A physical count of stock is a necessary evil for businesses – nobody wants to bring trade to a halt for a count that has to be done. It doesn’t have to be too painful, however – count your stock as efficiently as you can with our tips for speed and accuracy.
Get the timing right
When will a count cause the least interruption for your business? With Unleashed you can freeze products by product group or supplier – can you segment your count and continue trading?
Don’t wing it. Have calculators, scanners, clipboards, pens, and calculators, and don’t forget to print your stock sheet. Make sure you have enough staff working, who are all clear on which areas or products they’re counting.
Don’t double count
It’s as simple as giving each staff member a piece of chalk or a stamp – they can easily identify what they’ve already counted, especially if they’re working systematically, such as top to bottom and left to right.
Ever realized a box didn’t have all of the stock you thought it did before you opened it? That’s why you should make sure nobody cuts corners – don’t trust the quantity labeled on a box; open it and make sure. Don’t record stock you don’t actually have!
Check your data
Are all your sales orders for each product you’re counting finalized? Make sure you’re not counting stock you’ve already sold, like items awaiting shipment. This is why it’s important to record sales in Unleashed as soon as they’re completed – keep your data accurate.
Keep costs current
Reflect the true value of your inventory, especially if the market price has dropped since you paid for it. The accounting principle of lower of cost or market, or LCM, is at play here.
The most valuable part of your stock count is that it gives you an insight into areas where unexplained loss is happening. With Unleashed you can count valuable products more often to prevent stock loss, or clearly identify best selling items that you could reorder more frequently. Watch our video below to see how Unleashed is revolutionizing stock counts.
Identifying which items in your inventory are more vulnerable to loss means you can work on ways of improving the situation, whether it’s with enhanced security or better storage!
Keep your inventory information accurate all year round with flexible stock count options – either count only the products you want, or upload a stock count when you’re ready with Unleashed. Streamline your inventory management to optimize productivity and boost profitability!
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.