The Unique Challenges Inventory Management Poses to the Restaurant Industry
Restaurants are arguably one of the most challenging businesses in which to control inventory; the fundamental nature of supply, demand and the products themselves set them up for a fickle inventory ride. They are governed inevitably by seasonal availability and subsequent pricing, trends and individual palates, health and safety compliance, the pr ... Read More
October 21, 2019 inventory control, inventory management, inventory management software, stock takeHow to Analyse Inventory Stock on Your Company’s Balance Sheet
Inventory stock is a business asset and the ending balance of inventory is reported on the company balance sheet under current assets. When looking at a company’s current assets, special attention should be given to inventory which consists of the merchandise a business owns but has yet to sell. For many types of business, the […] ... Read More
August 7, 2019 stock take, stocktakeHow to Carry Out an Inventory Stocktake in Unleashed
Prepping for a stocktake It can get challenging to keep track of your inventory when doing a stocktake so it’s a good idea to plan a stocktake before you start it. Before you begin, pick an appropriate date and time for your stocktake that minimises disruption to your business. Don’t forget that you’ll also need […] ... Read More
July 5, 2019 inventory control, inventory management, inventory stock, stock control, stock take, stocktakeThe Data Cleansing Process: Cleaning Up Bad Data
Many organisations invest considerable time and money to implement data collection systems but then fail to continuously monitor and manage the data they collect. Having considerable volumes of data can be counterproductive and does not mean that it is of relevance or value to your business. Reliable data provides better customer insight to ensure ... Read More
July 2, 2019 clean data, inventory control, inventory management, inventory reporting, stock takeHow Stocktaking Can Shed Light on Inventory Turnover
An accurate stock take ensures that the inventory turnover ratio is going to be a reliable tool. If the numbers are right, business owners can plan for the future. It is a powerful part of inventory management and allows the business to make smarter decisions on what parts of the inventory stock they should invest […] ... Read More
May 21, 2019 inventory control, inventory management, inventory management software, inventory turnover, stock takeIs Your Inventory Management System Saving You Time?
As a business owner, it’s understandable that you want to keep costs low. After all, low costs and low overhead means more at the bottom line for the business, right? Essentially yes, but what if those low-cost measures are costing you more in lost opportunities? Basically, opportunity cost is the alternative cost or value of […] ... Read More
March 30, 2019 cloud-based inventory, inventory management, inventory management system, stock takeHow Can I Make Sure My Business is Ready for Action in the New Year?
You’ve had your Christmas party, you’ve shipped your final orders for the holiday season and you’re enjoying your time off. But it’s never too early to start thinking about the following year – and there’s plenty to think about when it comes to making the year easier on yourself and your employees. One of the […] ... Read More
February 8, 2019 inventory control, inventory management, inventory management software, stock control, stock takeUse These Inventory Management Tips to Save You Money
Inventory stock can earn you money or cost you money depending on how you manage it. If your inventory stock is managed properly, it will allow you to move products quickly and efficiently, earning you money faster. However, if you have shelves of dead inventory stock taking up space throughout your warehouse and other obstacles […] ... Read More
February 4, 2019 inventory, inventory forecasting, inventory management, inventory management software, stock take, supplier relationshipUnderstanding Stock Take Discrepancies and Why They Happen
A stock take discrepancy can present a real problem for businesses, potentially costing the bottom-line in lost sales, build-up of surplus stock, and perhaps most detrimentally – creating dissatisfied customers. Accurate stock recording and inventory management are essential to understanding a company’s true capacity to meet and capitalise ... Read More
October 13, 2018 inventory management, stock levels, stock takeDon’t Let Inventory Discrepancies Affect Your Accounting
A reliable stock taking procedure allows businesses to know its inventory count and value, not only informing decision-makers and driving operations but also ensuring accurate information is available to accountants, auditors and financial controllers who prepare annual reports, balance sheets and essential statements of earnings. Identifying discr ... Read More
October 13, 2018 accounting, inventory accounting, inventory levels, stock take4 Things Retailers Should Do During Off-Peak Period
It’s the start of winter in the Southern Hemisphere and sales are usually low in this off-peak period. This down time provides retails with a huge opportunity to properly prepare and effectively plan for the peak shopping season ahead. Spring clean That’s right, this is the perfect time to have a good old fashion spring […] ... Read More
June 28, 2018 inventory stock, seasonal demand, stock takeHow Businesses Can Optimise Off-peak Season
When business is booming you are often so busy keeping pace with consumer demand that you don’t have time for major projects and activities. This is where your off-season provides you with a great opportunity to undertake renovations, planning activities and market research. Quiet times in business give you the chance to reassess your stockta ... Read More
June 22, 2018 inventory control, seasonal demand, stock takeHow to Manage Inventory in a Seasonal Business
Managing inventory in a seasonal business may need a slightly different approach than businesses who experience steady demand throughout the year. In this article, we outline how business owners can effectively manage inventory in their seasonal business. Research and Predict Demand Trends While you may have a general idea of when demand will pick ... Read More
June 19, 2018 customer demand, seasonal demand, stock takePreparing for the Festive Season During a Seasonal Lull
For retailers, sales often increase dramatically during the holiday season in the build up to the holidays. In fact, nearly three quarters admit that this time of year accounts for 20% of their annual sales. This obviously means that the summer season may be significantly quieter for retailers. However, business owners should use this down [&hellip ... Read More
June 7, 2018 inventory control, inventory management, seasonal demand, stock control, stock takeHow to Manage a Seasonal Supply Chain
Supply chains are the backbone to the success of any business, large or small. That’s why it is extremely important to ensure all processes in your supply chain work as effectively and productively as possible. Managing your supply chain can become increasingly difficult to manage when it comes to seasonal fluctuations in demand. The changing [&h ... Read More
June 7, 2018 inventory control, seasonal demand, stock take, suppliersAn SME’s End of Financial Year Checklist
As the financial year in Australia comes to a close, businesses are rapidly trying to tie loose ends together. Here are some of the key tasks you need to complete in order to start your new business year with a bang! Finalise sales orders Outstanding sales orders should be completed prior to a stocktake. If […] ... Read More
May 25, 2018 AU, Australia, inventory control, stock take4 Common Stocktaking Mistakes
Completing a stock take once or twice a year is essential for maintaining healthy inventory levels and preventing losses. However, many businesses make some key mistakes when going about the stock take that can be fatal for the company’s success. In this article, we highlight a few key areas in which business owners tend to […] ... Read More
April 13, 2018 inventory control, spreadsheets, stock control, stock takeStocktaking vs Cycle Counting: Understanding the Differences
Any business, large or small, must perform some sort of count of their inventory at some point in time. There are two commonly accepted methods of counting inventory stock: stocktaking or cycle counting. The method that will best suit a particular company needs to be carefully considered as they are drastically different and can have […] ... Read More
April 12, 2018 accurate stock counts, inventory stock, stock counts, stock takeHow to Count Your Inventory for a Stock Take
Maintaining inventory is a big job. It is a business’ biggest asset and it pays off to count it properly. Counting your inventory can be done in different ways. It is important to understand which type of counting system is right for your business when doing a stock take. Inventory can be counted on an […] ... Read More
March 19, 2018 inventory control, stock count, stock takeCommon Pitfalls of Stock Taking
Stock taking is an important part of inventory management and as the name implies, it involves counting the inventory stock on hand. It is often an avoided task as it can be difficult and tedious, however an accurate count is essential for good inventory control. As simple as counting items sounds, there are some common […] ... Read More
January 24, 2018 inventory stock, stock takeStock Taking for the Drinks Industry
Inventory management and stock taking are painful processes for any business, however it seems it can be a far more daunting task for the drinks industry due to the level of estimation required and variances in the quantity of product sold. If you are a bar owner however, do not despair as there are tried […] ... Read More
December 25, 2017 beverage, beverage industry, inventory levels, stock levels, stock take