The National Retail Federation has reported there will be 9.6 billion in return fraud. Unless you have a good, solid return policy, you can get caught in these fraud networks. There needs to be a time limit on accepting returns, the product in the original packaging, new condition and the original receipt or way to verify purchase information.
ProphetLine POS Software prints a barcode on the receipt that refers back to that original purchase. You scan the barcode and it retrieves the original invoice, the correct pricing on the items and the way the purchase was tendered. If the purchase was made with a credit card, it needs to be returned to that credit card. Make your policy and display that policy in your business. Good Luck and Happy New Year.
If you do nothing else this year to change your business strategy, it should be to have a better budgeting process. You need to be able to view quick and concise reports that will give you revenue at a department and class level as a percentage to your overall inventory. When you find department "A"Â is 20% of your inventory and 10% of your revenue, you need to do a more in-depth review of that department and make the proper adjustments. The most important thing you should do is compare vendors and find the ones that give you better turns, sell through and margins. If vendor "A" is not as strong as vendor "B", you should tell them and require better pricing or better terms to continue carrying their product line. Good POS Software will give you these statistics and make your New Year a more enjoyable experience. Your goal this year should be to work less and make more money.
I would like to take this time to wish all of you small specialty retailers a prosperous and happy New Year. Ross Perot said something that I always remembered; Money beyond the amount it takes to pay your bills is the most overrated thing in the world. Being a billionaire, he obviously didn’t understand the full meaning. Your small business is your livelihood, a way of life and retirement fund. We would like to think, ProphetLine POS Software/Retail Systems can help you get there.
We spend all of our time trying to figure ways to enhance our product to better enable you to maximize your profits. ProphetLine is not perfect, but we strive to make it better every day. When you purchase ProphetLine, all the bells and whistles are included. We do not sell an entry level, stripped down version to entice you buy and then nickel and dime you to pay more and add functionality. We build in all the functionality you would expect to find in quality POS Software and accounting, customer marketing, internet communications and much more. Start the New Year out right and make a resolution to improve the quality of your business and life. HAPPY NEW YEAR!
Want to know the biggest single support issue for multiple stores? Communications! Store 5 did not communicate customer information last night; store 2 did not get updated inventory files; corporate did not get payroll information from store 3. ProphetLine’s built-in Communications retrieves sales and timecard information from remote systems to communicate back to the corporate location. It also enables store locations to exchange information such as inventory, personnel, customers, vendors, and company mail. It also tracks inventory transfers, customer histories and vendor information. ProphetLine can automatically exchange this information unattended during normal business hours as frequently as every minute, or it can store the changes and perform communications after normal business hours. You pick the frequency.
All financial statements and account balances can be handled at the corporate offices or a retailer might elect to decentralize some operations. For example, corporate might handle payables, but have the store locations handle accounts receivable statements. Each business can customize the Communications Module to select the information to be transferred, custom-tailoring the data exchange for your business operation environment.
December sales numbers vary according to which analyst you listen to. I saw a number that said that there were 40 billion dollars worth of gift cards sold this Christmas season and this money is hard to account for. The reason for this is the fact that the income is not reported until the card is redeemed. This income is called deferred income and will not accurately reflect the sales figures until that card is used in the store purchase. Also 10% of all gift cards sold will never be redeemed.
This is a great reason why you should have a gift card program in your retail business. Most of your good quality POS Software companies will have integrated web based gift and loyalty card functionality built in. Not only will you have revenue from selling the cards, but you give the customer a reason to come back and shop again. Have a prosperous New Year everyone.
The Accounts Payable module was designed especially with retailers in mind who do not want to spend a lot of time on accounting functions. The easy-to-use payout entry screen will not make paying your bills enjoyable, but should make it quicker and a little less painful.
Accounts Payable is fully integrated so that merchandise receiving information (quantity and cost) is matched with the invoice and freight charges. Expense invoices are easy to create and can be set up as recurring expenses such as rent or loan payments.
With ProphetLine’s A/P module, you can void Debit Memos and Payments, simultaneously updating the A/P journal and Vendor file. All vendor balances, credit limits and terms are kept current in the vendor file.
The A/P Module enables you to pay invoices by cash, manual check, computer check, or credit arrangements. As you pay invoices, ProphetLine can print a computer check immediately or create batch checks to be printed together at a later time.
It’s not easy being a small retailer in these day and ages. It takes fortitude, vision and good timing. I tell everyone the reason I was a small entrepreneur was because no one would hire me. A general business major with a background in golf is not the most impressive resume. I was over qualified for some positions and under qualified for the good positions. It took a little luck, good timing and hard work to make a go of it. I salute all of you that have made the decision to be on your own and fight the big box retailers. From all of us at ProphetLine POS Software/Retail Systems, Have a great holiday season and a prosperous New Year.
Making the sale is less than half the job if you sell on credit. Sometimes you spend more effort on maintaining the account than on selling the merchandise! ProphetLine’s POS Software A/R Module lightens the accounting load and leaves you more time to concentrate on sales. You can track account balances by:
Commercial accounts, Personal accounts, Groups of related accounts (frequent buyers, employees, etc.)
New accounts may be set up or payment applied to existing accounts at the register, if you desire. In-house charge sales are automatically posted to the accounting system as soon as the transaction is tendered, providing you with constant up-to-date information.
Since special customers deserve special treatment, in many cases you allow your best customers or employees special discounts when they purchase selected items. The system will automatically calculate these special prices whether you use "cost plus" or "retail minus" and then track the discounts that you grant. The A/R module can calculate late charges as a flat fee, a percentage of the past due account, or calculated from the total balance due.