Tracking Gift Vouchers: Everything you need to know!

Tracking gift vouchers is just as important to your business as deciding to offer them in the first place. It’s all well and good to be handing over what are essentially promises on pieces of paper, but what many don’t realise is that this does bring a level of uncertainty into your business.

More than just a gift

Gift vouchers are, in accounting terms, a liability. When you sell a gift voucher, you are creating a liability or obligation to that customer to the value of the money received. A liability is reported on your business’s balance sheet, as opposed to on the Profit & Loss statement (normal transactions).

Keep your books tidy by correctly tracking your gift voucher sales. Your accountant will be impressed!

Financial security

Gift voucher tracking will also provide an extra layer of security for your business. If you’re not tracking your gift vouchers how do you know whether they’re legitimate? Timely solves this problem by generating a unique code for each voucher. You can use this to verify and track gift voucher purchases and redemptions.

This added security doesn’t just protect your business, but your customers as well. If someone loses their gift voucher for example, you’ll be able to look it up and verify it within Timely. You’ll also be able to use gift voucher tracking to remind customers if they have outstanding vouchers to use. This level of organisation goes a long way towards providing that special experience that turns customers into regulars.

It’s the thought that counts

Gift voucher tracking allows you to gather customer information and study buyer behavior and trends. Analytics like these can take your marketing to the next level, not only boosting sales, but providing you with the knowledge to improve your whole business. You’ll also be able to build strong customer relationships by staying in-touch with anyone who has purchased or even just used gift cards.

Timely’s sales report gives you a bunch of information broken down by staff member, location, and gift voucher name. You’ll be able to find out which of your services are most popular, how many vouchers each staff member sells, and much more!

These insights can guide your marketing activities all year round, but especially over the holiday period. Knowing exactly what gifts are most popular will help you push a strong message over prime gift-giving season.

Ready to get started tracking your gift vouchers in Timely? Click here!