There’s no denying that having a good set of data besides you, especially when making a business-related decision, can easily make a world of difference to your judgemental power. Having a specific set of data will ensure that you know what type of products are selling well and which are the products that need to be taken off the shelves.
Most of the businesses out there tend to oversee their sales reports – which in-turn is one of the easiest ways to find items that are more profitable for the business. This is the reason why the reports that are generated by your POS or Point Of Sales software system is just as important as your tracking system for your inventory – which will lead to more sales.
Knowing Some Of The Basic POS Reports Of Sale
It should be noted that not all POS sales systems are the same when it comes to churning out sales reports. However, the following reports are generally found in most of the POS systems that you find on the market nowadays:
- Items that are top-selling
- Activity of sales (specific period/time/date)
- Sales differentiated by product/employee/department
- Items that are returned commonly
- Gross profits generated for a year, month or week
- Sales obtained via online website (if the business has one)
- The discounts that were used
- The coupons that were redeemed
Each of the above metrics will be examined differently – according to the industry the business is operating in. For instance, restaurant businesses will look at their sales along with the perishable items that they have in stock. Comparatively, retail businesses will look at the items that were returned or exchanged.
For example, you’re in the apparel business and you’ve recently started a fall-season sale for ‘women skirts’. You again plan on doing a similar sale a few months later but without looking at the POS sales reports, you’ll be missing on which ‘type of skirts’ are selling the best – is it ‘bodycon skirts’ or ‘pencil skirts’ or ‘a-line skirts’ and so on. A POS sales report will provide you with these minute details, which will assist you to sell on those products later on.
Your job as a businessman would be to work with real-world data and not make assumptions of any sort. Reviewing your POS sales report would be easy as long as your team is using it in the best possible manner to track sales along with returns and other items. You can easily save a lot of important investment by knowing what are your lowest-performing items and thereby removing them or not dealing with them later on. Channelling your investments in the right path is what makes a business successful.