Prediction is useful in business, but it should be based on informed guesses, especially regarding financial forecasting. And we’ve come a long way from stacking cash registers or bill books and keeping a constant eye on inventory supplies and work. It’s the era of automation. Every sector has moved into an automated workflow. To aid in this, point-of-sale platforms stepped into the market and eased the entire business process.
And the revolutionary feature of POS systems is the reporting tool, which drives the rapid growth of every retail and wholesale business. But you can’t use most of it until you learn how it works and how it should be used to drive business insights. Keep reading to explore every aspect of POS reports and insight-driven features.
A POS report is generated from a Point-of-Sale system that analyzes all in-store activities and transactional data of multiple stores. The reports transform the raw data into insights that you can rely on during decision-making.
The POS system contains many important data that ultimately helps business owners make important business decisions. For instance, which products are selling out, which services require improvement, which outlets or employees are making the most sales, etc. After analyzing all of this business data, the owners make decisions regarding inventory stocking, menu item pricing, marketing promotion, staffing, and much more.
The restaurant POS software collects all business data from each outlet, consolidates it on a single platform, and makes it available through various reports, from which you can gain insights into those specific fields.
Another great plus is if the reporting feature of the POS system keeps filtering sales information every time an employee rings up a sale or restocks the inventory. They are designed to provide an overview of the status of inventory and sales over a certain period. Let’s explore how POS reports can benefit you in other ways.
POS reports are the blessing of a POS system. POS reports present an analyzed version of the raw data, including reliable insights. You can rely on them to reach the right decisions faster and take action accordingly.
Let’s explore various POS report samples, the types of POS reports, and how to generate those POS reports.
To keep up with sufficient inventory, reach the sales goal, and implement best marketing practices, you will need to consider different types of POS reports. They are:
The POS analytic dashboard offers a general summary report and real-time information regarding the company’s current state. So, the business owner gets quick facts about net sales, outgoing costs, and transactions occurring during a particular time period.
Inventory POS reports will help you avoid running out of hit items or having too much inventory. Overstocking incurs additional storage costs as well as issues such as spoilage and deadstock. You will be shocked to learn that the manufacturers and retail sector of the U.S. faced a loss of 677 million U.S. dollars during the COVID pandemic due to out-of-stock issues and inventory distortion due to overstocking of some products.
If you have multiple sales channels, having the sales data under one roof, along with the analyzed reports and insights, will help you compare sales and make staffing and marketing decisions accordingly.
The employee’s data report will help you determine who is a top performer hence, you can schedule your star employees on the low-performing outlets or during peak hours to handle all orders efficiently.
The customer data report and insights will help the business owners to drive new customers as well as retain existing customers.
The analyzed reports on payment metrics help you determine the most preferred payment method so that you can offer those particular payment gateways to drive more sales and retain existing ones.
The process of creating reports may differ from one POS application to the next. The considerations for each type (mentioned above) will remain the same all you need to do is follow the specific command terms offered by the selected POS application.
The legacy POS system will let you access the reports only through your POS terminals that means you can’t access them when you’re not on-site or at your restaurant. Some cloud-based POS applications, like PostBytz POS Report Solution, eliminate such restrictions and will let you access reports and the entire POS system from anywhere using any web-enabled device.
Most POS systems offer options for generating sales reports, inventory reports, accounting reports, and customer reports. You will find a number of POS report lists in a POS system that you can use according to your needs. These POS reports will help you set your growth plan by giving you insights on staffing, inventory management, customer engagement, and where marketing strategy should be changed or improved.
With inventory tracking details and a sales data overview, you can determine which products to restock, which issues need to be resolved, and which promotions to run for future growth.
POS systems collect business data from all sources, consolidate it in a centralized platform, and thoroughly analyze it to generate the best insights based on the current state of sales. The statistical information, demographic presentations, and insights will help you make the best-informed decision in no time.
Now you know why people used to rely on POS reports. From sales forecasts to optimized marketing, inventory restocking to staffing, you will need its assistance in every step. It’s the time to explore the best POS system that offers an all-in-one, easy-to-use reporting tool.
PosBytz is your comprehensive platform to manage everything you need to sell and grow your business.
PosBytz is a product of Bytize, Inc.