Manage Items Employees and View Analytics with a POS (Point of Sale), you’ll have a hard time competing with the other more established brands in the market. One of the ways to accelerate your business is to get a POS system software.
POS for Business
To get the most out of your POS system, you’ll need to know what sales data helps push your business further ahead. There are plenty of high-profile systems that are extremely efficient in viewing and providing essential analytics, including Shopkeep, Square, Lightspeed, Clover, and more.
The most underused and overlooked features of a POS system are analytics. Nearly 73% of business data goes completely unused, and if nothing is done about this, the sales trends will go unnoticed, there will be distorted management of inventory, and it’ll be tougher to incorporate meaningful employee regulations. How to leverage data from the point of sale system for business decision-making
Reports to use in POS System Software for Business
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There are a variety of reports that you can use to give your business a boost in sales, such as inventory reports, sales reports, store comparison reports, and employee success reports. Let’s take a closer look at some of these reports, and how you can leverage off of their data.
General Analytics
Reviewing analytics data or pulling a general summary report is the quickest and quite frankly best way to utilize your POS systems data. They offer a clear-cut advantage over summary reports and dashboards mirror the present state of your business. However, summary reports and dashboards offer similar information. The analytics dashboard or general summary report will show facts such as net sales during a certain period of time, transaction totals, the number of transactions, deposits, outgoing costs, invoice totals. Even if you acquired more detailed reports, having a bird’s-eye view of every data from every section of your business is valuable.
Automated summaries of your business’ performance can be emailed on a daily, weekly, monthly, or quarterly basis. If not that, then you will have to pull the reports manually, which will take a couple of minutes.
Sales Reports
As a business owner, it is important to keep track of your sales reports in order to make informed decisions about which products to stock and which to remove from shelves. This is where a good POS system comes in to play. These systems are typically equipped with extensive sales reports that can tell you which products are making you the most money, which ones are not selling as well, and which times of the day or week are the busiest for your business.
- Sales activity by day/date range
- Common items that have been returned the most
- Best/worst-selling items
- Online/Mobile sales
- Menu reports
- Sales by product/employee/department
- Gross profits by week, month, year, and more
Inventory
Get data about inventory, such as the location and availability of products, from your Point-of-Sale system. With this data, you can purchase products the way you like and adjust your inventory numbers accordingly.
Payment Reports
Payment reports help you keep track of cash flow, credit card payments, and inefficiencies that could have an impact on the bottom line. This information will show you what kind of payment methods customers prefer, prevent employee errors and theft, and determine how many sales are sold at full price or discounted. Some of the most essential data from payment reports include:
- Voided sales
- Refunds
- Taxes paid
- Cash advance
- Tips and gratuities
- Discounts
- Employee payouts
- Payments from a payment method
Employee Management
Reports that are typically used by businesses to keep track of the time employees spend working and the money they spend on labor costs. These reports can also include information on how employees are performing based on their job title or individual.
Possessing information through a POS system is beneficial for a business in a number of ways. Not only is this type of data accessed more quickly than when it is done manually, but it also allows users to see how their employees are performing and how to optimize their scheduling methods. Sometimes, small business owners may find that their employees aren’t very productive or slow at their work. Being able to track performance empirically enhances accountability and makes it simpler to construct an amazing workforce.
Conclusion
Overall, it’s clear as day the kind of value that a POS system software for business owners provides. The personalized dashboard from the systems offers you a quick insight to show you how your business is performing so you can manage it from anywhere in real-time. This means you’ll have information regarding the items of your business, your employees, your sales, and the locations, among other details.
Hello, My name is Shari & I am a writer for the ‘Outlook AppIns’ blog. I’m a CSIT graduate & I’ve been working in the IT industry for 3 years.