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POS SOFTWARE

If so do not miss out on your Instant asset write-off again!

This tax write-off has saved a lot of money and improved the cash flow for my clients. So the good news was the extension of the instant asset write-off.  The better news was that it was increased to $150,000.

Tax details are here

Here is how it works

Say you were to buy a point of sale system for $5,000. Well, it does not cost you $5,000 as 10% of this is GST which you will be getting straight back so your proposed cost is $4,500.

The system without the Instant Tax write off would allow only 15% of this depreciation. This works out to a tax deduction of $675

- Let us say your company tax rate is about 26%, so you would get back $175.50 in income tax credits.

** This means to fund this in the first year it will cost $4324.50 **

Now with the Instant tax write off in place

- 100% of this would be depreciation

- If the company tax rate is again 26%, which means the business will get back $1170.00 in income tax credit.

** Which means that the business needs to fund this in the first year is $3330.00 ** a saving of you $994.50

This is a substantial saving!

Are you ready to take advantage of this threshold increase to get or upgrade a point of sale system from us? If so talk to us about how we can assist in keeping your business moving!

NOW is the time!

And please I am no accountant so check with your accountant about your situation first as it may be different.

 

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POS SOFTWARE

 

One of my clients got in some trouble recently over a "'No refund on sale items" sign. A lawyer who is one of their customers told them that they were "misrepresenting rights available to consumers." 

So if you wish to put up a no refund sign, use one from your state consumer affairs sign such as this example from VIC above

One worrying point is that many merchants do sometimes unload at significantly reduced prices goods that are defective. They admit that they are flawed and so sell it with an AS IS and NO Return clause.  I doubt legally this is correct.  You may want to check this situation if you do it a lot. If you get an answer, let me know.

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POS SOFTWARE

 

A late-payment policy is causing problems now.

They have always been a sore point at the best of times. Many have been waving the fee for the duration of this crisis. Some have asked people to contact them to discuss it on an individual basis.  Let face it people have lost jobs and many have suffered a major loss of income. Now not the time to act heartless.

Now that it looks like the immediate crisis is over. People are returning back to work, Victoria is the last with the 30th of November. 

So now what are you going to do?

Let me know?

If you want to know which customers are now affected? 

1. From the Main Menu, go to Customers and then Customer Reports.
2. Double-click on the Customer Accounts options to expand the report.
3. Click on the Accounts Options report and then click the Go to Criteria Report.
4. Select any options on this screen and then click the Show report.
5. The customers set to receive a late payment fee will have Yes in the LateFee column.

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POS SOFTWARE

 

A warehouse or kitchen in a restaurant is often hot, dirty, and greasy places.  Environments that are not good for computers. What used to happen is that we would put in a receipt printer in such areas. The idea being is that someone would take the packing slip from the printer. Then put it on a rack for someone else to grab it and process it.

This does present problems. 
-The order must be processed in realtime, not in advance. 
-Someone has to watch the receipt printer. 
-These packing slips get grabbed by people with dirty hands. 
-Often, these slips get misplaced.

In practice, what we find the biggest problem is if changes are made on the order.  Say five items are on the packing slip, but the customer cancels one. The packer or kitchen hand processes the five; soon, the customer gets five things and pays for four. 

These KDS are displays that show people at the required time, all the information they need. 

It then allows them to send messages that their part is done electronically. This significantly increases efficiency and also reduces the clamor and noise.

It is not surprising that now many of our sales now include units. 

The software for such units is free for our clients.

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POS SOFTWARE

Today much of the time taken to process a transaction is independent of the point of sale software. 

Greet a customer with a friendly smile.
Say hello.
Process the transaction
The cash handling or EFTPOS
Goodbyes are said, 
The customer collects the goods and goes. 

The industry standard is now about 40 seconds a transaction plus three seconds for each item scanned.  

So if a customer is buying three items, the time is about 40 seconds plus three items in their basket at 3 seconds each, so it's about 50 seconds. 

But sometimes, the retailer needs speed.  Please take a look at how quickly one of our clients could process cash register transactions.

 


 

These were going through at speeds from 1.6 seconds with an average of 3 seconds a transaction. This is with five operators pounding in transactions one after another. It was not even on a supercomputer. It was quite an ordinary one.

To see what is happening with our point of sale system, I took about 20,000 cash register transactions.  

Here the average speed of a transaction was about 36 seconds a sale.  I expected this as our clients tend to have low numbers in their baskets and are almost always in high volume environments. 

Here is what the graph looks like, but our system can go lightning fast if you look at the above graph.

 

Cash register transaction speeds

As you can see in a pinch, our clients were doing transactions much less than 36 seconds, as you can see here in seconds.

Transaction speed raw data

Besides all its other benefits, our point of sale system (POS) will allow you to serve more customers in less time efficiently. 

On speed, it will match any system on the market.

 

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POS SOFTWARE

It seems to be some problems with the banks now. At first, we thought it was only CBA, but it appears when I talk to our support that a few other banks like NAB are also affected. It's one of those things that we cannot do anything about but wait out.

 

 

 

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POS SOFTWARE

Charges are now all over the place. I have noticed looking at some statements from a major bank. It probably not because of a change in bank rates.

People are now using EFTPOS much more for smaller transactions. This is causing more transactions with lower average amounts. I suspect this has resulted in a different item on the EFTPOS rate card coming up. So the fees are now different.

So it is worth reviewing the fees you are getting now.

If they need to be changed, this is the best method for surcharging.

Cash register with credit EFTPOS displayed

If you look at the yellow arrow with the pay types circled on the point-of-sale screen. You set up your pay types with your surcharges to charge the new EFTPOS/Credit card surcharges for each pay type at the appropriate rate.

Note under Consumer Law provisions, you must be transparent about these fees. So it would be best if you displayed the fees prominently.

I recommend making a payment type with no fees under certain conditions and products eg, some EFTPOS transactions over $25 with no fees.

 

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POS SOFTWARE

Most of us have bills and bills and bills.


 

Recently a company that collects debts from many companies released its findings.  It causes some comments.

The best day from looking at many companies for businesses getting paid was Thursday they claimed. They believe that this is because most people today receive their wages/salary on a Thursday. As they have money on Thursday, they spend it. Although they did not say it, people tend as well to get pensions on Thursday too. But it was interesting is that Sunday had the lowest clearance rate. It made sense if you think about it as about then most people would be budgeting for the coming week. 

So I decided to check using many of my clients' data, and what did I find? 

Well, some clients where all over the place. For example here is the result of four years by one of my clients.

Mon 13.3% Tues 16.4% Wed 8.6% Thu 14.2% Fri 10.3% Sat 37.2%

For this business, Saturday was best. I suspect it because they are in a small centre and people are coming to buy on that day the big weekly family shopping. As they are in the area, they come and pay. Why Tuesday was higher than Wednesday, makes sense as there is not much left on Wednesday. 

What it does show is what I have always said that all businesses are different. This is true even those that do the same things, and each needs to treated differently.

But overall the conclusion does seem correct as a rule, the day for people paying is Thursday. Here is my result from benchmarking 10 different clients over a number of years.

Mon 17.4% Tue 13.4% Wed 13.5% Thu 20.9% Fri 12.8% Sat 15.3% Sun 6.8%

 If you want to know what is your best day to get paid, you can work it out by using Ad Hoc reports.

You will find it here.

Register reports>Customers>Transactions (Excel)

 

So based on this if you are sending people bills, you need to make sure that they get your bills before Thursday. 

 

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POS SOFTWARE

 

In much of the world now and Australia shops are tentatively starting or planning to reopen. Schools are starting to reopen. I would imagine within four-weeks most shops will in some form or another be open. 

So its time to seriously start planning. 

One problem I see that even if the shops do open, consumers may not be eager to go to a physical location because of fears of infection. Our restaurant clients were already suffering a huge loss in trade even before the lockdown for this pandemic came. The other problem is that now we have about 10% unemployment. A lot of people are now in no position to buy much. It is going to take quite a while to get them working and until they are settled you can be sure that until then their shopping priorities will change.

And then there is also the loss of the Chinese tourist, we need them back and I doubt they are coming back soon. 

But life goes on.

So I think we can expect many changes in consumer shopping habits as we leave lockdown. There will be an initial surge, to places like the hair salons, then doctors, dentist and other health professionals. There is also now an initial pent up demand, for example, I badly need a new pair of runners and I cannot order online as always have trouble with shoes so I need to try them first. Then there will be a slow move to something that could be called normal.

The other problem is that the public has been forced to use internet shopping. Many are now getting used to it so it will be a struggle for brick and mortar shops to get them back, so count on big sales.

The Grand reopenings!

Where are you going to be in all of this? What are your plans?

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POS SOFTWARE
For sellers of newspapers and magazines. The following automatic updates in relation to newspapers and publications are going out now for the:  

Adelaide Advertiser
Australian
Cairns Post
Courier Mail
Daily Telegraph
Geelong Advertiser
Gold Coast Bulletin
Herald sun
Hobart Mercury
Illawarra Mercury
NT News
Townsville Bulletin
Age 
Sydney Morning Herald 

There are also some new bumper editions coming out for the 

Financial Review, so we fixed them up.

If it takes you 3 minutes to do manually each one of these then that is 30 minutes you have just saved using our point of sale software.

If you want to review the automatic changes to your system that are coming up or if you want to see what exactly has been changed. It's easy to do.

Follow this how to do it.

Go to the Cash register reports

In register reports, select Automatic Update Notes History (see the arrow marked in green)

Now enter in the dates, generally, I suggest the past month.

Now the detailed notes appear on what was changed like this.

 

 

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