For publicans, having tight financial control and understanding your performance is critical to running a successful pub.
1. Online/cloud – the days of buying software in a box are over. For small businesses, there are numerous benefits to using online systems. Cloud or online systems mean that the pub operator pays a small monthly fee which allows them to use a web based system through a browser. This monthly fee includes hosting, support, backups and upgrades. Why pay £200-300 upfront plus ongoing annual update and support payments of £100-£200, when you can pay £20 per month?
2. Easy to use – running a business is hard work, therefore you should look for an easy to use retail accounting system. If the data inputting is not designed for a cash based retail business and is overly complex, then you are looking at the wrong accounting system. Being intuitive and logical are must haves.
3. Designed for a pub – unlike a normal business, pubs do not raise an invoice or offer credit (unless they are trade accounts), therefore most accounting systems are not a great fit for pubs. It is important to look for an accounting system which allows you to input the information from your POS/Till with ease and tracks your cash difference, cash sales and credit sales.
4. Can link with POS – it is possible to import your POS data directly into your retail accounting system. This can deliver savings in cost and time and increased accuracy. To find out more, contact your POS supplier.
5. Reduced accounting costs – by importing your data or using an easy to use manual data entry system to enter data yourself you can reduce the number of hours you are being charged for bookkeeping services, therefore when you submit your data to your accountant for your end of year and taxation – you will benefit from lower fees.