What if you could know what is happening with your retail store at all times? Having your business reports and analytics in place is the key to business success. When you analyze your data correctly, you will make well-informed decisions and even keep your employees happy.
But, even excess data is a recipe for disaster. So, you need to have the right expense report software to get the best business reports if you want to grow your retail store.
7 types of sales reports
This blog will detail the best small business financial statements you need to run your retail store smoothly. Ready? Let’s dive in!
1. Inventory reports
What would happen if a loyal customer came looking for his favorite product at your store and it was not there? Well, the situation could be pretty embarrassing!
One of the business reports that can come in handy includes the inventory report.
It shows how many product units your store or stores have. Thus, you will be able to analyze the capital you fairly have in your inventory. This, in turn, can help you get your financial projections and forecasts right.
2. Stock reports
A similar situation as the previous report. What if your customer wants to buy 10 units of a product, but you have only 7? If you want your customer to go to a competitor, there is no need to run the stock report. But, if you don’t want the same, then having the right reporting tools is a must!
You need to run the stock report and get an idea of running low items. You can even set a reorder point in your financial reporting software to get notified when low stock levels.
Besides, looking at low stock reports, you can easily spot patterns around products that constantly run low. You can even integrate your online billing software with your reporting software to deep dive into your finances and never falter on a decision again.
3. Product performance report
Do you know what the best part of having reporting tools is? They will tell how fast you can sell your items and which products make the most money.
Besides, this report also gives figures on how much merchandise you sold over a time and the summary of items sold per week or month. So, you must make this report using your financial reporting software to see if some items are worth investing in or not.
A good product performance report also gives out information on when you first sold an item and when was the last time you sold it.
4. Sales summary report
The sales summary report lets you have a complete idea of sales for a given period. It gives you information regarding gross profits, margins, tax, and the cost of goods sold. Having all this data at your fingertips will let you know the exact amount towards business growth.
Besides, this report gives you a macro view of retail sales. Thus, letting you gauge how much you made each month, compare your yearly sales data, and gain insights into the health of your business. You can also cross-check this data with your online invoicing software to be triple sure.
5. Sales report per product and type
Going granular with analytics is the key to sales and business success. So, this is where sales per product will come in handy. It will help you determine the best-selling products and even help you take the right course of action.
If a product is selling well, you can order more of it. At the same time, if a product is not performing that well, consider running promotions or marketing it better. All online billing software lets you generate these reports and easily manage your retail store.
6. Sales report per customer
Sales per customer report help you identify your VIP customers and those who have not yet fully engaged with your brand. This will let you tailor your communications and marketing initiatives accordingly. Also, when you are in the know-how of your top customers, you can provide special offers to drive loyalty.
7. Sell-through report
Last in our list of the best types of sales reports is the sell-through report. It lets you calculate how fast an item is selling by expressing the percentage of units sold to the number of items yet to be sold. You can choose to make it via your online invoicing software and keep it as a separate metric to analyze at a later stage. This is one of the small business financial statements you cannot do without, so make sure you generate this report.
These are the types of sales reports you must make to skyrocket your retail store business. In addition, good expense report software will cut down your work 10x and let you be at ease with your financial planning.
So, if you are looking for the best reporting solutions, you can put your search to an end! We at Moon Invoice will help you with the best financial reporting software. To know more, you can contact us at +1-805-491-9393 or write us a mail at firstname.lastname@example.org.