Accounting software should always allow you to review daily reports. Shogo’s reports are easy to download and read, saving you time and money every day. This practice keeps you up to date on sales trends, labor costs, and can even help with inventory. So how do you analyze the numbers? These quick tips will help you make sense of the data received from your accounting software.
1. Simple Sales
In each daily report, you’ll see a list of your sales. You can choose to view these as itemized receipts, journal entries, or summary receipts. Each option provides you with slightly different view your finances. A bird’s-eye view gives you an overall sense of which types of items are most popular. A granular analysis tells you exactly which items sold at which times of day. If you’re interested in overall trends – which can be helpful in building a marketing strategy – the more general approach might be more helpful. On the other hand, if you’re analyzing employee performance and labor costs, specificity is key. Review daily reports from your accounting software in combination with those from your POS to calculate dollars in and out each day.
2. Customer Counts
Tracking the movements of your loyal fans is an important part of business. If you’re selling big-ticket items to 3 people a day, you might consider reaching out to those people directly to build long-term relationships. On the other hand, if your biggest profits come from impulse buys spread across hundreds of people, you’ll want to focus more on stocking varied inventory. This also allows you to plan your hiring and staff training practices, to make sure you have the right people for the demographic you serve.
3. Store to Store
If you operate more than one location, Shogo allows you to compare daily profits and expenses across the board. There’s no rule that all your stores must keep the same hours, inventory, or number of employees. This data can help you make smarter decisions about where your money is going. It also empowers you to learn more about your best customers, so each store can stock the inventory that appeals to people in the area.
Daily reports are the best way to track the growth of your business. Stay on top of this data to plan ahead for slow times and boost your bottom line. By comparing sales at different times of day, as well as year-over-year profits, you can budget for anything that comes your way.