The landscape for retailers is complex and becoming more and more complicated all the time. Physical stores may be having a resurgence in popularity post pandemic, but the growing importance of online shopping sites and the number of them that are available has put the focus on giant warehouses, which have very specific management issues. Add global factors like supply chain logistics, currency fluctuations, and international conflicts that affect the availability of products, then stir in the shifting sands of customer demand, and it’s clear that retailers need all the help they can get when making decisions for their businesses.
That help most often comes in the form of data — information about every aspect of inventory and its availability and shoppers’ buying habits. With empirical data to guide decisions, retailers can avoid very costly mistakes.
While most modern computer programs designed for the retail industry gather this data, Cin7 Core’s software can configure it into the kind of reports that are needed to make important business decisions. A cloud-based Enterprise Resource Planning (ERP) software, Cin7 Core is an all-in-one package that can generate reports on sales, purchases, inventory, production, and finance.
Before taking a close look at the reports that can be generated for these five areas of a retail business and the useful information they can supply, we’re going to explore the features they all have in common, characteristics that make them so incredibly useful.
Useful features shared by Cin7 Core reports
1. Bookmarking
Even though Cin7 Core can configure the data it gathers into any number of different reports, the chances are there will be a few you rely on more than others.
For these, Cin7 Core has a special section on its menu marked “Favorite.” Listed under Reports, all you have to do is mark the ones you use most frequently as “Favorite” and place them in that itemized category. Having a dedicated place to park those reports you most rely on makes your life much easier.
2. Customizable layouts
Cin 7 Core reports are in spreadsheet format, meaning the data is displayed in columns and rows. These columns and rows can be moved around to fit different purposes.
In a “Sales by Product” report, for example, there could be columns for SKU numbers, barcodes, product categories, weight, color, quantity, cost, and profit. There could be more, too. But if you only want to check on a couple of these categories, Cin7 Core lets you configure the report so they’re either the only ones shown or are placed together on the extreme left-hand side, where they’ll be easier to read.
Once a report has been customized like this, it can be saved in the system.
3. Automatic reporting
In order to generate a report, the system has to be given a specific date range. Thus, you’ll give instructions for a report to start at one date and end at another. But if there are certain reports a company needs to produce regularly, like a weekly sales report, having to produce one physically each time could be a chore.
Fortunately, Cin7 Core has a feature that lets you automate these regular reports. All you need to do is select the date range once – weekly, monthly, yearly – and the software will take care of it. In addition to generating these regular reports on time, the system can email them to the stakeholders who need them. (Cool, right?)
4. Multiple formats
Cin7 Core’s reports can be converted into MicrosoftⓇ ExcelⓇ, PDF, or Rich Text Format (RTF), making it easier to distribute them. When it comes to Excel, a company can use the program’s sophisticated formulas and analytical capabilities to take their calculations to the next level.
5. Access restrictions
You decide who sees what. This could be only those in a particular team having access to information about their department, like sales, or blocking individuals from being able to see anything, like maybe a former employee.
Reports for five areas of a business
Cin7 Core produces five types of reports, each specific to an area of a business. Next, we list the range of information you can expect to find in each one.
1. Sales
- Sale invoices & credit notes – if wanted, these can be listed by customer.
- Sales backorder summary – products, associated suppliers, quantity required, and on-hand inventory.
- Sale-price history – you can configure the information by location and invoice date.
- Sales profit summary – with the option of listing this by sales or customer, you can gain insights about cost of goods sold (COGS), profit, gross margin, etc.
- Profit by sales representative – information about your reps’ invoices, markups, profits, etc. so you can see how each of them is doing.
- Customer statements – purchases listed by customer; listings also show their payments and highlight if they have any outstanding debts.
2. Inventory
- Stock level – the quantity of each item held in inventory at each warehouse location.
- Expiration dates – tracked by batch number, these ensure you’re never left holding anything that’s out of date.
- Inventory aging – a measure of turnover for items in stock within a specified period of time; tells you if certain items are moving too slowly.
- Inventory velocity – another name for inventory turnover, this will inform you of the speed with which inventory moves through your supply chain.
3. Production
- Production cost analysis – an examination of individual expenditures created by production within a specified period of time to determine the cost of finished goods.
- Production overdue report – a listing of production runs that are pending.
4. Purchasing
- Pending purchase orders – a report that keeps a company on top of purchase orders that haven’t been processed, meaning the items they pertain to haven’t been received.
- Purchase order details – a complete breakdown of each purchase order in the system by items ordered, quantity, and product cost, plus total cost of all of them.
- Purchase cost analysis – complete cost details for every product purchased within the selected time range.
- Product prices by supplier – the most recent amount charged by supplier per product, listed in the currency that was used to pay for the goods.
5. Finance
- Trial balance – a worksheet that lists financial transactions during a specified period of time, showing opening and closing balances along with debit and credit amounts in each account.
- Balance sheet – an extension of trial balance, this is a complete listing of all incoming and outgoing monies during a specified period of time.
- Profit & loss (income statement) – a reflection of net profit arrived at by deducting expenses from revenue.
Give Cin7 Core a try
With the right data, you can make better decisions. And being able to see data in a clear, simple report format is invaluable. Cin7 Core can provide that.
To find out more about our software, schedule a consultation with one of our experts today.