#1) Accurate Business Intelligence Results
Transaction reports contain an incredible wealth of data which you can use for your business intelligence efforts.
From this data, you can learn about your promotional effectiveness, profit drivers, customer behavior and many other important factors. As a result, you can detect profitable ventures and improve your bottom line. (Read More on the Benefits of BI)
#2) Theft and Fraud Detection
Many reporting tools can easily be integrated into your store or restaurant’s cashier systems. Since you have full control on the prior, you’ll be able to detect any theft or fraudulent transactions early on. However, by knowing that their transactional activities are monitored, your employees will think twice before trying to pocket a few dollars from the register.
#3) Clear Audit Trail
You can easily drive your accountants insane and risk audits from the IRS if you don’t keep track of transactions on a regular basis. With hundreds of software solutions available, you shouldn’t hesitate to generate transaction related reports on a daily, weekly or monthly basis. Besides, generating transaction reports regularly will spare you from having to crunch massive numbers on an annual basis, a feat your backend office workers will love you for.
#4) Higher Staff Satisfaction Levels
Your accountants won’t be the only employees in love with your transaction reporting tools; servers/salespeople and their managers will grow loyal to your business and more productive too. Transaction reports allow you to track employee and store-level performance, highlighting the most efficient people you have on the floor. By rewarding them accordingly, you’ll ensure their satisfaction and loyalty for years to come. The latter is important since finding skilled employees is getting harder by the day.
#5) Higher Profits
With better upcoming sales trends, fewer thefts and a happy workforce, your business will be more efficient and your bottom line will increase. That means that as you succeed, more profits will pour into your bank account. You can then invest more in your business, ensuring that you leave the competition behind.
To reap these benefits, however, you’ll need a transaction reporter that does more than account for sales numbers. Of the transaction reporting tools you’ll come across, make sure that you find the reporting software that gives you accurate and timely reports so you can make better decisions for your business. Not only will detailed transaction reports make you a better manager, they will also provide you with a competitive edge among your competition as well as allow you to keep better business operations records.