Restaurant Point of Sale (POS) Software Overview
Restaurant POS software is the backbone of restaurant operations. Key features include reporting and analytics, inventory management, food costing and marketing capabilities. These systems may also offer such specialized functionality as reservation management, food spoilage reporting and tip management.
Benefits of Restaurant POS Software
Restaurant POS software offers many operational benefits to restaurant owners and operators. Obviously payment processing is great, but restaurant software systems offer critical capabilities that help food businesses optimize daily operations and achieve consistent business success. Key benefits include:
Inventory control. Tools are provided for monitoring perishables and tracking stock levels by recipes and portions. This gives an easy snapshot for kitchen and restaurant product needs.
Reporting and analytics. Critical performance information can be packaged into easily understood insights. Operators and owners can leverage this data to make informed business decisions like managing food costs and monitoring product margins.
Customer management tools. Operators can create loyalty and rewards programs, track crucial customer information and create sustained retention.
Competitive Advantages of Using Restaurant POS Software
Sixty three percent of restaurants don't have a POS system in place. These are restaurants using cash registers, credit card processors, Excel spreadsheets and maybe QuickBooks for accounting.
If they want to scale operations, restaurants should bring on a restaurant POS system for:
Growing the business. Automated inventory control and customer management creates operational efficiencies and enables informed decision making. Smarter decisions will lead to greater business sustainability and increased growth.
Better understanding key customers. Software can identify and generate sustainable relationships with valuable customers and create repeat business from a regular customer base.
Succeeding in a competitive market. Automating day-to-day time drains can set a restaurant apart from competitors. This frees up managers to spend more time managing employees and interacting with customers.
Business Sizes Using Restaurant POS Software
The restaurant POS market can fill the needs of any restaurant business demographic, be it pop-ups and food trailers, single location restaurants or multiple location businesses.
Small restaurant business: If your operation consists of a single location, be it a fixed restaurant, a rotating pop-up or a mobile food trailer, you'll be best served by a basic restaurant POS system. You'll be fine with limited hardware or advanced features.
Midsize restaurant business: If you operate a high-volume, growing restaurant with one to five locations, you'll want a restaurant POS system that offers advanced features. These include reporting and analytics, inventory control and maybe even online ordering capabilities.
Large/enterprise restaurant business: Managers and operators of more than five locations should look for a restaurant POS option with advanced dashboards and analytics and multiple-location management.
Software Related to Restaurant POS
Many POS systems on the market today offer retailers with all critical capabilities packaged into one solution. However, if a core capability that retailers need is missing from their POS system, they'll want to look to specialized software to fill the void. Popular specialized software includes:
Inventory management for maintaining desired product levels and monitoring food costs at the per recipe level.
Mobile POS systems for optimizing experiences and unleashing servers from stationary POS terminals.
Food delivery software for opening new revenue streams by managing and completing orders online.
Customer loyalty for identifying valuable customers and building sustainable repeat business.
Event management software for caterers and other event-based food service businesses.