These days, a POS system is a fundamental piece of infrastructure for successful businesses. Using a point of sale system with top-notch reporting and analytics will eliminate guesswork and help you make critical business decisions with data.
Check out this article to learn how you can use point of sale reports to drive vital business decisions.
What are Point of Sale Reports?
With the right reporting capabilities, your POS reports will display various data points that’ll help you make informed decisions about your business.
These reports include (but are not limited to) sales reports, inventory reports, employee and customer reports, accounting and labor reports. Your POS system tracks and records every transaction at the point of purchase and generates reports based on this information.
Using POS Reports to Make Important Business Decisions
Reporting features are arguably one of the most important components of your point of sale system. With the right reports, you can keep a pulse on your day-to-day operations and understand your business’ overall health.
Here are some of the must-have reports you’ll want to ensure your point of sale system includes.
1. Sales Reports
Sales reports are valuable tools to help you make some of the most significant business decisions. They give you an understanding of data points such as gross sales, net sales, and the number of transactions.
Make informed decisions such as these with detailed sales reports:
Utilizing employee reports help you to gain better insight into your employees’ performance. From clock-in to clock out, you can keep track of every transaction during their shift.
With the data these reports present, you can:
As a busy business owner, you’ll be forever grateful for inventory reports and how much time they can save you.
These are some of the decisions you’ll be able to make based on the information you collect from inventory reports:
4. Customer Reports
There’s no surprise here, but your customers should be your top priority as a small business owner. Without an established customer base, your business won’t ever be able to thrive. Your POS system holds valuable information about your customers that’ll help you create better marketing and sales opportunities.
From your customer reporting data, you can drive customer relationship management (CRM) and relationship marketing to enhance the overall customer experience.
Customer reports can help you make these decisions:
5. Accounting and Labor Reports
Accounting and labor reports are critical to operating your day-to-day business. With the right POS software, you can track your business’s assets, liabilities, revenue, and expenses to automate a general ledger report. This report does all the heavy lifting by facilitating your bookkeeping efforts.
With accounting and labor reports, you can:
The Bottom Line
With these key point of sale reports, you will always be in the know. Learn not only to read your reports but also to thoroughly understand what they are saying to help you make smarter business decisions.