Understanding your business is key to the success of our services. Our company’s goal is to find the absolute best solutions that works for your business. Over the last 20 year, our service programs have been constantly updated staying ahead of the industry’s latest challenges. Keeping up with technology is paramount. Combining our industry knowledge, along with today’s technology, has given us a huge advantage against any company trying to duplicate what we do.
We’re proud to say, we are the best at what we do. Many have tried, where we have succeeded.
Client lease program may also be an option for you. We found that some clients do not wish nor have any interest in the day-to-day responsibilities and just want to remain property owners. LPT is in business to grow, we are constantly looking for new locations to add to our group.
The diagram below shows a breakdown of the day-today financials side of our services. Everything is handled in-house and provided on a monthly basis.
POS BACK OFFICE SYSTEM
Technology has advance in this industry by leaps and bounds. LPT’s founders realized this and started the company at the most opportune time. While many companies had invested so much time and money to old, obsolete technology, making it very difficult to abandon, LPT saw the opportunity and ran with it. In 2010, LPT was able to partner up with PETROSOFT the leading back office service provider in the c-store industry. We see the value of what they provide and use them exclusively in all our locations.
Because this system is on the cloud, we’re able to maintain and manage a clean price book with over 15,000 SKU’s that can be downloaded into any stores POS system within minutes. This advantage insures that all items are being scanned with the correct retail upon takeover of any amount of stores at a time. All these benefits translates to capturing saved margin from day one.
After many years of providing in house payroll we found another advantage in using technology on the cloud. Payroll today has become so complex that maintaining the strict record keeping guidelines and proper tax withholdings, as well as keeping up with ACA, we find using a professional service is the way to go. Selecting Paycom as our Payroll service provider is very important in maintaining a secure and transparent system for our clients. Employee’s have to clock in/out on a secure access point, which uploads to the cloud and monitored daily, preventing any unauthorized labor expense.
LPT provides many in house services that we use for both our company owned stores and client service programs. These services have been designed to work for any client whether it’s one location or one thousand locations. As every clients needs can vary, we’re confident our tried and true retail management system will work for you. Below are some of our most popular services
One of the biggest challenges in any retail business is controlling inventory. According to the National Retail Security Survey, retail losses hit $41.6 Billion last year alone, which translates into 1.61% of lost sales. The convenience store industry’s losses on average have been over 4% of sales (avg. $30,000 per year, per store). The cause of inventory shrinkage is attributed to employee theft, shoplifting, vendor fraud, and administrative errors.
Permits and License
As any business owner understands, it is one of the most important responsibilities in the operation of your business, yet, many find this to be difficult because of the unknowns. You really don’t know what you don’t know until you get a visit from an enforcement officer. Unfortunately, telling them you forgot or did not know you had to file for a permit does not help your case. Depending on the officer or the type of permit, penalties can result in fines or your business to be temporarily closed. Failure to maintain licenses on categories such as alcohol beverages and tobacco product can affect loss of sales by over 50%. In addition, reapplying for expired licenses becomes problematic and in some cases take as long as 12 months to get re-approved.
As part of our service, LPT insures all permits and licenses are filed on time and kept current
Sales and Use Taxes
Filing and collecting sale and use taxes for convenience stores can be a very complicated process if you’re not set up correctly at point of sale. With as many as 15,000 SKU’s and over 50 different product categories, making sure you collect the correct sales taxes is a difficult process. In addition, every state, county, and city has different tax rates, as well as different products, that should collect sales tax. LPT’s price book is setup with Departments and Categories that can easily handle as many as 7 different tax rates, which is more than what is required for any state in the US.
LPT has a full service accounting department with book keepers and certified public accountants. LPT provides a complete set of financials every month, by store and by company. This includes Balance Statements, Profit & Loss Statements, and full general ledger report.
All financial data is sync’d electronically daily from the POS system and compiled in QuickBooks Enterprises.
LPT provides a full marketing program. This program consist of over 25 years in best practices in conjunction with new technology and long term partnerships with many vendors. While the average size store can tie up over $75,000 in product inventory, LPT uses its many resources to determine the correct selection of inventory and minimize the purchase of slow moving items. LPT uses plan-o-grams (POG’s) to set up every store. Every plan-o-gram is continuously updated against sales by ranking
In addition to setting up each section with POG’s, every shelf is set up with product labels for weekly reordering. The hand held ordering system also provides a history of how often this product was ordered and suggested quantity order ensuring no out-of-stock.
Floor Plan (Store Layout)
During every store initial reset, a store layout is created to identify the final section of every POG. This process is just as important as creating plan-o-grams. Creating these store layouts insures the proper use of the stores space by vendors and maintains control and consistency of the store appearance.
LPT creates and provides every store with POP signage. All art work and signage material are done in house and distributed to every store. Promotional retails/prices are negotiated and set up with each vendor by the marketing department during the initial setup of the store and are maintained monthly.
All POP Signage is customized to every location and assigned at a specific window/door to maximize promotion exposure.