How to do a Successful Stock take or Physical Inventory counting?
Performing a stock take once in a month or quarter will avoid the mistakes in the inventory operation and get the correct idea of inventory stock level.
Inventory / stocktaking is a process of calculating the amount of stock you have (Eg. food, drink, etc.) and turning it into a report. Your report tells you the quantity of stock you have and lets you compare it against your previous inventories.
Using stocktaking apps like DSTME Stock taking app, can speed the process up and help you to increase gross profit, reduce loss and provide instant results.
Modern businesses are moving towards a inventory system, where stock is track with technology and information is always available in real time.
Time needed: 22 days, 11 hours and 16 minutes.
Steps for do Inventory Counting
Plan and choose a better time
Planning a day or a time for stock take is very crucial task. We need to use all resources, May it will take entire day or more than 1 day. For big warehouses and all it will take 2 or 3 days. It will be better to choose a time where less operations is going on or less delivery schedules.
Prepare an Item master sheet
Ensure your stock records are up to date in our Inventory system before the count starts and print them off so there is a physical copy. If we are using a inventory software we can easily pull out the records. Dispose of all defective and obsolete inventories so that the time spent on this process is reduced
Divide the stock location
If it is a warehouse or big stores correctly label the Ailes and racks before the stock taking process. If it is in multiple location and area we need to check stock that has already been sold but is yet to be delivered or picked up by a customer in all areas.
Arrange and allocate a team
Team should have better understand for stock taking process. A training should be needed for the non experienced staff. Correctly allocate the staff to each location for avoiding the duplicate counting.
Use handheld devices for Stock counting
Using handheld devices with stock taking apps will easier the job. Also avoid guess counting its very crucial to get accurate stock.
Verify the Stock counting sheet
Generate the variance sheets with the help software’s and double check the variance. if there is multiple locations and branches check the variance with the internal inventory level. take a actions to improve the accuracy level
Update the Current stock record
Finally you need to do the inventory adjustment. if you are using a software this will be easy process.
Even if you use the best technologies available to track and manage your inventory, it is sometimes still necessary to take physical counts to consolidate information and ensure that your numbers reflect reality.