Management

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Management

Creditor contracts

POS SOFTWARE

This function in your point of sale is convenient and can save you a lot of time, so it is worth studying. What is most commonly used by our clients is to manage their business supply relationships.

Go into creditors and select the Creditor contacts.

 

Creditor contacts menu

 

Now call up a creditor and enter in your contacts for that organisation here. Often we have heaps.

 

Select one and add a few contacts to this supplier, you can enter as many as you like.

 

Creditor contact notes

 

Now the immediate advantage that you have is that it is a very handy spot to find the contacts details where ever you are. Just go to the computer and call them up.

 

But there is much more. Notice the three tabs on the top.

 

If you click the Office links, you will find there some standard communication methods, eg faxes, email etc.  

 

Creditor contact links

 

Select one, and you will find that your proposed communication is half written.  This can save a lot of time.

Now if you want more communication letters or emails, you can create them in the Templates, and you have a lot of flexibility as you have pages of document codes below

 

 

Creditor contact details

so you can create detailed and personalised notes to these contacts.

Try it, and it will save you a lot of time.

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Webinar on the end of year reporting

POS SOFTWARE

The End of the financial year is an essential time for businesses. We all need to complete the bookkeeping for our tax returns and plan for the new fiscal year. Putting the hard work now can help you get your business organised and prepare for the year ahead.

 

As a minimum, I would suggest you need to get the following in order 

Sales reports
Stock Valuation
Customers Outstanding
Subagents Outstanding (if applicable)

Creditors Outstanding (if you do it from the point of sale software)

 

You need to go over these now as you need to see what can be written off in the debts and stock if you wish to claim a tax deduction for this year.  Otherwise what will happen is these losses may end out in next year's financials.

 

 Click here for a webinar on End of Financial year reporting from your point of sale software. It discusses in detail these reports

Although not required from our software, I do recommend that you do make a special End of Year Backup to store in case you need to refer to it. The 30/June this year is a Sunday. You may also want to check out the ATO Record keeping evaluation tool

Also, note that your stocktake needs to be done very soon, which we will have a webinar on very soon.

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Stocktake time coming up

POS SOFTWARE

It is now time to start planning for the stocktake. 

For most of you, it is an ATO requirement for most organisations, as it states  here

 

"If your business buys or sells stock, you usually need to do a stocktake to value your stock at the end of each income year if:

  • your business turnover is $10 million or more
  • your business turnover is less than $10 million and the difference between your stock level at the beginning and end of the year is more than $5,000 (you can make a reasonable estimate to determine this)."

Plus doing a stocktake has several commercial advantages.

Now here are some tips to help you plan the stocktake.

) Try and reduce the count. Why have the added cost of counting? Can you get rid of stock?  For example, return as much of your inventory that is unsellable to your suppliers if you can, then you do not need to count it on the stocktake. 

Make an EOFY sale. Everyone else does why not you? 

) Make sure that your point-of-sale software is up to date with the stock listing, the last thing you want to do during the stocktake is entering in products.

) Plan an actual date for the stocktake. Some of my clients do a significant part of their stocktake outside, so you may need to look at the weather. Plus you may want to break it up in stages to reduce on any one day the workload.

) Make logical divisions for each section of the shop. This is particularly true if you have specialised stock that requires expertise to count. 

Now go over the shop and make some order, so all the stock is tidy and in place.  

) Make a policy on how you will be handling damaged stock? You will almost certainly find it on stocktake day, what are you going to do with it then? 

) Make a convention which should be followed religiously on how the count will be done, e.g. commonly it is top to bottom and left to right. Now make sure everyone supports this order. Interesting, a study has shown that counting from right to left is more accurate than counting from left to right but slower. 

) Lean the stocktake procedures in advance, even if you have done it a few times, the odds are you need a refresher course. Do a test run to get a feel of what is involved before the day? If you do not then on the day, you could have extra staff all waiting while you work it out. We will be releasing webinars on this very soon.

To help you we have updated the help documents in posBrowser's help files so press F1 while in the register and check them out.

There are four documents there; I suggest you look at:

Stocktake = Standard stock take doc using Posbrowser on its own to run the stock take.

Stocktake with a PTD = Stocktaking with the help of a PDT

Stocktake with the stock management system = Stocktaking using the mobile PDA browser program.

3rd Party Stocktake guide = A guide on how to upload stocktake data to and from another program.

 

 

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Free, put your Business on Google Maps

POS SOFTWARE

Google map of POS Solutions

Imagine that someone now wants some goods that you supply, eg say flowers, what most people do now in a strange area is pull out their phone and do a Google search for “flowers near me" and then look at the map to review what is close to them. Now they might be less then a block away from you, but if it is not on the map, the odds are they will be directed to someone else, a competitor, just down the road. This is the reality of today's retail world that today large numbers of your potential customers are using Google to find businesses like yours, and if you want to reach them, you need to be on Google Maps.

It is not hard to get yourself on Google, although it can be frustrating if something goes wrong as I know from personal experience.

Here is a step by step listing of how to put your business on Google Maps.

Also if you are already listed on Google Maps, I would suggest that you check that your product and services are listed in Google Maps, for example, a florist in the above example might also sell chocolates if so they should register themselves as selling chocolates in Google Maps too?

 

 

 

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End of the financial year 2019

POS SOFTWARE

The end of the financial year is just coming. We know that this will be for all of us is a very busy time.

Here are some steps from your point of sale software required.

Contact your accountant and get a list of documents that they require. Although our software does not require any additional handling for the end of the financial year, I would suggest as a minimum you need to prepare the following documents

Sales reports
Stock Valuation
Customers Outstanding
Creditors Outstanding
Subagents Outstanding

To do this I would suggest that 

  1. Review your bad debts and credit the accounts that you deem to be bad debts to zero. Otherwise, you may find yourself having to pay income tax and GST on these debts.
  2. Looking at the creditors listing, crediting out what is not going to be paid.
  3. Review your stock. Consider writing off old stock.
  4. Take an end of year backup of your information and file it away somewhere. Remember you will need to keep this for seven years at least after you lodge your return. Please do not use any EL Cheapo USB sticks

To help you we are doing some webinars on these subjects

 

 

  1. Stocktake 
  2. Sales reports 
  3. Stock Valuation 
  4. Customers Outstanding 
  5. Creditors Outstanding 
  6. Subagents Outstanding
 

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Security of your information

POS SOFTWARE

This is the image many people have of how people are stealing money out of their point of sale software. There is much truth to this but as an example a few days ago showed with one of my clients the main problem is that it is not high tech people the big problem but that people are not taking security seriously enough.

We are sure that someone that worked in the shop and had access to a generally locked cabinet full of smokes took quite a bit of stock over some time and then tried to cover it up by changing the stock figures in the computer. What they did was take one or a couple of cartoons each time, and it quickly adds up.

When we asked our client who knew the passwords in the POS system that allow the stock levels to be changed, we discovered that at least ten people did or could have known them.  When we asked them who had or could have had the key to the cabinet again, we discovered that most of these people could have.

Okay not taking passwords seriously in the computer is in inexcusable. All passwords for financial information should be changed at least once a year, we recommend at the start of every year. It costs nothing to change a password.

Changing keys is more difficult, plus unlike passwords, they do cost money. Still, a shop should have a strict policy with its keys. Keys should not be allowed to be taken off the premises. They should only be given to a trusted employee, and when not in use, they should be in a safe place e.g. your safe or a locked cabinet. If they have to be on a cabinet, they should be on chains while they are there.

I do believe that vigilance is essential and will often, as this example shows reduce the chance that things will be stolen.

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Emergency and Instant language translations for business

POS SOFTWARE

We went to see a Chinese person whose English was reasonable. However when we started on their business requirements, it quickly became apparent that his English skills were excellent for coffee and tea and general discussion, but as the conversation moved into some extremely technical details for their accounting and computer requirements, he could understand but speaking he had a lot of difficulties. So how do we communicate? 

If this happens to you too, here is a tip.

What we did, whenever the conversation got unclear was went to google translate on their computer here. 

 

Google translate

Then he typed into the computer when communication started to break down his questions in the Chinese section, and out popped out immediately an English translation that I could read. Although I am sure that the translation was not brilliant, we were able to move on with our discussions. 

If you find yourself in this situation, then this is something you may want to try too.

Since this sometimes happens, partly, for this reason, I have a Google Home unit on my desk at work, among its many other functions it that it has an interpreter function.

I say to it "Be my (insert language) interpreter.”

It knows a lot of languages. I find that its interpreter mode gives me a fast and effective translation. All I do is raise the volume, and then the unit will translate for us the conversation if I speak in English it will translate to that language, and if they talk in that language, it will translate what they said into English. Again it may not be brilliant, but it is fast and quick and helps me out fairly often.

If you want to know more here is a youtube video well worth looking into too.

This might all help you are work too.

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Your EFTPOS soft costs

POS SOFTWARE

 

Soft costs in EFTPOS and credit cards are extra costs that you have but are taken into account formally.  But I do suggest that you run through them as they do add up.

Examples would be

Incorrect keying in of information

A sale of $23.44 is incorrectly processed at $13.44, well that is a $10 cost. If your business made 10 of these a month, your soft cost here is $100/month

Time is taken to key in the transactions

If a transaction takes a staff member 10 seconds to do and you did 2,000 transactions a month, well your soft cost here is 5.5 hours, say staff time is  $33/hour, this item is about $150/month

Reconciliation 

If it takes you an hour a week to reconcile your point of sale software to the bank records well there are here another 4 hours.

There are many others that you can add, I am sure to the list.

Typically on a non-integrated, I would expect that these costs to a merchant are about $400/month, on an integrated EFTPOS system about $200/month.

 

 

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Grow your store with our powerful POS Reporting

POS SOFTWARE

All major retailers, when you meet them one report that you see that they use all the time is a comparison report of what they did in the last previous period, to the same period last year. So what they will show you now is a report that shows the year 2018 Q1 compared to 2019 Q1 and a column of percentage changes. Then the question they will discuss what was different, why did these figures change?

We have written a report almost exactly the same as one produced by a major retailer to give our clients this report. It is called the dissection comparison report.

What it does is compares by several measurements of the sales of stock items in different period.

Go to 

Main Menu > Cash Register > Register Reports > under the Select Report tab, expand the Stock folder > select the report “Dissection Family Class Period Sales Comparison”.

Now you will see this screen.

 

What I suggest you measure the first three months of this year with the first three months of last year to see how your sales are changing over time. The two measures that I recommend that you check are the quantity and profit percentage changes. There are many other key performance indicators (KPIs) listed too there, which can make interesting reading. From this, you can determine whether the problem is prices, your margins, your sales quantities etc. If you want you can check your figures to the in the Australian Bureau of statistics but do not use the seasonally adjusted figures as you have the actual figures here.

 

Now once you have bedded down that part of the report, check out the More Criteria tab marked with a green arrow. There is a lot more there.

 

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Password Day

POS SOFTWARE

World password day

This is one of these fun holidays celebrated on the First Thursday in May every year.

It was created to awareness of how important it is to take care of your passwords. In my experience, all data breaches, that I have seen and I have seen quite a lot has been caused by bad password security.  

For example, we had someone who had their passwords on a sheet of paper that was stuck on the wall near the computer and anyone who came into the office could read it.

If you want to know some figures on what a data breach could cost you, click here.

Change passwords. 

Do not use the same passwords for all your sites.

Try and make each of your passwords as long and unique as possible.

If this is too hard, have you considered using a password manager? My favourite one is lastpass.

@passwday

 

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