Watching out for problems
The other day an associate was telling me how she looked for problems when she owned an auto parts store. She scanned the daily summary from her store POS system examining the gross profit margin for each invoice. Those invoices that are below or above the threshold that she established for her business were a concern. She looked closely at the items on the invoice, the customer that made the purchase and the clerk that ran the invoice. Sometimes a low profit margin was related to a pricing error, an employee giving a friend a price break at her expense or the customer received a rebate. Rebates are a necessary part of business for some products and hopefully your store POS system will account for your rebate when computing your daily gross profit margin. Also, store POS systems will often tag invoices on the daily summary when a sales clerk sells an item at a price different from what should have been priced to that customer. Tagged invoices beg for your attention. Scanning through invoices on a regular basis is not fun, but it helps you stop small problems from becoming big problems.Labels: daily summary, gross profit margin, Store POS System
posted by MIB @ 2:25 PM
