Are you making the most of the detailed information your sales reports and notifications provide? The latest technology gives merchants impressive tools for tracking sales to increase profits and get paid on time.
Help your business prosper by tracking sales data to evaluate performance and find where your business could improve. The day to day, or even hour to hour, specifics of your sales can reveal important trends or possibly trigger alarms.
For example, are there high-traffic times that need additional staff? When are customers likely to purchase in higher volume? Are you profiting from the seasonal needs of your customers? Do your sales show suspicious returns or unusual discounting? Do you have open transactions that need to be settled?
Tracking your sales information is key to making the most of opportunities and detecting issues that could be holding your business back.
Here are 4 tips on using sales reporting to realize the full potential of your business:
Take Advantage of Powerful POS System Sales Reporting
Payment processing technology now includes many POS systems with excellent tools for tracking sales and inventory details. These reports are a goldmine of information about the health and profitability of your business.
For example, ShopKeep offers robust reporting tools that allow merchants to view their sales in a variety of ways, including bulk sales, hour-by-hour sales, by category of product, and by transaction. With a variety of reports, business owners can break down their sales information by season, by day, and even by hour and employee.
Using a modern POS system to pull up-to-the minute sales reports can help you keep track of best selling products, giving you valuable information about what your customers want and how to manage inventory. Furthermore, if you are selling on more than one channel, your sales reports make comparing in-store and online sales easier.
Explore the reporting tools available through your POS system and make reviewing reports part of your daily routine. Many small businesses use QuickBooks for accounting, too, and integrating your POS software with QuickBooks can build efficiency. If you need help integrating with Quickbooks, give us a call at 888.477.4510 for more information.
Staffing for Success
Taking a close look at the reporting tools offered by your point of sales system might reveal useful patterns that will help you staff your business most effectively. If you know your business always has a sales spike on Friday afternoons, consider staffing an extra person at that time. Since staffing is a major expense, monitoring slow times to staff accordingly can save money, too.
Since staffing directly affects customer experience, having the best-sized staff may also lead to increases in sales and customer satisfaction over time. Keeping customers happy and returning will build your business, too!
Keeping an Eye on Security
Monitoring sales and returns can detect suspicious behavior and theft, too. When you see an unusual volume of returns or a large credit back to a customer, look into it.
Unfortunately, crime does happen. Both internal and external theft are real threats to your bottom line. According to the National Retail Security Survey, retailers lost $44 billion to instances of fraud in 2014. 38% of these crimes were shoplifting. 34.5% of these crimes were due to employee theft.1
Luckily, keeping track of sales data can make detecting a pattern of fraud or crime easier and faster.
Keeping a close eye on things can be a strong deterrent to crime as well. Using sales reporting tools and updated technology like SKU inventory management can make keeping track of cash and inventory easier, so unusual behavior is easier to notice. When your employees and customers know you are watching, they will think twice before stealing.
Stay Aware Wherever You Are
Not that long ago, merchants were tied to their physical location or perhaps even their cash register. Mobile technology has freed business owners to move around and still stay informed about their businesses. Integrity’s Online Portal and Integrity InTouch allow merchants to watch over their transactions and credit card processing wherever they go.
Integrity InTouch is designed with your needs in mind. You need to know when batches are run and the status of your deposits. Integrity InTouch will alert you with the information you need to watch over your transactions.
- See when you have an open batch with unsettled credit card authorizations so you can follow up and receive payment.
- Set notifications for batch statistics to monitor the day’s business.
- Monitor ACH deposits so you can follow up with your bank if necessary.
Integrity InTouch can also set thresholds for sales and returns to notify you if an unusually large transaction is taking place. If a transaction looks unusual, you will see it right away based on rules that you set up.
Integrity InTouch and our online portal puts merchants in charge of their transaction data. Find the information you need everyday whenever you need it, even when you are on the go. Contact us today to learn how these tools can keep your business growing.
- National Retail Federation. National Retail Security Survey 2015. https://nrf.com/resources/retail-library/national-retail-security-survey-2015