Laundry and dry-cleaning are businesses with many financial transactions happening daily. From tracking sales to classifying cash and card payments, each aspect holds importance for maintaining profitability. Still a lot of business owners are struggling to do it right or think regular sales reconciliation is time-consuming. Here’s when you need POS reconciliation to get things done with ease and accuracy.

This blog, we’ll be decoding Point-of-sale (POS) reconciliation while exploring its importance for launderers and how they can simplify daily reporting with the right tools like Clean Touch EPOS.

How to Use POS Reconciliation for Spotting and Resolving Discrepancies?

When executed well, end of day reconciliation process can help businesses detect errors (such as missing transactions, incorrect cash balance, or discrepancies between recorded and actual sales).

By performing daily reconciliation reporting regularly, laundry and dry-cleaning businesses can ensure the accuracy of records, and decline financial risks while improving transparency.

The key benefits of conducting reconciliation of sales includes:

➤ Detecting theft or fraud

➤ Maintaining accurate financial records

➤ Identifying payment processing errors

➤ Ensuring the correct recording of cash and card transactions

Stepwise Guide to POS Reconciliation

It’s quite simple to perform cash drawer reconciliation and avoid unnecessary errors by following these steps:

Step 1: Gather Financial Records

Make sure to have access to all the sales receipts, transaction logs and sales reports through your POS back office system. This is the first and most vital step to have control over all the daily transaction details.

Step 2: Count Cash in the Till

While launderers facilitate multiple payment processing modes, don’t forget to perform manual cash reconciliations. Count the physical cash in the register and compare it to the POS records.

Step 3: Compare POS Sales with Bank Deposits

Match total sales from your POS system with bank deposits and credit card settlements to ensure everything aligns.

Step 4: Review Discounts, Voids, and Refunds

Check for any anomalies in sales records, such as unauthorized refunds or excessive discounts.

Step 5: Document and Report Discrepancies

If there are any discrepancies, document them and investigate possible causes.

Step 6: Adjust Records as Necessary

Make any necessary adjustments and ensure your financial reports reflect accurate figures.

Performing end of day cash reconciliation can save you a lot of time and effort later. Initially, it may seem time-consuming, but once you make it a routine, it’ll be done swiftly and you’ll find a grip on the daily tally process which is ultimately better for your business and finances. Also, this simple process allows you to make vital decisions for your business – identify the areas requiring improvements, ways to increase sales, figure out the fraudulent/low-performing staff, and take necessary actions timely.

Tips for Streamlining Your POS System Reconciliation

1. Automate Where Possible

Using an advanced POS system like Clean Touch EPOS can automate many aspects of reconciliation, reducing manual errors.

Let us give you a sneak peek into Day-End Reconciliation with Clean Touch.

Clean Touch EPOS offers multiple ways to conduct end-of-day cash reconciliation, making it easier for launderers to manage finances efficiently.

1. Different Day-End Options: Clean Touch provides two methods for performing day-end reconciliation:

➤ Compulsory Cash Declaration – This method enhances security by requiring employees to manually count and enter cash amounts without system prompts, reducing the risk of manipulation.

➤ Standard Day End – The system prints a day-end report, allowing employees to count cash and verify amounts manually against the printed report.

2. Flexible Float Management: Clean Touch offers three float options to suit different business needs:

➤ Fixed Float – Automatically resets a predefined float amount after each day-end or once per day.

➤ User-Definable Float – Allows users to specify a float amount during compulsory cash declaration.

➤ No Float – Users can manually add a float from the login screen or day-end screen when required.

3. Multiple Day-End Frequencies: Business owners can perform the day-end reconciliation once per day (standard) or multiple times a day for shift reconciliation. If float adjustments are made only once a day, the system applies them to the final day-end of the day.

By implementing these structured reconciliation options, launderers can ensure smoother financial management and reduce discrepancies effectively.

2. Set a Regular Reconciliation Schedule

Perform shift reconciliation after every shift or at least once daily to catch issues early.

3. Use Integrated Payment Processing

A POS system with integrated payment processing reduces discrepancies between recorded sales and actual deposits.

4. Train Employees on Proper Cash Handling

Prevent errors and fraud by educating staff on best practices for end of day cash reconciliation.

Wrapping Up

Efficient POS reconciliation is vital for maintaining financial accuracy in a laundry business.

By following the right steps and leveraging tools like Clean Touch EPOS, you can simplify the process and focus more on growing your business. With features like compulsory cash declaration, standard day end, and flexible float options, the EPOS ensures smooth and error-free reconciliation every day.

Contact us & Schedule a FREE CONSULTATION today!

FAQs

What is POS reconciliation? Is it important?

POS reconciliation is the process of matching POS sales data with actual cash and bank transactions.

It helps prevent fraud, detect errors, and maintain accurate financial records.

How do POS reconciliation and financial reconciliation differ?

POS reconciliation focuses on verifying daily sales and cash transactions, while financial reconciliation involves reconciling broader financial statements, including bank records and expenses.

What are the key aspects of point-of-sale reconciliation?

Key aspects include verifying sales records, counting cash, checking deposits, and identifying discrepancies.

How often should launderers do POS system reconciliation?

It is best to create a daily reconciliation report by performing the process daily or after every shift to minimize errors and prevent financial losses.

What is the POS reconciliation process with Clean Touch EPOS?

Clean Touch EPOS provides two methods: Compulsory Cash Declaration, which ensures transparency by requiring manual entry of counted cash, and Standard Day End, which prints reports for verification.

How to ensure the accuracy of POS reconciliation results?

Using an automated POS system, setting reconciliation schedules, and training staff in cash drawer reconciliation best practices can improve accuracy.

Is it possible to outsource POS reconciliation?

Yes, businesses can outsource reconciliation to accounting professionals, but using an efficient POS system like Clean Touch EPOS reduces the need for outsourcing by simplifying the process in house.

It’s breezy to perform Daily reconciliation reporting on-the-go.