usual.

Key Takeaways

• Telstra says its higher fees are due to better network reliability.
• Many businesses using Tyro EFTPOS terminals were affected during the 8 July 2026 outage.
• More than 300 Triple Zero calls did not go through during the outage.
• EFTPOS systems with backup connections provide retailers with important protection against outages.

Telstra recently had a major outage. For many retailers, the biggest problem was that their EFTPOS machines stopped working. Tyro, a leading EFTPOS provider, confirmed its network was hit during the disruption.

For a retailer, typically losing EFTPOS access can mean sales drop by half.

Another issue was that many businesses lost the ability to communicate.

Most of us know that Telstra charges more than other telcos. When asked, they usually say it’s because their network is more reliable and covers more areas. For businesses, this can seem worth it because we rely on steady communication. Telstra also said its recent price increases would help pay for better networks.

But after this outage, it’s fair to question whether those reasons still make sense, especially given the high bills and lost sales.

Clearly, Telstra is not infallible despite premium pricing built on the promise of reliability. A quick glance at monitoring services like Downdetector shows localised faults are reported regularly.

Last Wednesday's failure, however, was not a small localised fault. It halted Victoria's V/Line regional trains and disrupted traffic lights across multiple states. Most seriously, Telstra confirmed that over 300 Triple Zero calls were logged but unsuccessful.

I suspect that this failure will cost Telstra heaps.

Action at Renewal Time

When your contract ends, ask around and get quotes from different providers. Don’t just take claims of better reliability at face value; ask what happens if the service fails. Keep in mind that a lower price doesn't always mean better protection, so compare your options carefully.

Some EFTPOS providers we handle include premium backup features which, at no cost to you, allow you to use your EFTPOS terminal when your internet or mobile network goes down. This means that you can still process transactions and avoid missing sales.

The Telstra outage in July 2026 showed that even a claimed premium service can fail without warning. Retailers pay more for peace of mind, but in this case, it often meant a higher bill with no extra protection.

PS POS Solutions once took Telstra to court over overcharging. We won about $40,000.

Written by:

Bernard Zimmermann is the founding director of POS Solutions, a leading point-of-sale system company with 45 years of industry experience, now retired and seeking new opportunities. He consults with various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.

The best figures to use for benchmarking are always your own past results, whether from last month, last quarter, or last year. Still, looking at other people’s numbers can help you spot issues you might miss. The ATO’s newsagent benchmarks are the most useful and affordable option for this. The ATO has access to more data and resources than anyone else, and these are the figures they check first if they investigate your business. This guide will explain what these benchmarks are, how the ATO creates them, and how your POS system can help you use both your own data and the ATO’s figures together.

Key Takeaways

• Your own historical trading figures remain the single most reliable benchmark for your specific newsagency.
• ATO benchmarks are recent national averages derived from tax returns and are useful as a secondary point of comparison.
• Use the product mix to determine whether low-margin print sales are supported by higher-margin categories such as gifts and books.
• A POS System helps you track your own figures accurately.
• Your own figures are the real foundation of good decision-making.

What Are ATO Benchmarks?

ATO small business benchmarks are financial ratios derived from the tax returns of thousands of similar businesses across Australia. What is helpful is that the ATO groups this tax return information by turnover and then calculates average ranges for costs like stock purchases, rent, and total expenses, making it relevant to you. ATO Benchmark figures are available on their website.

The latest figures are for the 2023–24 income year and are up to date, but keep in mind they do not reflect real-time trading conditions. Before you use any of this information, I want to be clear about my own view. The most meaningful benchmark is your own data, tracked over time, because it truly reflects your business. Other people’s figures, like the ATO averages, are helpful, but they should only be a second opinion.

Your Figures Are Best

There is solid research behind this. Studies from Australian banks and the US government show that individual businesses often do not follow the same trends as their wider market. For example, while bookshops overall might be struggling, I know many bookshops using our POS system that are actually doing well.

Your own trading history is the most reliable benchmark because it reflects everything unique about your business. No outside average can show your specific lease, your local competitors, or your regular customers’ habits. If your cost of sales has stayed at 52% for three years, that steady number tells you more about your business's health than any national average.

Tracking your own numbers over time shows trends that outside data cannot. For example, if your cost of sales jumps from 50% to 60% in one quarter, that is a much clearer warning than just being a bit outside the ATO range. If you see your rent-to-turnover ratio slowly rising over two years, you have time to renegotiate your lease before it becomes a problem.

However, if you only look at your own numbers, you might miss something important. It can be hard to know if a slow change is normal for your shop or a sign of a problem. That’s why it’s still useful to check other people’s figures, even if they are not your main focus.

Deriving and Using Benchmarks

The ATO works out these figures using tax returns from businesses that are properly listed as newsagencies. They leave out businesses like post office agencies or delivery contractors, so the averages are more accurate for real retail shopfronts.

Other people’s figures are valuable because they let you double-check your own trends. If your numbers seem fine but are far outside the ATO range, that’s a good reason to look more closely.

Calculating Cost of Sales

Cost of sales to turnover means the percentage of your sales that goes toward buying the stock you sell. You work it out by dividing your cost of sales by your turnover, then multiplying by 100. This number does not include rent, wages, or other overheads. For example, if you buy $100,000 of magazines and gifts and sell them for $200,000, your cost of sales ratio is 50%.

For 2023–24, newsagents with sales between $65,000 and $500,000 usually have a cost of sales between 42% and 59%. Those with $500,001 to $1,000,000 in sales are in the 47% to 62% range, and those above $1,000,000 are in the 55% to 81% range. Use these as a reference alongside your own yearly trend. If your cost of sales is always around 58% and the benchmark for your group is 47% to 62%, that steady result is a good sign, even if you are near the top.

You can find your own historical figures in your Point of Sale (POS) system. Run a rolling 12-month report from your POS software and compare it to the ATO ranges to see if you are deviating from your own trend.

Have your cost of sales, rent ratio, or total expenses changed a lot from your usual pattern? A sudden shift is a stronger warning than any comparison. After you have checked your own numbers, use the ATO figures as a second check. If your numbers are above the ATO range, it could be due to unrecorded sales, heavy discounting, supplier price rises, or stock losses. If both your own numbers and the ATO range show a problem, you should look into possible stock losses right away.

Remember, the ATO benchmarks do not prescribe an ideal mix; they reflect what similar businesses to yours report.

If your numbers are below the ATO range, it often means you have higher markups or a more profitable product mix. In my experience, it can also mean some costs were recorded differently than the ATO categories. Check this carefully. It does not mean there is a problem; it might just show you run your business efficiently. A newsagency that stays below the benchmark for years probably has a strong range of high-margin gifts and cards.

Comparing Other Expense Ratios

Total expenses to turnover includes all your business costs, like rent, wages, and utilities. As with cost of sales, compare this to your own history first, then check the ATO range.

Rent to Turnover

Rent is often your biggest fixed cost. Watching your rent ratio over time can reveal lease issues before the ATO comparison does. If your rent is much higher than usual, ask yourself if it is worth it and investigate why it has changed so quickly. Sudden increases flag inefficiency fast.

Why Product Mix Matters

Product mix means how much each category, like print, lottery, cards, stationery, and gifts, contributes to your sales. Watching how your mix changes over the years tells you more about your business’s direction than any outside average. For example, if gifts and cards have grown from 20% to 40% of your sales in three years, that is real progress.

How POS Systems Help

A good Point of Sale (POS) system lets you track your own figures, which is why I think it is more useful day-to-day than any outside benchmark. It records every sale and builds a history you can use as your main comparison tool. By checking your POS dashboard each month, you can spot changes in your cost of sales before they show up on your yearly tax return.

POS also helps you investigate any gap you find against the ATO figures. You can pull reports on gross margin dollars, stock turn, and dead stock by category and supplier to understand exactly what is driving a number. Your POS might reveal that your cards category consistently outperforms your historical average, which is worth expanding on. For more on this, check out our POS reporting guide.

You should begin by getting your own 12-month trends for cost of sales, rent, and total expenses from your POS system and your accountant. This is your main benchmark. Once you understand your own pattern, compare it to the ATO ranges. If you see a gap, that is your cue to look into it further and investigate.

Your Own Numbers First

To sum up, your own figures, tracked over time, are the most important benchmark for your newsagency. The ATO’s latest numbers are still helpful as a second opinion, but they are just a general guide, not a rule made for your business. Use both, rely on your POS system to keep your data accurate, and you will make better decisions than if you use only one source.

Written by:

Bernard Zimmermann is the founding director of POS Solutions, a leading point-of-sale system company with 45 years of industry experience, now retired and seeking new opportunities. He consults with various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.

You are likely missing out on revenue by ignoring the foot traffic generated by the anchor shop next door. Use the Woolworths Effect to turn someone else's marketing budget into your own advantage.

Key Takeaways

• Anchor stores are the major traffic drivers in your shopping centre.
• The Woolworths Effect provides highly predictable footfall.
• Point-of-sale reporting reveals the effect.
• Complementary merchandise often captures passing shoppers.
• Seasonal planning helps.

What Is the Woolworths Effect?

The Woolworths Effect is the sales boost a retailer experiences when an anchor store attracts more shoppers to the shopping centre. It's a piggyback effect. It delivers customers who are already in a buying mood directly to you, increasing your retail revenue without expensive advertising. *For example, a retailer might spend millions on television ads, so bringing many passing shoppers past your shop. Just a tiny fraction of these passing shoppers can significantly boost your profits.

You monitor their business closely by tracking their promotional calendars and recording exactly when the crowds arrive. Often, you must step outside your own shop and observe what the big store is heavily promoting to the general public.

Your POS System can often show the Woolworth's Effect by clearly showing how your sales change during these promotions.

How Do You Mirror or Complement Supermarket Offers?

Now, when you see such a promotion, try to complement their offers by selling these or related items. Ask yourself what people are coming into that shop for, and what you could sell those same people as well on that shopping mission. For example, if the anchor is pushing cheap back-to-school pencil sets, you must feature higher-quality school diaries and study guides.

Often, a good idea is that instead of competing directly, match their campaigns with smart complementary offers:

• When they sell cheap pencil sets, you feature premium diaries and study guides to help kids get ready for class.
• When they sell discount boxed chocolates, you feature high-quality greeting cards and books for a quick Mother's Day gift.
• When they sell bulk party food and drinks, you feature helium balloons and premium gift wrap for weekend family gatherings.
• **Look at your POS System as it is showing what is selling now well in this promotion.

What Are Your Next Steps?

Your next step is to set up a small in-store display tied perfectly to the anchor's campaign. Try it for just a week or two. For example, place a premium BBQ accessories table at the front of your store when the supermarket pushes summer meats.

Your POS System will show you if it actually worked.

If it did, document this promotion in your diary for next year, as most anchors repeat promotions the following year. Then you can be prepared next year.

Conclusion

The Woolworths Effect proves you can quickly turn your biggest competitor into a source of free foot traffic.

Written by:

Bernard Zimmermann is the founding director of POS Solutions, a leading point-of-sale system company with 45 years of industry experience, now retired and seeking new opportunities. He consults with various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.

Well, it's that time of year again, the end of the financial year, when we start to look at the books again.

Our POS systems do not require a special backup or a specific time to run EOFY reports. This means you have plenty of flexibility to fit this into your schedule. The only reason to run them immediately is if you want to clean up your books.

Essential Financial Statements

Your accountant will need specific statements to prepare your business accounting and taxes. Be sure to ask them exactly what they need and which date ranges they require. The essential reports generally include:

• Profit and loss statements
• Balance sheets
• Cash flow statements (if you use them)

I suggest printing these in detail so you have the data to support your figures. Do not worry if it seems like too much information; I have never heard an accountant complain about receiving too much detail.

For the tax-savvy, review these reports and look for opportunities to write off any damaged stock or bad debts. Highlighting these items makes it easier to discuss potential tax deductions with your accountant.

Key EOFY System Reports

• Sales reports: These provide the totals of your various revenue streams.
• Stock valuation: Generate this after your stocktake to get a comprehensive picture of your current inventory levels, which is crucial for managing diverse categories such as books, greeting cards, and gifts.
• Accounts receivable (debtors): This highlights your customers' total debts, unpaid invoices, and outstanding balances.
• Accounts payable (creditors): If your software tracks creditors, this shows the total amount of outstanding payments you owe to suppliers or vendors.

System Functions and Webinar Training

Our team has prepared a video from a recent webinar that delves into the intricacies of EOFY reporting with our POS software. From dissecting each report to answering your burning questions, this webinar is a must-watch for understanding how to use helpful system functions.

I think you will find that reviewing these reports will show many insights and give you ideas for your business. If you need any extra help, give us a call!

Of course, if you need more help, give us a call.

Written by:

Bernard Zimmermann is the founding director of POS Solutions, a leading point-of-sale system company with 45 years of industry experience, now retired and seeking new opportunities. He consults with various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.