5 EPOS Reports Essential for Your Retail Business
If you have recently transitioned your retail business from the basic checkout to POS system, this can be a useful guide for the retailers.
Store sales reports
Point of sale systems allows managers to view real time sales data remotely. The ability to view sales report by date and time can help you to compare your business’s success during various times of day, week, month and ear.
You can get the information about the sales during particular period of time which help to cut back on staff at the times when the sale is less. When the sales are higher during a particular period of time then you can hire additional staff temporarily.
Individual sales reports and sales targets
Tracking your general sales and overall business reports with epos software and included with the option for sales targets based on time and employee. You have the ability to assign sales targets and then track the results of employees which can be helpful for retail establishments that operate with commissioned based staff. Different sales targets are assigned to different staff members based on seniority as well as experience and keeping track of commissions. EPOS system tracks targets as well as individual staff sales reports.
Individual sales reports can be helpful even if your employees are hourly and on commission. As owner can easily find out who is your best seller and offer him bonuses fairly and identifying weak candidate gives you the opportunity to supply them with additional training or cut them loose.
Itemized cost and profit analysis
It is easy to find your top sellers but items that sell in the largest aren’t necessarily the ones netting you the most profits. Sales can break down and itemized with cost, percentage or amount and profit with the help of epos reports.
Once information lay out in a readable format makes it much less labor intensive and find out the dead items in your inventory. Identify the major money makers that flow under radar. These reports help retail owners adjust costs and prices or locate new suppliers as needed.
Inventory management reports
EPOS system makes inventory management a breeze. Inventory management reports allow you to track stock based SKUs across multiple locations. Inventory management not only used to track existing inventory but also used to track quality of items. You can easily identify the amount of damaged goods you have received from different vendors and how often you have had to send things back. Identifying low quality suppliers is key in maintaining high retail standards.
Many epos systems have automatic email options based on inventory options and can receive updates when items are running low and reorder them immediately. The ability to track the inventory over a period of time makes it much easier and plan inventory accordingly with the buying trends.
Store comparison reports
For small business owners having multiple locations, reports can provide comparisons side by side which are invaluable. You might find certain type of products is sold more in one of your shops than the other. Each of your shop experiences peak selling at different hours of times of the year.
Comparisons can also help you see the differences in your staff at various locations. Identify your staff strengths and weaknesses of your staff members. You can pair your most outperforming sales associates with others who show promise but need improvement.