Today business is all about information and control.
When I talk to large organisations they know what they are you selling, they know their margins, their basket size, etc. The essential information though, is that they know their trends of what it is that is selling. Ultimately they know where their business is going NOW.
Knowing what is happening is should be one big advantage an SMB business has over a larger one. In practice, often it does not appear so. What you need to do is set up KPIs that you are comfortable with and select some reports out of your POS system once a month to review your business formally from an information perspective.
However, to get the maximum benefit of your point of sale information, you should make sure that your POS information is correct. Only if you do this can you get accurate and up-to-date reports!