How - To's / Knowledge Base

Using the Daily Sales Update Tool

1. Accessing the Daily Sales Update Tool

From your dashboard screen, scroll down to the Templates section. You will see three options:

  • Demo: Watch a brief video tutorial of how to use the Daily Sales Tracker.

  • New: Create new daily sales update documents.

  • Saved: Retrieve your previously saved monthly files.

If this is your first time using the Daily Sales Update, click New.

2. Filling Out the Daily Sales Update Form

Month Section

  • Enter the Month field to get started.

  • You are presented with four Employee Information boxes:

    1. Enter the employee's name and sales goal.

    2. Each employee's name and goal will populate in other fields.

    3. At the bottom of the four names, the total goal of all employees combined will display.

Input Section

This section is used for daily tracking of sales numbers based on individual performance.

  1. Set the Day: Use the drop-down menu to select the corresponding calendar day.

  2. Enter Daily Goal Amount: Input the daily goal amount for the entire store in the Goals section for each working day.

Employee Section of the Input Screen

Based on your point-of-sale reporting system:

  • Sales: Enter the total amount of sales (gross sales excluding tax) for each employee.

  • Individual Sales Invoices: Input the total number of invoices the employee rang up for the day.

  • Lines: Enter the total number of items sold on an invoice.

3. Monthly Overview Section

The data is summarized in two major fields:

  1. Total Department Key Performance Indicators (KPIs):

    • Daily Goal: The company’s working target for the day.

    • Total Dollar Sales: The sum of all sales for the day.

    • Total Daily Invoices: The total number of invoices for the day.

    • Items Sold per Invoice: The total number of items sold.

    • KPIs:

      • Lines per Invoice: Average number of items per invoice.

      • Dollars per Invoice: Average dollar value per invoice.

  2. Individual KPIs:

    • KPIs for each employee are displayed.

    • The Sum at the Bottom: A running total average of these metrics.

4. Summary Section

Below the monthly overview is a larger Summary Section, which includes:

  • Sales and Goal Pace:

    • Goal pace is an average calculation based on working days and current sales data.

  • Daily Summary:

    • Provides a snapshot of total sales for the working day.

    • Allows for a comparison to Last Year’s Sales and Current Costs.

    • Margin: Displays your profit margin.

    • Over/Under Daily Goal:

      • Calculated based on the set daily goal and current tracking.

      • Displays the dollar amount (positive or negative) comparing current retail sales to the daily goal.

5. Month-to-Date Columns

These columns display:

  • Current Year vs Last Year Sales by Date.

  • Overall Monthly Goal (Over or Under): Provides a snapshot of overall performance.

At the bottom of the sheet:

  • Summary of Data:

    • Tracking: Calculation of sales against the number of business days.

    • Actual: Shows the gross total for the store.

    • Actual % of Goal: Percentage of sales against your goal.

    • On Track: Pace the store is trending towards.

    • Above/Below On Track: Positive or negative dollar amount needed to meet your monthly goal.

6. Saving Your Work

  • Click Save to create a record, allowing for future editing.

 

Using the Inventory Valuation Tool

1. Accessing the Inventory Valuation Tool

From your dashboard screen, scroll down to the Templates section. You will see three options:

  • Demo: Watch a brief video tutorial on how to use the Daily Sales Tracker.

  • New: Create new inventory valuation documents.

  • Saved: Retrieve your previously saved monthly files.

If this is your first time using the Inventory Valuation, click New.

2. Using the CSV Upload Option

If you are using the CSV option, ensure that your file includes the following column titles:

  • Category

  • Inventory Valuation

Steps:

  1. Click the Choose File button and upload your saved file.

  2. Once uploaded, the categories and inventory valuations will appear below.

  3. In the Department/Category section, give your document a name.

  4. Click Save to save your document for review or editing.

3. Manually Entering Your Data

Steps:

  1. In the Department/Category section, title your document appropriately.

  2. Use the Number of Rows function to select the number of rows needed. This will ensure every department or category has a designated spot.

    • Increase or decrease the number of rows by selecting the box and entering the desired number.

  3. For each category:

    • Enter your department or code.

    • In the Inventory Valuation section, input the dollar amount.

  4. The Total Inventory Valuation will automatically populate at the bottom of the page.

  5. Click Save to save your work.

 

Using the Open to Buy Tool

1. Accessing the Open to Buy Tool

From your dashboard screen, scroll down to the Templates section. You will see three options:

  • Demo: Watch a brief video tutorial on how to use the Open to Buy.

  • New: Create new Open to Buy documents.

  • Saved: Retrieve your previously saved monthly files.

If this is your first time using the Open to Buy, click New.

2. Entering Your Data

Steps:

  1. Start by naming your department or category.

    • For detailed explanations of each of the metrics, see the Definitions section.

  2. Using your point-of-sale software, enter your Inventory Valuation in the box.

    • Best practice: Enter your inventory valuation at the start of business on the first of each month. For example, January 1 will house the inventory valuation for the January row.

  3. Enter the following data:

    • Gross Retail Sales: Enter at the end of the working day for the month.

    • Cost: Input the cost.

    • Last Year’s Gross Sales: Add last year’s figures.

    • Planned Sales: Use the 12-Month Forecast function on the site to input your planned sales for the department or category.

    • Unreceived POs: Fill out the dollar amount of any unreceived POs that will carry into the next month.

    • Inventory Purchased: Enter the dollar amount of inventory received for the month.

    • Inventory Quantity on Hand: Enter the total number of items from your first-of-month inventory valuation.

    • Inventory Quantity Sold: Fill out the total number of items sold.

  4. Review the auto-filled Key Performance Indicators at the bottom of the page:

    • Inventory Turnover

    • Days Supply

    • Sell Through

    • Stock to Sales

3. Saving and Editing

Steps:

  1. Click Save to save your work for continued editing.

  2. When Inventory Valuation and Retail Sales are completed, the inventory valuation for the following month will automatically populate.

  3. Complete this task for each of your departments or categories.

 

Using the 12-Month Forecast Tool

1. Accessing the 12-Month Forecast Tool

From your dashboard screen, scroll down to the Templates section. You will see three options:

  • Demo: Watch a brief video tutorial of how to use the 12-Month Forecast.

  • New: Create new forecast documents.

  • Saved: Retrieve your previously saved monthly files.

If this is your first time using the 12-Month Forecast, click New.

2. Creating a New Forecast

Steps:

  1. Name Your Department or Category:

    • Enter a unique name for the department or category you are forecasting.

  2. Entering Metrics:

    • In the Month Column, start with the first row:

      • Walk-In Per Day Estimator: Enter the amount of foot traffic expected for each day of business.

      • # Business Days: Enter the number of working business days in the corresponding row.

      • Estimated Purchase %: Enter the percentage of foot traffic expected to result in a purchase (number of invoices per day).

      • $ Per Invoice: This can be retrieved from the Daily Sales Tracker or estimated if no data is available.

3. Walk-In Section

  • The Walk-In Section will calculate:

    • The total foot traffic based on the number of business days open.

    • The Total Below Estimated Purchases will show the estimated number of customers making a purchase.

4. Monthly Totals and Expected Sales

  • Monthly Total: Displays the total sales amount for the month if all metrics are met.

  • Dollars Per Day: Provides the expected sales amount per day based on the entered metrics.

Saving Your Work

  • Click Save to store your forecast document for future edits or reviews.

 

Using the Cycle Count Tool

1. Accessing the Cycle Count Tool

From your dashboard screen, scroll down to the Templates section. You will see three options:

  • Demo: Watch a brief video tutorial of how to use the Cycle Count tool.

  • New: Create new Cycle Count documents.

  • Saved: Retrieve your previously saved monthly files.

If this is your first time using the Cycle Count tool, click New.

2. Entering Data in the Cycle Count Tool

Steps:

  1. Enter Your Department or Category:

    • In the Category Column, input your department code.

  2. Enter Total Number of Items Counted:

    • In the Month Column, record the total number of items counted.

  3. Enter Dollar Amount Discrepancy:

    • In the $ +/- Row, input the dollar amount discrepancy identified during the count.

3. Reviewing Summaries and Totals

At the top of the screen:

  • INV $ Adjustment: Displays the grand total of the adjustments made for the entire file.

  • SKU’s Counted: Shows the total number of SKUs counted for the entire file.

Following December, a Summary will highlight:

  • The total number of SKUs counted for each individual category.

  • The dollar discrepancy for each category.

4. Saving Your Work

  • Click Save to store your Cycle Count data for future review or editing.

 

Using the Retail Planner Tool

1. Accessing the Retail Planner Tool

From your dashboard screen, scroll down to the Templates section. You will see three options:

  • Demo: Watch a brief video tutorial of how to use the Retail Planner.

  • New: Create new Retail Planner documents.

  • Saved: Retrieve your previously saved monthly files.

If this is your first time using the Retail Planner tool, click New.

2. Creating a New Retail Planner Document

Steps:

  1. Enter the Name of Your Document:

    • Input the name in the Name Section.

  2. Fill Out Month 1 Data:

    • Beginning Inventory in Retail: Enter the value of your beginning inventory.

      • Note: Retail is calculated as your Inventory Valuation x Margin.

    • Planned Sales: Enter your projected sales for the month. Use the 12-Month Forecaster to assist in this estimation.

    • Inventory on Order: Input the amount of inventory on order in Retail Dollars. You can use the data from your Open to Buy Template.

    • Planned Markdowns: Fill in the estimated dollar amount of inventory sold at a markdown.

    • End Inventory Goal: Enter your desired end inventory value in Retail Dollars.

      • Tip: Use the Stock to Sales Ratio Guide to estimate your goal:

        • Best practice is a 2:1 to 3:1 Stock to Sales Ratio for normal operations.

        • Adjust based on sales and seasonal needs.

    • Margin %: Enter your average operating margin.

  3. Open to Buy Cost:

    • The tool will calculate the dollar amount at cost you should spend to achieve your goal.

3. Forecasting Multi-Month Purchases

  • To forecast for additional months, click the Add Month button.

  • This will duplicate the above section, carrying over the Beginning Valuation Number automatically.

  • You can add up to 12 months total.

4. Saving Your Work

  • Click Save to store your Retail Planner document for future review and editing.

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