Fully understanding and knowing your business is definitely the key to every business’s success. However, this isn’t a simple task as there is a pyramid of processes and aspects that need to be handled and managed well. Otherwise, it’ll be a countereffect. That’s why a POS system with the reporting feature was born to ease that pain point. A reporting system in POS deems to be a gold mine of information to all business owners and operators as it has the answers to many challenging questions facing them.
In today’s article, we will discover the true reasons behind why a reporting system in POS can help grow your business.
Manage employee ROI (return on investment)
This is an extremely useful tool for small businesses. It will help you track and accommodate the highest expenses, like staff salaries, taxes, and even the investment you make and the returns you obtain. With an advanced reporting system, managing your employee ROI is now in your hands as comprehensive reports will show you all the information and data you need without spending too much effort. This is a part of staff management and one of the functions you might want in the reporting system in POS to ensure your business is thriving.
This type of report will let you see which one is your most valuable employee. Also, you will have the chance to open a dialogue with the employee who is not performing as well as expected and discover the reasons behind their underperformance.
Maybe the issue is they are overworking and need an extra hand. This report will help you decide if this is a viable option or not. Also, you can assign projects equally among team members. Or you can even investigate further and try to add new tools to improve efficiency in completing a task.
Remember, training your current employee saves more money than hiring a new one!
Keep track of client performance
Time is gold. We all know that we can’t take back the time we invest in a project. What if your estimate was wrong, and you are spending 12 hours instead of 6. What is happening is that you are getting paid for only half of the time you devote, which also results in the poor performance of your business and the risk of not meeting the deadline in time. Or maybe you try to get a great price for your client, in terms of unbilled expenses. Miscalculating it can lead to you working for nothing, as you will be investing all the revenue in expenses and your results are all incorrect. Also what if your clients are always late with the payments?
Having a revenue reporting system for clients, thus, becomes essential here. It will show you the total revenue you will generate from your clients. Each of them. Over a certain amount of time and a period that is up to you to choose. Also, it can include how each of the accounts will be aging, this is for the case you have customers with the late payment syndrome. You can create a penalty clause for them accordingly.
In terms of client management, you can improve a lot with help from technology. If you are stuck and need a little extra help you can always get in touch with a POS solution. It is a great way to have a helping hand in your business.
Learn how to identify profitable products
Every business starts with a great idea and believes that the idea will grow until it becomes something huge. However, the reality is that not all the products you create can bring you profits. You need a metric to analyze the sales rate for each of the items you are selling or each of the services you offer to your customers.
A reporting system in POS will help you keep everything balanced. With such a system, you can know what are the great products that are flying off the shelves. Additionally, you are also able to identify some items that aren’t selling as much as you expected to figure out strategies to intervene before them becoming dead stock. And if your product or service is failing to get the interest of possible customers, maybe it’s time to switch to new products or services, or to change the marketing and targeting strategy.
Catching this type of information is a lot easier if you have several reports to compare to. It could be something you consider easy, just wait until you have to compare months of data you will see. That’s when a POS with a well-functioning reporting system with comprehensive reports comes to your rescue.
Keep track of your cash flow
Another element of your business that you need to keep a close watch over is money. A business has expenses. And if you are not careful enough, you can confuse yourself and end up without any income made. This type of report is called a cash flow statement. The purpose of it is to keep track of the income and outcome. This helps you see if you have a healthy business or not, and if you will be able to adapt faster if your market changes without having any loss.
Also, another great type of report you might want to be in your business is a profit and loss statement. This report helps you track your income and loss over time. It can help you identify which area in your business is making you expend the most and correct it.
The last advantage you receive from keeping track of your cash flow with a reporting system in POS is to know when your project is ready to be invoiced.
Watch the sales trend
Common knowledge about market trends helps business owners and operators keep track of their sales instinctively. However, in most cases, you will never know how this trend will be affected by unexpected events and change accordingly. With a sales report, you will be able to catch up on trends you might never notice on your own. Also, this report helps you relocate the actionable data to keep your marketing plan in action at all times.
Make your business thrive with ConnectPOS
A reporting system in POS helps you track data of every aspect of your business, from customers, clients, staff members to cash flow and products. Such a system is one of the best tools you need to keep your business thriving. With that being said, let’s choose the best POS system for you to enhance your business. And we are that system!
ConnectPOS, one of the best cloud-based software, is technologically advanced and feature-rich to ensure your business is equipped with a meaningful and well-functioning reporting system in POS. Our POS offers retailers like you more than 20 in-depth comprehensive reports with data gathered from all of your channels. Whether you have both online and offline stores, operate multiple warehouses, or run your business in many locations, you can control them all on a single central POS system with ConnectPOS.