How Epos System Reports Help Your Retail Business?
The advancement in a technical field has led to the evolution of different aspects of life. Running a business is not so easy without an efficient epos system. These epos systems are loaded with great features like POS reports, inventory management, CRM, and sales and purchase management modules that help you achieve your business goals.
To devise an appropriate strategy for your retail business to flourish and grow, it is significant that all the incoming and outgoing purchase data are tracked, and the staff's well equipped with a POS system. One should have clear and precise data regarding the sales and profits they are making for more improvements in business flow and strategies.
The POS reports help you take advantage of all the aspects of your business by keeping records in an organized manner. These reports store all types of data associated with sales and purchases involved in a business, and you can also filter data as per your requirement.
What are POS reports?
The reports are generated based on POS data collected. A POS system on the counter wherein sales software has been installed, and whenever a transaction takes place, it can record into the system, and thus all data is recorded.
The retailers and staff can view, collect and filter data collected through the epos system formatted and well-managed reports to analyze staff performance. The stock available in the inventory and the number of products shipped in and out of the warehouse can also be tracked with the help of these reports.
Significance of POS Reports
Generating POS reports is crucial for any business as one can enable the retailers to have sound knowledge of the volume of sales, trends, incoming and outgoing cash flow, and the status of supplies available in the store warehouse. These reports can impact your business by keeping all the data in a single place and helping you with monitoring the effectiveness of various business strategies and workflows executed within your retail stores. Some of the impacts of maintaining POS reports on your business include:
- • Manage sales reports
- • Track staff performance
- • Manage inventory
- • Categories of POS reporting
The three principal classifications for successful reporting of data include the following:
The functionality of POS reports is to monitor all of the sales being made from a store consistently. This data helps you list down all the best-selling and least performing products. The reports can also help you determine the time slots during which the sales are maximum and other relevant data to plan your business and sales strategies.
Transactions by employees
The POS reports are loaded with employee profiles to help you determine the number of items sold by each employee and other related data. This factor will help you with retail management to monitor the progress made by each employee and track their performance on a weekly or monthly basis.
This category helps retailers monitor the number and types of products available in the stock at a given point. It will also help you predict which products are running out of stock, which products sold quickly, and other comparative data and keep you updated about the status of products in the inventory.
Types of POS Report
The reports generated by a retail epos system include different types and data sets. Users can extract the desired outcomes effectively by applying filters to these reports and noticing the stats recorded by the system. The collection of data and stats is significant in determining the worth and progress rate of your business. It also helps retailers monitor the supplies and staff's performance and take required steps. The following reports are used by experts to manage different types of tasks in a retail store.
The metric which decides the outcome of any retail store or business is its sales. Tracking your sales and top-selling items is critical as it helps you figure out which strategies and promotions are working and focus on things that are significant for your business.
The POS reports in most of the systems include the filtering of the following records:
- • Top-selling items
- • Worst selling items
- • The top-most customers of your retail store
- • Activities including sales and purchases according to a specific time frame
- • The sales of the store according to employees, products, departments, or store locations
- • The quantity of returned items
- • The gross profit values
- • The type of transaction performed
- • Taxes applied to the business and products
- • Tips, gratuities, or unique offers
- • Voided sales
- • The amount spent on refunds and reasons for refund
- • Gift vouchers, discount coupons, etc.
- • The number and value of payouts for staff
The progress made by an employee in any business is directly proportional to the growth of any business. So, it's critical to keep records of the transactions that carry under the management of each employee. The employee elated POS Reports generally include the following:
- • Number of hours worked by an employee
- • Shift reports
- • Sales made by each employee
- • Commissions filtered concerning each employee
The inventory is a place that stores all of your products. Each incoming and outgoing product in your inventory is tracked closely. It will guarantee that the items are available in stock and help you determine which products are sold faster. The reports generated in the inventory management system module include the following data:
The number of items required for re-ordering in the inventory
Real-time tracking of all the activities taking place in the inventory
If you want to improve your business performance with POS reports, we'll take you through the most significant reports for various management roles in a retail business and how to figure out the data.