Reports

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Reports

In one second from now you can know your top selling stock

POS SOFTWARE

Follow this, and in this instant, you can precisely know, track, and control your top-selling products in real-time. 

Go to Register reports.

 

Now pick "Top N Stock Sales for a Given Period."

 

Now in the form put in this week.

A report comes out that looks like this with your top sellers listed.

 

Do it now, and then please inform me how you went.

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Two terms that our system uses for debt collection

POS SOFTWARE

We do suggest rather than using extending credit to your customers. Look to VISA, Afterpay, or Zip. It is these people's jobs to collect money.  Sometimes it cannot be helped, and you are stuck with the debt. If you get caught out, here are the terms that our system used.

Our system uses a very formal terminology and methods here.

A token payment is a small payment made regularly by a customer who cannot afford to pay the full amount you're owed. It shows both that they have a willingness to repay the loan and they have not forgotten.

What can happen is that a person who is paying a little at a time, can at the end owe you almost nothing. This can be difficult to collect. So what we suggest you do is set up a payment plan that includes a balloon payment. This is a lump-sum payment of a decent size at the end

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How to look at what sold in Christmas last year

POS SOFTWARE

Here is a quick way to search at what sold at Christmas last year. It will take you a few seconds to do and give you much to ponder on.

Go to register reports and select the top stock report as marked with the red arrow here.

 

I think it is easier to work by departments. In dates that you are thinking of ordering for and select the top 100 items.

Now examine this list to see what did sell. 

I find it useful to do the same analysis for the year before so 2018 as it gives an extra comparison.

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Get a comparison now to last year quickly

POS SOFTWARE

This will give you a comparison of how your shop is traveling this year to last year instantly,


Go to register reports and select it marked in green.

point of sale reports

Now select the Monthly Sales Summary.

Put in the dates for this year and then put in the dates for last year.

I find it easier to work on formal financial dates, so you align with your accountant's figures. The 17th of a month to the 16th of the next month is also a month, but it isn't very clear.

So use calendar months, financial quarters, etc. 

Now pops out a detailed report among which you will see a breakdown by dissection. 

Now you will get a report that looks like this.

Dissection monthly reports

In this example, you can see books went up. At the same time, the cards were about the same. Confectionery and drinks went down, and so on.

Now give it a shot.



 

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How important is a supplier to you?

POS SOFTWARE

 

Required by businesses is a strategy with your suppliers.  Without suppliers, no business can function. 

We call this strategy Supplier relationship management (SRM).

You have to be careful as suppliers have many interests. Some of these interests are not in your interest. Still, they have a vested interest in helping you market more products. They tend to be much more informed about your products, market, and competition then you. Much of your success depends on them. Yet before you can plan an SRM, you need to find exactly how important each supplier is to your business. 

Here is a quick and effortless way to get this, which will take a few seconds.

Go to Cash register reports> Sales - Stock > Supplier Stock Sales for a Given Period.

Now, although there are many options there, let us keep it simple for the first run. Pick the last financial year and let it rip.

You will get a very detailed summary report of sale details by the supplier in a few moments. 

As a rule, I suggest you look at the largest few in the quantity column as these suppliers are bring in the customers.

Also look at the largest few by profit as they are paying your bills.

Now readers go for it and let me know what you find out!

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Looking at the long focus in the shop

POS SOFTWARE

What you will notice is that successful companies focus on the long-term. If you think about it, there is often little you can do in the short-term. You can do more in the medium-term. You can even more in the long-term. Plus, it is the long-term where you can see the critical changes in your business environment.

I will show you here a quick and effortless way to look at your long-term trends in your shop. It will take you less than a minute to do, but I promise you that you will have many hours of thinking.

What started this off was a big discussion by newsagents on a report recently issued by Google on "Australian Media Landscape Trends" but concentrating on "What caused the decline in Australian newspaper revenues?" You can find the report here. It makes interesting reading as it is well researched. This is why everyone was so impressed with it. But, what caught most of the interest was the figure Google released on the fall of print circulation. It seems way off. In 2002, print circulation sales in this report were $1.3 billion. In 2018 it is listed as $0.8 billion. If the figure in 2002, is correct, then the figure in 2018 seems to be much too high. There may be many reasons for this apparent discrepancy. Although there is nothing in the report about it, many small businesses incurred much more significant losses due to this eg, the milk bar, newsagencies, etc. that made a living selling newspapers. A thousand newsagencies gone, and the rest have suffered significant losses in valuations. No-one is talking of compensation for them!

Anyway, what was wanted is a way of telling a small business what their figures would be. How do you get such a snap-shot of the long-term of a business?

To find out; a visual graph is the best.

Here is an example, this is a graph of newspaper sales in a newsagency from when the owners took over in 2005 to the end of this report in 31/12/2018

The green arrow is about when they first decided to give up newspapers. As you can see, they were large in newspapers, and their fall was much larger then what Google states. Looking at the graph, you can see that the trend down is accelerating after 2008. Soon they decided that it was not worth doing the work for sub-agencies or deliveries, so they dumped newspapers. Then they only took the newspapers back after many discussions.

It is a fascinating example, but you can do this for any dissection or product that applied to your shop. If you are doing this, I recommend working by month. It smooths out the daily sales variation but keeps the patterns. Plus, its the way most people think about their sales in monthly terms.

Go to Cash register reports> Sales > Sales dissection monthly sales trend.

Select a department, put in the dates. If you have it, look at 20 years and a few seconds to see the long-term.

See how you go and like always let me know as I am very interested in stuff like this.

 

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How to use the location information to increase profit

POS SOFTWARE

A lot of your data is in your POS Software and this is another example of how you can use it to boost your profits and give you a competitive advantage.

Go to cash register reports > Sales stock > Sales by Store location for a given period.

Now for this exercise, I put in the last quarter which is what you would do usually, although not much is normal now. You want this exercise a reasonable time frame.

Out will come a report with a lot of what I am sure you will find interesting information.

Here look at the locations with

1) High holding costs and low profits. (Problems)

2) Low holding costs and high profits (Stars)

These are two of the best metrics for gauging the performance of the locations in your shop to see how well you using your retail space.

Now you can experiment.

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How To Find Your Slow And Dead Stock In The Shop

POS SOFTWARE

This is a common problem in retail having:

Slow stock does sell but only slowly.

Dead stock does not sell at all.

Both cost money to the retailers, costs cash flow, money and takes up space that should have stock that sells better.

Now in identifying your products that are slow or dead go to register reports > stock titled "Old Stock on hand by Date last received"

I tend to do it in two parts. I check the overall problem in the shop to see the scale of the problem. Then I go by department in detail as its people find it better to examine this way.

This gives you a listing of your stock based on when you received it. This stock is rarely doing you much good. As I stated, it costs you to keep it.

Now once you identified it, what are you going to do about it?

I would suggest firstly move it because maybe it was in the wrong area. Good clean and a nice presentation can do wonder.

If your decision is to minimise your losses on this stock by slashing the price and to move the stock here are some options.

1) Offload them on sites such as eBay.

2) Use it to make a bundle. Put an old stock item that does not sell with something that does sell and turn it into a bundle.

3) Make a bargain bin.

4) Use the stock for your loyalty marketing program.

5) Use them as specials when you have a marketing season.

 

 

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Compare your fathers day sales out

POS SOFTWARE

Do you want to see how your fathers day sales went?

Here is a quick and easy way to do it. It will take you less than a minute!

Go to Register reports

Now select Sales register > Sales comparison

 

Now put in the following

You will get a very detailed report of what happened for that day for you to examine.

 

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You need to make a policy for tracking your retail promotions

POS SOFTWARE

This came up a few days ago, and what it has done is mucked up a shop's sales history file about profit.

Say the retail item cost is $10.00 and it costs you $5.00

What happens is you may decide to do a sales promotion in your shop, and it looks like this.

Here every pack sold means that each item sells at $6.66 and they cost you $5 each. So you have made $1.66 profit on each item. 

Now the retailers had some dead stock and wanted to get rid of some of it, so he introduces a new product into the mix. 

An item (B) that say also sells at $10.00 and costs them $5.00. I am trying to illustrate a point here. 

So your promotion offer now is a “buy this item and the other item free”. 

Now should your sales and profit figures be recorded in your POS system? 

Method (1) The first item at full price. 

So each pack means that you have sold each one of them for $10.00. Their cost is $5.00 thus giving you $5.00 profit on each one. Item (B) is considered being given away for free.

Or

Method (2) All the items considered sold at $6.66. 

They all have a cost of $5 each. So you have made $1.66 profit on each item. 

You need to decide. 

What has happened here is that as a shop did not make a policy. Some people rang it up using the method (1) and others used method (2). 

Now what is showing in history is a higher sales margin on one item then there should have been. 

You need consistency in tracking promotions if you wish to correlate your sales.

Make a policy first.

 

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