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MANAGEMENT OF retail opera- tions such as convenience stores (C-stores) can be diffi cult, and are often ripe for a major effi ciency upgrade. C-stores offer speedy service to today’s on-the-go con- sumers who want to get in and out of the store quickly. Their conve- nient locations, extended hours of operation, one-stop shopping, grab-and-go food service, variety of merchandise and fast transac- tions are the features that make them desirable channels of trade, but also make management dif- fi cult and time consuming. Bill Scott and James Hawkins released
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the book, “Turning Convenience Stores Into Cash Generating Mon- sters,” to illustrate the benefi ts of new technology in building better business operations, especially for those store owners operating more than one store, as is often the case with C-stores. Account- ing and inventory software is among the technology that of- fers C-stores the opportunity to potentially become a cash gener- ating monster, achieving desired margins and reducing the time spent on laborious data entry and administrative tasks. Following are the best practices
that the right accounting and in- ventory software can help with: 1) Implement Scanning. Many C-stores have yet
to
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implement scanning. Yet scan- ning, rather than data entry at the cash register, ensures pricing accuracy and easily identifi es er- rors, while deterring theft or fraud. Also, additional labor savings are gained from improved end- of-day procedures that reconcile cash, credit cards, coupons and store deposits. 2) Control Inventory. With
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scanning in place, all new stock is scanned in, while all sales are scanned out, allowing for easy tracking of inventory. With inven- tory controlled electronically, a manager can pinpoint problems and ways to improve sales, as he or she can track by item, level, and cost by department. continued on page 104
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