How To Grow From POS Reports
When both small and large companies lose clunky cash registers for the more sleek and modern POS system, they get a lot more than fancy tablet-based software: they’re getting a wealth of resources, tools and analytics they can use to improve business functions.
One of the many features – and possibly one of the most important ones – is POS reports.
POS reports are obtained from the software’s own Reporting and Analytics system: a tool that allows you to be more critically aware of where your business stands. The more you know about the specifics about your business’s performance, the better you know where you are doing great and where you are lacking – inevitably, you learn how to improve both aspects.
Here are some of the most important POS Reports you can get your hands on:
Z Reports are end-of-day reports you use to find out how much profit your business has made on a daily business. It’s the perfect kind of metric – because it goes beyond just cash.
These reports help uncover critical insights into peak sales time, which employees are making the most sales, how much money is missing from the till, and much more. Tapping into such data allows you to allocate resources better, so that you can focus on steadying sales fluctuations.
Apart from analysing times of maximum sales, you can also use Z Reports to understand periods of low sales. That way, you won’t just waste staff and resources trying to hit the arrow at the bull’s eye in the dark: you’ll have a better vision of where your business is lacking. Your business is hence bound to improve smartly.
Whether your business is small or large, you have a lot on your plate: managing vendors, sales, employees and the like simultaneously is a job hard enough – to worry about inventory as well makes the task incredibly hard.
For that, inventory reports are a lifesaver: they track your stock levels in real-time, letting you know what product you have in enough stock, what you might be running low on, and what products are being wasted. This kind of vigilant eye over your warehouse operations help avoid problems like theft, pilferage, dusty inventory and more.
Types of inventory reports you can use are:
- Inventory summaries – these give an overview of your current stock in real-time. At a glance, you can find how well your inventory is doing without having to go through the hassle of checking in manually
- Inventory valuation reports – these assign a total monetary value to your current inventory, without human error
- Inventory reorder reports – these analyse and inform you of products that fall below the minimum threshold, so that you can reorder them before they run out.
Apart from streamlining work functions and quickening the order process, such inventory reports make sure that product quality and quantity are never compromised, and you always satisfy your customers’ every need.
As a business owner, you don’t just want to know today’s analytics; you want to be able to use data of today to build a profitable future.
And that’s how sales reports help. They give insight on items sold, what sold best and what sold little, total revenue, sales tax breakdowns, and much more. Some software also include customer and employee information so that each transaction is valuable than the next; it makes reviewing work functions a lot easier, too.
How can these reports help create a profitable future? They are capable of revealing sales trends, business strengths and weaknesses collectively. Understanding all such data helps make well-informed future business decisions, and ultimately boost revenue.
Now you might be wondering – what kind of POS software is capable of such wonders? To be honest, most of all POS systems can offer these functionalities. However, you’d want a system that offering everything in the easiest way possible.
Oscar is a POS in Pakistan that actively fulfils that requirement: thanks to its simple UI and cloud-based system, you can reach important reports from anywhere, at any time. All it takes is just a few taps – and you’ll be able to tap into valuable information in no time.
The only way POS reports can help your business grow if you do more than just reading; note obvious trends in sales, and note periods of improvement and failure – where did you do best, and where did you fall behind? The more you gather insight about every prior move, the more intelligent your next money moves will be.