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Register Reports

What is the best day to collect your business debts

POS SOFTWARE

Most of us have bills and bills and bills.


 

Recently a company that collects debts from many companies released its findings.  It causes some comments.

The best day from looking at many companies for businesses getting paid was Thursday they claimed. They believe that this is because most people today receive their wages/salary on a Thursday. As they have money on Thursday, they spend it. Although they did not say it, people tend as well to get pensions on Thursday too. But it was interesting is that Sunday had the lowest clearance rate. It made sense if you think about it as about then most people would be budgeting for the coming week. 

So I decided to check using many of my clients' data, and what did I find? 

Well, some clients where all over the place. For example here is the result of four years by one of my clients.

Mon 13.3% Tues 16.4% Wed 8.6% Thu 14.2% Fri 10.3% Sat 37.2%

For this business, Saturday was best. I suspect it because they are in a small centre and people are coming to buy on that day the big weekly family shopping. As they are in the area, they come and pay. Why Tuesday was higher than Wednesday, makes sense as there is not much left on Wednesday. 

What it does show is what I have always said that all businesses are different. This is true even those that do the same things, and each needs to treated differently.

But overall the conclusion does seem correct as a rule, the day for people paying is Thursday. Here is my result from benchmarking 10 different clients over a number of years.

Mon 17.4% Tue 13.4% Wed 13.5% Thu 20.9% Fri 12.8% Sat 15.3% Sun 6.8%

 If you want to know what is your best day to get paid, you can work it out by using Ad Hoc reports.

You will find it here.

Register reports>Customers>Transactions (Excel)

 

So based on this if you are sending people bills, you need to make sure that they get your bills before Thursday. 

 

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How to easily see your sales, profit and quantity sold now

POS SOFTWARE

Want to know what is happening now in your shop, in seconds? 

This is a quick and easy way to get the figures.

Go to Register reports.

In the Sales section select 

"Dissection Sales/Profitability for a given period" which is here

Fill out the dates you want, and you get a report that looks like this.

 

With the information you need. It is worthwhile to go through this report in detail as it shows a lot more. For example, how good the barcodes use is in any department, so it can help you to identify problem areas now.

 

 

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Find the busiest periods

POS SOFTWARE

In the shop, traffic often fluctuates from all the time by using your POS Software you can get figures for which periods are the busiest and slowest now.

Go to the register > reports.

 

I suggest that you run this program twice, the first time for the last few weeks and the second time from a previous year that match the dates you are looking for at for this year. You are going here, to get a very detailed report. The part for this exercise you should look at is the part that gives hourly sales reporting statistics. 

Now the report is colour coded to show extremely busy periods so busy periods are highlighted.

Using this information, you will be able to increase the control of your business better.

 

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Evaluating a stock item

POS SOFTWARE

What happens is that when you go to your point of sale software and check your selling report to see how things are selling. You will find items that are selling well but are making little profit. The question often raised here, is even accepting that the item is not making much, is it drawing people into your shop who buy other products?

Well, we can help you somewhat. The reason I say somewhat will be explained here.  

Go to Register reports.

 

 

Now select "Top N Stock Sales for a Given Period"

 

 

Now put in say a year of sales and ask for the top 100 by quantity. 

Outcomes a report with the top sellers for that year. 

Top sale item by qty

I have not got the heading here, but I will explain. Look at the envelope 

45 is the stock ranking. It is the 45th best selling item in the shop. The 300 is the quantity sold. The next roll is profit, which is $77.45. In comparison, the item on top of it at 44 made the store $1159 profit. Now for many retailers would say to themselves is $77.45 profit enough to justify having this item? Is it enough to even pay the rent, much less the labour and other charges?

Now another issue that most retailers will ask here is, as it does sells well does it bring people into my shop who buy other products? That is very hard to measure, but we can give you an idea.

Go to reports > Sales register > Stock Sales companion sales by period 

Now in options put in say last financial year and put in the product ENVELOPE TUDOR....

Stock companion report

 

Now out pops up a report which will give you a listing of all the items that were sold with this item.

Then at the end will be a total.

Stock companion total

The last number is the profit of $265.01, which is the total profit of all the items sold with this item. 

Now the question is how much of that profit of $265.01 would you have made anyway with or without that profit. That is something you have to decide. 

An analyst like me, as a first-level approximation in the absence of any other information, would probably say

A third would have brought something else in the shop to replace the envelope 

A third would have left and gone elsewhere

A third would not have brought the envelope but everything else.

So I would say the loss involved in dropping the product is 

2/3 x (the actual product $77.45) + 1/3 x ( companion sale of $265.01) = a loss of about $140.

If you can do a better estimate let me know.

 

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Now take a minute to do a check on your stock levels

POS SOFTWARE

It is currently the last chance you have to check your stock levels 

However, running out of stock now can have a dramatic impact on your business.

We have a unique report which is super fast to run and gives you an immediate snapshot of your stock levels.

In Cash register report, call up the GMROI (see the selection highlighted) in your point of sale software in the reports here.

You can select the list of options you want, and I suggest you go over these options later when you have time.

I recommend doing this by departments or supplier, whatever makes more sense for you. 

Now you get a report like this.

As you can see the items are all listed.

Let’s look at it in detail:

What we are looking for is items with low stock on hand figures, decent sales, and reasonable ROI% figures, ROI% is the return on investment, it is one of the best ways to determine how valuable your stock items are to your business. It is calculated by the (unit sold) x (Profit)/ (Average stock cost) and you need about 3.2 in industry, but as you can see here, there are many items above and below it.

Now it is up to you

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Graph your sales results

POS SOFTWARE

The Russian writer Ivan Turgenev wrote: "The drawing shows me at one glance what might be spread over ten pages in a book" 

A picture is worth a thousand words.

Often it is much easier to see trends in your business by looking at graphs of your sales by over time. Doing this, you can quickly see how you are travelling. You’ll know where you are going went up and down. You can determine what effect the measures you took helped you meet your goals.

And it is effortless to do, and you can do it in seconds!

Go to your reports> Sales> Dissection Monthly Sales Trend (Graph)

 

Now there are many options here, but I am going to keep it quick and straightforward, and you can build up from there.

Put in a very long time; in this case, I will pick seven years because I am looking at a long term trend.

I decided to look at giftware products, so I picked selected and highlighted giftware.

 

 

Now out popped this graph. 

 

I can certainly see a long-term pattern up. The last few years which I highlighted in yellow are up, notice that the Christmas peaks are higher too. Overall this department has gone from a 20K to 50K a month to a 30K to 80K, making it a very pleasing department. We can see that something here is working. 

I am sure you will agree that it is much easier to see that, then a report with lots of numbers.

 

Have a go and let me know how it went.

 

 

 

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All I want for Christmas...

POS SOFTWARE

Currently, 2018 Christmas retails sales are expected to grow 2.9% this year. According to the well-known comparison site, finder.com.au Australians are expecting to spend $1325 each on average on Christmas. “people expect to spend on average $464 each on presents, $444 on travel, $131 on alcohol, $122 on food and $61 on decorations,”

Are you part of it?

Do you have the right stock NOW in your shop? Another important question is do you actually have the stock you think you do? It is easy to forget what you have.

What I do suggest is you look at your mirror marketing reports.

Go to Register Reports marked in green.

 

 

Now select in stock, "Stock Sold During Period(a) Not Sold in Period(b)"

What the report will tell you is what was sold in a previous period last year but has not been sold in this period. What you are trying to do is mirror your success last year.

 

Now in brown, you will see that there is a lot of flexibility for your reports there is also an integrated traffic analysis available too but let's keep it simple for the time being.

Now you will get a report with what you sold over the period, but you are not selling in your current period. What you find is I am sure worth investigating.

After that please redo this report for other years besides last year.

If you find goods missing, you need to hurry as we have less then 20 days left.

 

 

Dear Bernie
I am in Perth and I am trying to find an app that will convert anything into an ddo or dd2 file did you have any success. or are you beating your head on the wall like me. [email protected]

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Top customers by visits

POS SOFTWARE

In retail getting customers to come more often to the shop is vital.

Questions:

Why do some customers come often and others do not?

Have you thought about this tried to figure out why some come a lot?

If you know, maybe you can use this information to get more people to come to your shop. Well, let us do that!

In your point of sale software and go into register reports>customers

There you will find a report "Top customers"

Image removed.Image removed.

Now click on that report (see the arrow in green)

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Now put in the dates you are looking at, I suggest at least a year and if you like a minimum spend.

See where the green arrow is highlighting. Change the sort order by visits.

This will give you a report with a grouping of your customers based on how often they buy from you. Now chew over why these people are coming, what are you doing right to get them to come?

 

Now let’s dig deeper

There are many other orders e.g. a listing by people that buy a lot you can use in this report, all which have their own story too. So there is plenty to chew over here.

 

 

 

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BUSINESS REPORTS WITH POINT OF SALE SOFTWARE

What point that often I find stunning is the comparison of when I talk to the chiefs in large organisations compared to owners of small businesses (SMB). The leaders know less, much less but what they do know is relevant and essential to the problem at hand. The owner of an SMB, often does not know anything. The owner has all the details in their head, the pixels that they know little of the big picture.

I do not believe that retail business has ever had access to such a wealth of information as they do today.

A conversation might start, what is your top seller? The owner often gives a blank stare, well we sell a lot of this and that what is the top seller, it could be.... Yet the information is available in their POS system here.

Register sales report point of sale

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EACH STOCK ITEM HAS ITS OWN TREND

If you are seeing that you need to discount a lot to sell stock you are overstocked, it is a sure sign that you need to do something. As a punt what is happening is that you are overordering on some items and probably underordering on others. What often we see in retail is that our memory is by definition the past and the memory remembers old top sellers but what we need is the top sellers today. Here is how to identify what is selling well now to check that you have enough stock for tomorrow and it is very easy in our point of sale system.

Go to Register reports

Register reports POINT OF SALE

Select the "Top N Stock Sales for a Given Period"

Top Stock Items Point of sale

 

Now out pops the following.

 

Now select a day, as it is an old database I put in an old date. Usually, you would put in yesterday or today, just make sure you get close to a full day of trading.

 

Top Stock Items reporting

 

Now you get a report with the top sellers now

 

Keep track of top selling items

 

 

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