Point of Sales (POS) reports are usually conducted based on data that businesses have recorded during sales processes. These reports power retailers to obtain detailed insights into their businesses and stimulate future growth.
Due to various stages involved in retail processes, there are many aspects that businesses have to pay close attention to. In this article, we would like to introduce 2 must-have reports in your business.
Sales report is a common POS report which produces an overview of the sales activities including sales volume over certain periods, emerging trends, the performance of sales executives, etc. In general, there are three main types of sales reports
Types of Sales Reports
- Sales summary: Give retailers an overview of their ongoing business via the cost of goods sold, gross profit, profit margin, taxes on sales, etc.
- Sales per product report: Give more detailed information about sales processes such as which products are most popular, shopping trends, seasonality, etc.
- Sales per customer report: Support businesses to resonate with customers by targeting the best customer groups.
Sales report benefits
It is necessary that businesses generate sales reports on a regular basis since they will get a lot of benefits from these reports.
- Making purchase decisions: With sales reports, retailers are able to timely determine out-of-stock products. As a result, businesses can operate the purchasing processes and their hot products will soon be restocked
- Generate promotion efforts: As mentioned above, sales reports point out the best customer groups. From which, businesses can apply suitable discounts or promotions to deal with these customers.
- Compare sales from different stores: Sales reports enable retailers to track and compare sales metrics across multiple stores. Retailers can use this information to properly allocate expenses and staff or adjust prices in particular areas.
Inventory Reports refer to the status or performance of inventory such as the quantity of existing stock, product issues, stock ordering, etc. Depending on certain purposes, businesses can generate different kinds of inventory reports.
Types of Inventory Reports
- Inventory On Hand: Showcase the number of product units in stores as well as in the current stock.
- Low Stock: Showcase items that are running low or out of stock.
- Product Performance Report: Display the number of products sold over certain time periods like monthly, quarterly, annually.
Inventory report benefits
Inventory reports always play a vital role in developing retail businesses with several considerable benefits, such as:
- Track inventory: By generating inventory reports, businesses are able to maintain a certain amount of inventory that meets customer needs and also avoid overstocking products.
- Increase inventory turnover: Inventory Reports support retailers to increase their inventory turnover by maintaining fewer slow-selling items and making room for profitable ones.
Perfect POS reports by integrating POS system
Technological developments in recent years have produced huge impacts on retail businesses. The POS system is one of those out-of-box technological solutions.
POS systems empower retailers to generate and perfect informative reports automatically thanks to the ability to gather data related to every aspect of businesses. Moreover, with POS, retailers who are managing multiple stores can easily keep a close eye on their sales process and timely make suitable adjustments.
Therefore, it is necessary that retailers consider integrating POS systems into commerce in order to effectively keep track and develop the business in the current competitive market.
ConnectPOS is a leading POS software that has been supporting various worldwide retailers with excellent features and great customer services. Also, we offer a 14-day free trial for any businesses that are paying attention to the outstanding solution.