Even the most basic point of sale system comes equipped with a host of features. In addition to securely accepting payments, these solutions assist with customer relationship management, inventory, and finances.
Additionally, they enable you to create a wide array of reports that can provide you with vital insights into your customers and your productivity.
When you integrate some or all of the top six POS reports into your daily functions, the results will be astonishing.
1. Sales reports
This vital report provides you with a snapshot of your sales activities for any specified period of time: day, week, month, quarter, etc.
Typically, this document shows you the types of products sold, sales volume, new customers added, and associated costs.
2. Employee reports
Your staff is an invaluable team whose support requires a large percentage of your resources. For that reason, it is vital that you understand how well each person is doing their job.
The employee reports generated by your POS system can be your eyes and ears, providing you with data that you can use to optimize the performance of each person.
For instance, your POS system captures data about each sale, including the employee responsible for it. A report will identify who is selling which products and who might need additional support, training, or task reassignment.
3. Inventory reports
Keeping track of every piece of merchandise just got a whole lot easier thanks to your POS solution and its comprehensive reporting features.
Using stock keeping units (SKUs), the system follows each product from the time it was delivered by your supplier until it leaves in the hands of a customer. Additionally, a report can monitor how many items are damaged or returned, enabling you to select higher-quality suppliers.
This software allows you to monitor the quantities of every product you carry. Gone are the days of surprise shortfalls or unexpected surpluses. You can even set your POS to alert you when you are running low on a bestseller, ensuring that you have plenty of time to reorder it.
Better still, all of your data can be presented in a clear format that you can access from anywhere at any time.
4. Itemized cost and profit analysis reports
Getting a handle on where your profits are coming from may not be as simple as it first appears. After all, it isn’t always the products that sell in the largest quantities that generate the most income.
You need a way to break down the retail percentage or amount, the itemized cost you incur, and your net profit.
With these details in an easy-to-read, shareable document, you'll be empowered to cut out slow-moving inventory items. This frees up space and resources to update your offerings in line with customer demand.
Additionally, being directly confronted with cost data can be the wake-up call you need to change suppliers or adjust your pricing to ensure that profits remain strong.
5. Customer reports
Your POS is also equipped to provide you with crucial data about the people who buy products from you. With just a few clicks, you can view details, such as contact specifics, purchase histories, and loyalty particulars.
With your finger on the pulse of shoppers, you are uniquely positioned to leverage this data to your advantage. Use it to communicate with people about upcoming promotions that align with their preferences.
You might also send special email blasts to your top-tier loyal customers to generate a buzz about a new product or incentivize referrals.
6. Store comparison reports
If you have multiple physical locations, it is extremely helpful to be able to get a side-by-side view of how each stacks up against the others. Reports from your POS solution take the guesswork out of these insights.
For instance, you can instantly learn which of your stores sells more of a certain type of product. The report can also show when peak sales times occur at each site. You can even compare employee performance across locations.
This will give insights that might prompt you to reorganize sales teams, upgrade tools to manage transactions, or change work schedules to maximize productivity.
The capabilities of your POS system are becoming more advanced with each passing year. Although you can potentially use it to generate a mind-boggling number of reports, simplicity is often your best answer.
When you understand your store’s specific needs and characteristics, you will only need to implement a few key reports to achieve your goals.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
