Just five years ago, technology didn’t really have a place in the coffee shop, but things have changed a lot in this short period of time. Products like Vend and Kounta have changed the game significantly with their ability to report real time to a café owner who could be located anywhere in the world. Add this accessibility to their ability to sync with cloud based accounting software, and it creates some very timely and valuable data.
When choosing the right programs for your café, it is important to use technology that speeds you up rather than slows you down.
A large number of café owners do all their own accounts, have a handful of other businesses, and are incredibly time poor. Cloud based software like Xero allows them to quickly reconcile their accounts and see how they are tracking. Bank feeds and invoicing are also major factors in streamlining this process. Quick and accurate coding of transactions makes it is possible to run weekly profit and loss statements to monitor performance.
Find the numbers that matter and check them regularly
Through choosing the right software it is possible to run weekly and even daily profit and loss statements so they can see how they are doing real-time and make any tweaks. Simple analysis like comparing results to the previous month or a budget are a good way to ensure the business is going in the right direction. Checking the money in the bank is really not good enough if you want a thriving business. Real-time visibility enhances growth because it allows the cafe owner to respond to things much quicker.
The margins in hospitality are extremely thin. If somethings not delivering, it needs to be changed and changed fast. rain cloud . It may be too much wastage, or food priced incorrectly, so it’s far too late to do all these things after the end of the financial year.
If you would like assistance in deciding what software is best suited to your business, please give us a call, we would be only too happy to have a chat about it!