Definition of Sales Records:
The information you have about your consumers, such as their contact information, how often they buy from you, what they buy, and how they pay their bills, among other things.
Your company’s sales record is likely to be your most important source of marketing data. Customer purchase files, which include addresses, amounts, dates, items, payment methods, returns, and other details, are a goldmine of marketing data. You can use this data to figure out who your top consumers are. What they like most, and what sorts of marketing strategies work best for them.
One of the nicest aspects of conducting market research with your own records is that everything is confidential. No one else has the same data like you, and no information exists that is more relevant to your industry. It’s a potent combo when you consider that market research utilizing your sales statistics is cost-effective. Make every effort to collect and evaluate data from your own sales.
Where are a company’s sales recorded?
A sale is a transaction in which property is exchanged for money or credit. A sale of items is a sales record in the general journal as a debit to cash. Accounts receivable and a credit to the sales account in double-entry accounting.
How can small firms keep track of their revenues on a daily basis?
Any revenue generated by your company should be a sales record as soon as possible. Most sales transactions may be digitized and documented automatically; for example, utilize cash registers that time stamp and date all sales. Preserve an internal digital record for subsequent downloading into the accounting system.