Inventory count is also called stock-taking in some countries, it helps you keep track of your stock or inventories. During an Inventory Count Procedure, you and your staff count and record everything in your store. At the point when the inventory count is done and ready to be presented, your store’s stock records get refreshed and updated, and you get a report of surprising changes in your stock levels, including cost figures.
Is it really necessary to perform inventory count? Well, yes it is. It is indeed one of the most important things to do in business to periodically conduct an accurate inventory count at the end of the month or a year. It does take lots of effort to perform inventory count accurately. I know, right now, you must be thinking how to perform it accurately every time? Well, worry not! Just follow the steps but first allow me to introduce you to Wrkmash, the best way to manage your business inside and out, all you have to do is LOGIN!
If you are thinking of using any POS or inventory management software, check if they are offering the features you can use.
As a retailer, your customers’ satisfaction should be your first priority because that’s how you increase the productivity of your business but here you must never forget customers’ payments, stay up-to-date with one of the greatest features of Wrkmash that is the accounting, with this feature you can manage payment and communicate with your clients without any difficulty. Okay! Without further ado, let’s begin the Inventory Count Procedure.
Inventory Count Step#1: Order Count Tags and Preview
Request count labels or tags. Request an adequate number of two-section count tags for the size of stock expected to be checked. These labels must be numbered sequentially, with the goal that they can be separately followed as a feature of the checking procedure.
Examine the stock a few days ahead of time of the scheduled inventory count. It sometimes happens that there are missing part numbers, or there are items being in a situation that would be hard to count, (for example, not being packed away or boxed), tell the administration center staff to make significant changes.
Inventory Count Step#2: Perform Pre-Count Inventory
Examine methodically the inventory a few days ahead of time and tally any things that can be set in fixed or sealed containers. Seal them in the containers and imprint the number on the tape. This makes the tallying task a lot simpler during the real count.
On the off chance that a seal gets broken, at that point, the specific team will realize that they have to re-check the items of a compartment and that’s how they will reduce the chances of mistakes in the Inventory Count Procedure.
“It’s best to do it on the last weekend of January or at the end of July because your SKUs are potentially at their lowest during these periods.”
– Bob Phibbs, The Retail Doctor
When is a Physical Inventory Count Usually Taken?
The answer to this question is really depends on you, it depends how often you want to perform inventory counts, some retailers perform it bi-annual and some of them perform it more often and some of the stores perform it once a year.
Inventory Count Step#3: Get Done With Data Entry and Don’t Forget To Notify Third-Party Location
Do the remaining data entry transaction before the actual inventory count gets to start, it is an important step in the Inventory Count Procedure. There might be some of the data entry transactions left to be completed, get done with that first. “Transaction for issuances from the warehouse, return to the warehouse” are all included in this.
If there is an outside location or a third-party as a storage facility, don’t forget to notice that location because third-party often hold company inventory on consignment so, advise them that they should count their stock close by as of the official check date and forward this data to the warehouse administrator.
Inventory Count Step#4: Stop All Warehouse Activities
Stop for some period of time while this procedure is on the go, stop all the activities which are supposed to be performed in the warehouse or store and do not forget to separate all those newly added items where they are not supposed to be counted or else you are gonna get puzzled with the inventory record while performing the inventory count.
Bonus Tip: Re-locate all those newly added goods to some other place to increase the accuracy in Inventory Count.
Inventory Count Step#5: Direct Count Team
Gather two-person teams to count the stock and teach them during their counting duties. The two-person team should be made with a person who is going to count the inventory and the other person will be marking down the information on a count tag, is it going to be a teamwork where both of the people should be really active and charged because a single mistake can burn all the efforts you’ve been putting into this.
When they are done with counting and marking down, take one copy of the tag affixed to the inventory while the 2nd copy should be taken by the team.
Here, we have got good news for you, now you can easily access and maintain the inventory through the Wrkmash feature “Inventory”. You can upload items from other platforms, you can also create your own categories here, isn’t it amazing?
Inventory Count Step#6: Maintaining Count Tags and Count
This one is an important step in the Inventory Count Procedure, the count team will receive blocks of tags from the inventory clerk and the team will be returning the tags, they will be responsible if any of the tag gets missed and the lost tags should be investigated immediately.
In Count Inventory, one person in each team is responsible for counting specific items within a bin location, and the other one marks the location. Every little information must be on the count tag like description, part number, quantity, unit of measure, size, etc. The team will again affix the original copy of the tag to the inventory and will take the copy back.
Inventory Count Step#7: Online Data Entry Form
Enter the data on the count tags into online data entry, we must know something about this fast-forwarding world, if we really want to increase the productivity in our business, we must cope up with the techniques and technologies. Okay back to the topic, once the data entry is finished, take the hardcopy report where all the should be tags numbers entered. Search for any numbering ga. If any unusual result shows up, re-sort the inventory report and review the tag entries.
Generally, physical stock counts are finished with a pen and paper. The staff would utilize a physical stock check sheet to count up the items and provide the information of data in their system.
Well, this method can take care of business but it’s profoundly counterproductive and inefficient, it requires a double entry. Also, since physically counting inventory is as of now a “manual” task for what it’s worth, the exact opposite thing you need is to physically count and record information.
As a retailer, doing physical checks of inventory presumably isn’t on your rundown of the most loved activities. A dull and dreary assignment, taking count of store products can take hours, and for certain traders, it actually requires shutting the store for some time period. It might be the job you’re not too fond of but it is one of the most important tasks for every retailer. What if I tell you that there is something that can make your inventory count easy and not hectic.
Here, allow us to introduce you to Wrkmash again, with this amazing innovation you can now easily manage your business inside and out. A “one-stop-shop” is here for you to manage all your business activities from a single dashboard. Start your free 14-day trial today!