Technology and digitalization (moving from analog to digital), has played a key role for any business that has looked to pivot and grow through 2021, and hospitality businesses have taken real advantage of technology platforms such as Menulog and Uber Eats to meet the demands of customers, and to continue to drive revenue through these difficult times.
You don’t have to wander far to find a cafe, bar, or restaurant that are accepting digital orders, fulfilling the front end need to keep up with technology transformation; but how many hospitality businesses have given the same transformational focus behind the scenes and taken the leap from the analog world to the digital, by adopting impressive and financial efficient technology services to streamline their operations?
If your cafe, bar, or restaurant is still rostering through traditional calendars, using a simple manual cash register or Point of Sale (POS) System that doesn’t offer specific advantages for the hospitality industry, or if you’re handling your payroll manually, it’s likely that you’re missing out on the time saving and efficiency advantages that a digital upgrade could provide to your business.
More than often, these technologies have the capability to talk to one another, and once set up and overseen by someone with the required expertise and know how (often an integrated accountant and payroll function), you’ll benefit from some serious time saving, giving you the opportunity to focus on growth rather than administrative aspects of your business, paving the way for increased profitability, and more cash in the bank.
Taking your roster digital – saving a tonne of time and energy
Using rostering software can save you time, energy, and money. Deputy, for example, integrates with Xero and offers functionality that allows you to compare overall wages against sales at your cafe, bar, or restaurant over time, giving you a clear picture of whether your workforce is too heavy on a particular day and impacting your financial performance. You can set up and cost your roster for your entire team in minutes, or open the floor to them and ask for nominations to fill shift positions. Easy!
Selecting the right POS system – creating efficiencies, track your inventory, analyse and report on your sales, and store customer data for future analysis
Not only does implementing a POS system allow you to accept electronic payment (if you’re not doing so already), but the right POS system will create operational efficiencies by integrating and linking to inventory management systems (or tracking your inventory outright), analysing and reporting on sales, so you can identify sales trends by product or day, and store customer data for you, allowing you to implement a loyalty program. Again, the right system will link to Xero, effortlessly passing all your sales information to your digital accounting platform. Integrating the right POS will create efficiencies, and allow you to focus on the right areas to drive greater revenue.
Digital accounting software – making your life much easier
The right accounting software (we like Xero), will allow you to handle your accounts and payroll in one place, sync information from your bank, provide a financial overview of your business, and allow your accountants to access all of your information in one place. Once you’ve created your digital hub, you can work with your accountant and payroll team, or a fully integrated service like Ten X Advisors, to handle your payroll, pay your invoices, analyse your cash flow and expense position to maximize your return, and create the ultimate efficient business model.
Digitizing your business operations and integrating your roster, POS system and accounting software will create real efficiencies for your business, and you’ll save valuable time and energy that can be redirected to growing your cafe, bar, or restaurant. Once you’re set-up, working closely with integrated accounting and payroll service, such as Ten X, is often the next step in maximising and streamlining your business operations, allowing you to step away from the day-to-day administrative tasks that take up so much of your time, and pivot to working with a business like us to understand exactly what your next move should be this week, this month, and this year to see greater revenue and profit.
If you’re thinking about how you can take advantage of technology across your business to set up the perfect system and want to understand how Ten X can help you build revenue and profit, we’re here to help. Find out how.