We have talked about the Top 8 Restaurant POS Benefits that Flourish your Restaurant Business. In this article, we will discuss how your business performance will be improved, enhanced, and upgraded with the Advanced POS Reporting feature to ensure your businesses are thriving. One of the foremost aspects of running a profitable business is the consideration of POS reports.
What is a Point of Sale Report?
The reports created on the data generated by the point of sale are termed as Point of Sale (POS) Reporting. Point of sale (POS) stores data and activities and provides detailed information in multiple formats that help the restaurant owners to track revenues, analyze sales, evaluate employee performance, make informed inventory purchases, and monitor the overall health of their restaurant. These reports help the restaurant owners to determine the strengths and weaknesses of their restaurants and they help them to forecast the business performance. Restaurant owners can come to know their hot selling product, underselling items, lost or damaged inventory, staff over or underperformance, etc. POS reports give a breakdown of the important business areas and using these knowledgeable reports enables restaurant owners to make informed and rational decisions. Access to a point of sale system that offers robust reporting features is crucial to keeping track of this data.
The key difference between the survival of the business and thriving business activities is meeting and accomplishing key performance indicators (KPIs). Your POS is the key player as it is a critical nexus of information for each transaction. It has detailed data of every transaction including sales amount, product, customer, payment method, time, location, and the employee who processed the sale. The amount of available data can be overwhelming.
Key POS Reports:
Let’s review some of the key POS reports and how they can be used to impact the growth of your business.
#1. Sales Report
The main focus of every business is revenue generation. Hence, the first and foremost important report of POS software is the sales report which should break the relevant sales information including:
- Sales by days and custom date ranges
- Sales by products, items, and categories
- Sales by order type
- Sales by payment method
- Sales by Private(Pvt) Orders
The FoodBucket sales report also provides reports regarding gross and net sales, returns, discounts, etc. Sales reports are represented by bar, line, and pie charts for the visual representation of the data and useful pattern recognition. Restaurant owners need to build their sales strategies around the pattern of a sales report that is recurring and/or cyclical customer behaviour based on different triggers, such as deals, offers, discounts, etc.
#2. Products/Items Report:
POS data about product performance is important which is derived from the sales information. Beyond individual item sales data, other reports to create include:
- Sales by Product: Identify your top-selling products.
- Sales by discount: See how discounts and promotions affect sales. This will help you develop your pricing strategies.
The data related to product/item sales provides the information of customer information to develop buyer personas. Use these profiles of your “ideal” customers, based on their preferences, buying patterns, and decision-making processes, to offer targeted products and create segmented marketing campaigns
#3. Inventory/Stock Report:
POS inventory reports are integral to inventory control: keeping products in stock without carrying any excess that increases your costs.
It tracks inventory items as raw goods and creates assembled items. When a sandwich is sold, for example, the amount of each ingredient — such as bread, cheese, or peanut butter — is deducted from inventory stock. POS reporting gives you both a bird’s-eye view of your overall stock and a closer look at each item.
#4 Other Reports:
You can also get the following reports:
- Variance Report,
- Expenses Report,
- Meals Report,
- Items not sold,
- Void items,
- Tips Report,
- Service Fee Report,
- Tax Report,
- Staff Report,
- Kitchen Performance Report,
- System Discount Report, and
- Top Customers Report
Upgrade your Business Performance with Advanced POS Reporting
POS Reports play a vital role in business performance and restaurant operations with immediate, focused benefits. They help you examine your overarching business objectives and formulate the strategies to achieve them. Some of the focused areas where POS reports have a significant role are:
Your POS reports contribute to business intelligence: the confluence of data mining tools, analytics, and visualizations. Business intelligence gives you insight into new markets, product demand and sustainability in different market segments, and the impact of your marketing efforts.
One of the powerful benefits of POS reporting is the details of customer data which helps in relationship marketing. By using the information customer retention and satisfaction over individual sales transactions can be enhanced.
Customized marketing campaigns employ customer profiles with contact information and their preferred products to offer personalized discounts, special offers, and loyalty programs.
POS reporting helps you in inventory management. It is widely used to calculate product stock levels, safety stock, reorder points, and economic order quantity. Identify slow-moving products to prevent ordering and storing stock you don’t need, and reorder popular items more often to avoid lost sales due to stockouts.
When choosing a point of sale system, you not only want to opt for a product that offers you the standard reporting metrics necessary to measure the success of your business, you also want to choose a product with intuitive backend features and simplified reporting.
With FoodBucket’s point of sale system, reporting data is cloud-based and your store data is kept in one place. Moreover, FoodBucket is a complete restaurant automation and management system. FoodBucket is your one go-to software for all your restaurant operation’s needs. Now that you understand how POS reports can add value to your business, contact us to learn how you can take advantage of FoodBucket’s robust reporting features.