The point of sale system always remains an essential tool for retailers to manage day-to-day operations. The system is designed not only for recording sales transactions but providing key information through the POS reporting feature, which can help retailers increase their profits and assist in expanding their business. With POS reporting features, owners will have detailed information about the inventory status, sales transactions, and financial data in real-time.
A point-of-sale report is prepared using the data recorded in the POS system after each successful sales transaction. Point of sale systems collect various critical data which can be utilized in making effective business decisions. The latest POS system like CISePOS allows retailers to compile the information into various reports to analyze different areas of their business, such as items in demand or items near expiry or store peak sales hours, or items that are not in demand overstocked.
Why is POS reporting important in business decision-making?
Information collection through different point of sale reports help business owners to analyze their business performance. Reports generated by point-of-sale systems provide significant insight into which retailers can make effective decisions related to products, sales, marketing, and other aspects to improve their daily operations. In addition, owners will have real-time updates about sales statistics as well as detailed information on inventory, which will help in tracking products. In this blog, we will discuss how CISePOS systems report helps retailers to make effective business decisions.
Information analysis from the point of sales report
When a sales transaction is completed, or new inventory is uploaded to the point of sale system, the terminal records data about the product which is sold and the customer who purchased it. A modern point-of-sale system can record basic product information, client preferences, as well as the time and date of the transaction. With all the information recorded in the point of sale system, retailers can generate various reports and gain a detailed insight of their business’s performance on an hourly, weekly, quarterly, biannually, and annually basis. This information is beneficial when business owners are predicting sales and budgets for the coming years.
How is information captured in the point of sale system?
The point-of-sale system collects data in one of two ways:
Directly or Indirectly
Retailers are not required to take any action when using the indirect data collecting method because the POS system automatically collects the data after a successful business transaction is recorded. This type of data may include the date and time of a transaction and the buyer’s purchasing behavior. Retailers can use indirect data to create customer profiles, identify sales trends, and evaluate which items are required to reorder or excess in store.
By comparison, active data collection usually requires retailers to collect information from the customer during the checkout. In other words, it means that customers can be asked to provide their email address to join a mailing list or additional information for discount offers.
Essential POS system reports for effective business decisions
Numerous reports are available in CISePOS for retailers to gain business-critical insights. It’s always recommended beginning with those that have a major impact on the business. We’ve highlighted some of the most critical reports that can assist retailers in optimizing their operations and improving performance.
The most crucial metric for determining business performance is sales. The CISePOS sales report gives retailers actionable insights into how to enhance their sales based on prior purchases. More precisely, the point-of-sale management system will advise retailers about the following:
- Products that are currently in high demand and are the bestsellers in the store
- Unpopular items
- Hourly, daily, weekly, or monthly sales statistics
- Branches sales information
- Products that are returned or exchanged
CISePOS provides retailers with a variety of sales reports, allowing them to access critical business facts quickly. Several critical reports generated by the CISePOS system include the following:
- Counter wise sales report
- Shift wise sales report
- Salesman summary report
- CRM report
- Hourly sales report
- Sales summary report
- Sales report
- All branches sales
- Item wise sales return
- Item wise sales
The POS management will notify the business owner when the stock hits a predetermined level, allowing retailers to restock the goods before they are out of stock. Inventory data collected by the POS system can assist owners in identifying trends, optimizing their inventory, and preventing items from remaining on shelves before they are expired. CISePOS assists retailers by providing a variety of inventory reports that provide real-time stock updates. Some of the reports which are available in the system are as follows.
- Physical stock report
- Physical stock audit report
- Get unused stock
- Gross profit report
- Item costing report
- Stock in hand report
- Stock ledger
- Item trial balance valuation report
- Item trial balance report
- Item trial balance summary report
- Expiry report
- Daily inventor reconciliation report
- Transfer summary report
- Stock reports all branches
- Item wise sales analysis
If retailers want a better knowledge of what drives their business’s performance, POS reporting is an essential tool. A POS management solution, such as CISePOS, will assist retailers by providing easy-to-read POS reports that will aid them in making sound business decisions.