In case you all missed it, The Restaurant Technology Guys are going on tour! The first stop is going to be at the ISV IQ Show in Santa Ana, CA on February 28th. At this show, you can meet Jeremy Julian and he will be discussing how to create a successful POS network. This post is to help cover the basics of what a POS system is and give you a solid base to ensure you soak up everything that Jeremy has to say about the subject!
So, let’s get started!
What is Point of Sale (POS) for Restaurants?
POS systems exist for both large- and small-scale establishments to support some to all restaurant functions, including:
- Inventory
- Point of sale
- Accounts payable
- Reservations
General ledger, accounts payable and accounts receivable are typical features of POS systems. Historically, customer relationship management (CRM) has played a small role in restaurant software, but social media is driving change and innovation in this area.
Inventory is perishable and cost restaurants a lot money. In many cases, your inventory may need to be replenished daily or even more often. Therefore, inventory management is a common requirement for buyers. Hazard analysis and critical control point (HACCP) management compliance are also important for regulatory and insurance purposes.
Restaurant POS systems should also be able to adjust to different menus and prices for different times of day, and many systems have reservation functionality that integrates with Web-based reservation services like OpenTable. Bars can often use the same systems as restaurants, but some owners may elect to use more specialized bar POS software systems.
System that is right for your business
There are POS systems out there that can cost big bucks. What system is right for you? Well, many small restaurants just need a basic restaurant management software system to run payments, similar to a cash register. Typically, these types of buyers will use small business accounting software like QuickBooks or standalone POS applications. But some buyers seek more advanced features such as integrated inventory management, customer relationship management, food costing and more. Buyers looking for larger restaurant chains are typically looking for scalable solutions with sales reporting features, a centralized pricing structure and robust inventory management. You buyers out there should make sure to check out the NorthStar Order Entry System by Custom Business Solutions.
Market Trends on the horizon
POS systems for restaurants is a market that is continually changing and influenced by mobile, consumer-facing technology. Here are two trends to keep in mind as buyers begin on the restaurant software search:
Consumer-facing technology: Restaurants are beginning to integrate iPad and consumer technology into the dining experience to meet client demands for faster checkouts, easier payment options with suggested gratuities, and entertainment such as gaming.
Servers using tablet hardware: In addition to consumer-facing iPad technology, we’re seeing an increase in iPads and mobile devices for line busting in quick service restaurant environments. Servers are using apps for iPhones, tablets, and other mobile devices to take orders in high-throughput restaurant locations.
Hopefully this article has gotten you excited about seeing Jeremy at the ISV IQ Show in Santa Ana, CA on February 28th!
Need to pass the time before our next article? Check out our friends over at Custom Business Solutions and their next- generation NorthStar Order Entry System.
