10 Fundamental Steps of Every Successful Stocktaking Process
Every business needs to maintain a perfect stock take in order to assess their standing in the market for their personal use and stakeholder viewing. It is a time-consuming process which runs risks of manual entry mistakes.
For a hassle-lite stock-taking experience, you should consider using a Stocktake App to help you do so. Stocktaking apps are very common now and vendors such as Orangekloud will help you solve your logistical issues with cutting edge mobile apps for your company. Visit their site today.
Next, read this article below by Dear Systems to know about the organized procedure you need to undergo so that the risk of failure can be minimized.
Ensuring a successful stocktaking process
Performing a complete stocktake once or twice a year is absolutely essential for maintaining healthy inventory levels and minimizing losses in retail and wholesale businesses (not to mention keeping the accountants happy). But they can definitely be time-consuming, energy-draining, and frustrating. Read more here
First you need to plan out the stock takes to lower the effect on day-to-day business operations first. You will need a schedule that fits your staff’s needs. Then clean out and arrange the stockroom before beginning the stocktake procedure. A cluster free, spotless room will make it easy for everyone to work efficiently. The next step is to make sure you have the proper tools and equipment needed in order to avoid unnecessary delays. Some of the basic things you will need consist of a clipboard, stock sheets, pens, calculators and scanners. Feel free to add up to the list according to your way of management.
You need to make use only of recent inventory data as you will need an accurate estimate of the inventory you have on hand. Invoices must be taken into account. You may notice that even if you employ all the given measures, you may still encounter some issues which may majorly occur because of human error. Read this article below by Gemma Tomlinson to find out about the best way to counter it.
Using technology for stocktaking
Stock control technology will save you both time and money. It will keep track of the products you have in stock and the items you’ve ordered in from suppliers too. This means that you won’t need to do a stock-take every time you order new lines or sell high volumes of specific products. It can also help you save money, because you won’t waste any capital stocking up on slow-moving items. Read more here
Here are some benefits if you employ this strategy over manual labor; this method will save you both time and money. Every time you need to add on something, there will be an electric database which also allow for future changes.
1. You can also get to know how much inventory you will need to have in order to meet the existing customer demand. This way you can deal with any shortages beforehand and thus avoid potential loss.
2. Organization would become so much easier. You can also quickly get to know which are your best selling products so you can increase their production and keep your customers happy.
Emphasizing a bit more on tools for effective stocktaking, you must be aware of these amazing essentials that can make your work so much easier for you. In the article mentioned below by Amanda Layton you will come across some of the stocktake essentials you must know about;
Stocktake essentials- What are they and how important are they?
Stocktake doesn’t have to be a disorganized whirlwind of activity; there are a some great tools and equipment that can make your life a whole lot easier. If you’re running a small business, you may not have state of the art stocktake equipment, but don’t worry; all the things you need are available for hire, too. Read more here
1. PDA Stocktake Scanners; these are also known as portable data terminal. Apart from reading bar codes, they come in handy when capturing the location and date. They take up a lot less time as they can easily replace three separate jobs.
2. Inventory Management Software is vital for an individual managing a retail business. They need software of this accord and something which offers features like real time data, label printing, planning and forecasting, cloud-based storage, integration with barcode scanners, complex reports and automated ordering.
3. Counting Scales will come in handy if you have a stock which comes in large quantities such as beads. It will probably take you forever to count them by hand. This software will easily take care of the counting if you have all of them on a single floor.
4. Forklift is usually adored by business owners managing a huge warehouse. As constant moving of objects is required, having a forklift on hand is an amazing idea, along with an experienced driver, of course.
To conclude, using stock-taking technology can help your efficiency and productivity go a long way. Current equipment such as forklifts or scanners are still important as they are the equipment on ground if your stock-taking technology runs into errors. Using these two together, you will be able to save time as compared to using only current equipment. Join the technology apps bandwagon today.