In order for businesses to succeed, it’s important to keep up with the latest trends and changing behaviour of consumers. Learning how and when to adapt in this current era of accelerated growth and rapid change is crucial if the aim is to not get left behind and to survive, but even more so for a company to thrive.
This is no more prevalent in any industry than in the hospitality sector, for which just looking out across the skyline of any modern city is enough proof that there is seemingly no end to the demand for building a growing number of hotels, shopping malls, restaurants, conference halls and business parks, for example. We are truly living and breathing through the peak of a golden era for the hospitality industry right now, which is also evident from the sheer number of business meetings, team building events and work functions or parties that are all hosted out-of-the-office in increasingly bustling bars, cafes, restaurants and hotels, etc.
It is a well-coined phrase that time is equal to money, and that’s quite simply because it never stops being proven to be true. A key ingredient for success is therefore to make the most of optimising your time to work efficiently and focus on managing your business in a cost-effective way. This includes adapting to change and staying on top of the latest trends, which nowadays, particularly in the hospitality industry, are often in full swing.
Stay on top of the game with Point of Sales integrations
A Point of Sale (POS) is the time and place where a business transaction, e.g. a purchase by a consumer for products or services, takes place. POS systems have been one of the most important recent trends transforming the way companies, both large and small – thanks to advancements in technology – have been operating. They act as a central hub that many core business processes – not only sales, but also customer and inventory management, for example – pass through. In terms of the hospitality industry, POS systems mean that traditional methods used to manage sales and revenue on a daily basis are being replaced by modern alternatives that also provide access to data concerning those payments, as well as performance of products and staff to boot. What’s more, software integration with powerful tools for crucial procedures such as accounting, provide an opportunity for additional savings of both time and money.
Benefits of accounting integrations in the hospitality sector
The type and amount of integrations with Point of Sale systems can be completely decided by each and every organisation according to their wants and needs, depending on what works best for and is important to them. But the accounting integration is one of the most important add-ons. Accounting integrations developed by Amaka, connect POS systems and accounting softwares, so hospitality and retail industry can benefit from a great number of clear advantages that will be listed and described below:
1. Sales is seamlessly synchronised
Receiving payments from consumers for the sale of products and services is obviously the most important part of a transaction for any business. A restaurant could provide the most incredible fine dining meal that a table of people has ever experienced, but if the waiter or waitress then gets distracted for a half an hour after everything has been served and it’s time to settle the bill, to the point where the diners eventually walk off without paying, then it was all worthless for the owner. Keeping track of sales therefore needs to a well-maintained and mistake-free process that allows the business to run smoothly. However, this can be a time-consuming and tedious task that draws attention away from other areas of important focus for driving success, and so it’s incredibly helpful to automate the accounting procedures and to have all necessary data stored together in one place by synchronizing with the POS.
2. Data is easily accessible
Thanks to integrating POS with accounting, hospitality (as well as any other industry) businesses are able to sync crucial data on sales, payroll, bookkeeping and returns, to name just a few key metrics. This information is then easily exportable and analysable, meaning that the data is readily available in one place without having to locate and sort through endless reams of paperwork to find one single document that is suddenly required. Long gone are the days of taking orders on pieces of paper, instead a whole history of transactions is viewable at a glance and it’s possible to determine what each customer buys, when they tend to make their purchases and how much they spend on average with each completed transaction.
3. Human mistakes are reduced
Point of Sales systems can collate all of the businesses’ important data into one location, so that owners aren’t left with having to juggle many pieces of a complicated puzzle at one time. Any tasks can be completed or issues resolved in the same single place, reducing the number of links in the chain of processes, along which there would ordiarily be the opportunity for some human error to occur. Part of being human is that everybody makes mistakes (and hopefully, but not always, learns from them), so having the technology available to take away this human element is, in this case at least, a great advantage. Manual integration with accounting can lead to mistakes, each of which cost time and money, but reducing or eliminating these completely thanks to automatic synchronisation may increase the chance of success for any business.
4. Time is saved
Entering data compiled from various sources by hand into a spreadsheet is a distant memory of the past when using a POS system with added software integrations. Owners and employees are saved countless working hours every week that can be better spent on drving the business and serving customers than typing up data on a computer. What’s more data can even be synced remotely nowadays, so the system is easy to set up and get started without much prior input needed.
5. The workflow is organized
With the rise in usefulness and hence usage of technological solutions for solving everyday business problems comes a new potential issue, which is using too many different pieces of unconnected software. This is a common problem for many hotels, bars and restaurants etc. in the hospitality industry, but fortunately it is easily solved by integrating the different elements together to allow the business to run smoothly without having to switch between or learn the ins and outs of several different programmes.
6. Accuracy and therefore efficiency are increased
It’s practically impossible for an inefficient business to be successful, so it’s important not to waste time when adding new products to the sales range, for example, but instead do it in s streamlines way. It should come as no surprise, therefore, that this is another process that is made quicker and easier thanks to accounting integrations with the POS system, which allow information to be simply and accurately added to have available at your fingertips rather than changing all of your data.
7. Inventory and purchase orders are more manageable
For businesses in the hospitality sector, more so than many others, it is vital to have their inventory under control and be well prepared for any possible difficulties or changes. Integrating each POS system into one place means that orders can be tracked, stocktaking can be performed without having to fill in countless numbers of spreadsheets or physically check resources. It’s now easy to keep an eye on your cash flow levels and your inventory, discover which products are selling well and which aren’t, or to check if the stock levels of any items are getting low. Purchase orders can be managed in an almost instantaneous and automatic manner, such that missing products can be replenished quickly and your inventory kept as full as required with minimal effort and time in a simple and optimized process.
8. The payroll can be taken care of
It’s often too easy to concentrate on keeping customers rather than employees happy when focusing on how to run a successful business. This is particularly true in the hospitality sector, where there is a larger emphasis on the relationships between people – staff, who represent the face of the company, and consumers, who will interact with them – rather than products, as in many other industries. However keeping employees happy is also a key element to a strong performance, and employees are generally happy if they are at least working at their preferred times and they are being paid the right amount on time. The payroll therefore needs to be managed well – that is, arranging leave and ensuring that everyone receives their correct salary on the given date – and this is something that is made straightforward with accounting integrations, rather than manually verifying timesheets and checking information like in the good old days. Fully automating the process means that you can relax in the knowledge that your whole staff got paid their salary and will stay happy – without going into other elements that contribute to job satisfaction here – so you can concentrate on running your business.
Businesses in every industry have a connection to the hospitality sector – because all businesses involve people, and people means hospitality somewhere along the line. In order for hospitality businesses to provide the best possible services, their owners and employees need to be able to focus as much of their time and efforts on serving those people in the most efficient and friendly way. This means having everything on the management side of the business well organised and running smoothly, which is exactly where Point of Sales and integrations with accounting and other software solutions comes not just in handy, but is nowadays an essential solution for staying ahead of the competition in the rapidly changing hospitality industry landscape. Keeping track of sales, inventory, purchase orders and the staff payroll, to name just a few things, can all be made much quicker and easier to organise thanks to POS integrations that synchronise all of the businesses’ important data in one central location where they can be viewed, analysed and managed in a simple and intuitive way. Ultimately, this allows you to get on with growing your hospitality company by freeing up more time and money to devote towards running the heart of the business.