Physical Stock Counts Made Less Stressful

Whether it’s the middle of the year or the end of the year, physical inventory counts can be a very aggravating and painful process that’s sometimes highly inefficient and ineffective. Well whether you like it or not, it’s vitally important to carry out the counts, for the financial statement figures which you most certainly don’t want to manipulate and for your auditor who’s already way too enthusiastic to show professional skepticism.

Whatever business you’re running, big or small, private or public, proficient and effectual inventory counts are important for your business to keep your customers satisfied, prevent theft, and be profitable. Yearend counts can contribute a lot to good business practices, so read below to find out how you can improve the process and make it less stressful than it is.

Schedule Properly.

Scheduling accordingly is undoubtedly necessary to carry out inventory counts. Being heedless in this would mean carelessly losing out on customer orders and creating a chaos in the entire system. Finding the right time relates to making sure you don’t schedule during busy hours when business is a rush but rather on slow moving days where one particular location is closed and preferably all transaction stopped for the day for a smooth and efficient count. The process is already monotonous and agitating, so it’sessential you don’t elevate the chances of repeating it all over again and get your employees mutter incoherent words about your parents. Google search for stock inventory management software Singapore, if you think working with a software would make the entire course all the more hassle free.

Make Preparations.

There’s so much you could do before the count to ensure the smooth running of it. Tidying up and de-cluttering would be the most suitable way to start with. Get everything in order, clear out messy mislabeled boxes and re-label them properly, organize shelves, rows and columns neatly in order to make sure everything’s in place and return all items to their rightful places on the days before the count. Creating a designated map for employees carrying out the count can prove as an effective way to reduce the chaos and ignite them on where and when exactly they should perform their task. Also consider passing out checklist to each employee so that every nook and cranny containing inventory is counted and all of them are working on achieving the goal. And if you’re planning on completing the count in one go, which would be the most preferable manner, then ensure, you’ve scheduled adequate amount of staff and organize them in to clear teams with specific tasks.

Audit and Review. A pro tip to consider whilst counting is to let the internal audit team carry out their work at the same time. This would ensure the accuracy of counts, and also, you’ll get two tedious tasks done at once. Another, thing would be record everything you think needs improvements. There’s no point of counting it, if you don’t reflect on it. So after the count, review the sheets, compare it to the automated counts, locate discrepancies, check where what goes wrong and find ways to correct them. This would helpyou immensely to stock items more efficiently, identify and prevent fraud and safeguard against obsolesce and write-offs.



 

Tags:

 

Share this Post



 
 
 
 

Leave a Reply

Your email address will not be published. Required fields are marked *