Kentville-based Livelenz Inc. produces high-tech point-of-sale (POS) analytics software.
What sets Livelenz apart though is their ability to monitor purchase trends, being able to help keep inventory in stock based on the purchase habits of people at that location. Using the Livelenz, users can monitor transactions from the till or directly from the receipt printer, and their web portal means the information is available from your computer or tablet.
Executive Director Stephen Kerr, explains their trend analysis. “You’re [restaurants] not only looking for the accounting and basic cash management stuff. But you’re looking for trends. You’re looking for what are people buying and what kind of combinations did they buy. And you want this done in a way that’s very efficient.”
Kerr also points out that the accuracy and clarity of Livelenz transactions would come in extremely handy if your company were ever audited. The Canadian Revenue Agency reported $141 million of cash register phantom sales, deliberately erased to evade paying taxes. He believes that restaurant owners will want to use Livelenz software to protect against these problems, “They’re [the restaurants] going to want really accurate records because if the CRA starts to audit more aggressively then a point-of-sale system that documents really clearly seems to me to be an asset.”
Innovacorp, Nova Scotia’s innovation-funding service, obviously agrees with Kerr, providing $1 million dollars in equity financing. In November, Livelenz, with a staff of only 10 people, were awarded the Kings County Business Award for Outstanding Innovator of the Year.