It's that time of year again! Stocktake is an essential task that helps businesses maintain accurate records and identify errors in inventory management. However, it can also be a challenging and time-consuming task that requires careful planning and execution.
ATO requirements are listed here:
But it is not just useful for the ATO and taxation. It also is invaluable to determine your shrinkage rate.
Here are some tips for conducting a successful stocktake
Test and review your equipment
- Test your equipment and verify it works. Confirm, if applicable, that the chargers and batteries are all fully operational. That they are all ready for use.
- This is an ideal opportunity to familiarise yourself again with their operation.
- If you can use laptops or, better still PDTs. Both will be a real-time savers as these can move around the shop rather than going to the items to count. If you have a laptop, ensure it works with our POS Software.
Review the steps required.
- Run over the steps required the update the help documents in PosBrowser's help files as now available.
Press F1 while in the register, now look at these four documents:
Stocktake = Standard stocktake doc using Posbrowser on its own to run the stock take.
Stocktake with a PTD = Stocktaking with the help of a PDT
Stocktake with the stock management system = Stocktaking using the mobile PDA browser program.
3rd Party Stocktake guide = A guide on how to upload stocktake data to and from another program.
Read the help files on how to do a stocktake with PosBrowser using different methods and tools to select the best plan for you.
-Now, give it a go on a handful of products in the training system. This is so you can get used to the process. It has been a year since we did it, and people forget.
Prepare your stocktake
-Schedule a quiet time for the stocktake. The fewer customers and distractions, the better, so you can focus more on the stocktake
-Make sure you give yourself enough time.
-Move problem items to a separate holding area.
-Divide your shop into manageable counting areas. Label each section clearly. You should aim for each area to be something that can be done in one and a half hours max.
-Move stock as much as possible to the appropriate counting area. You want stocktake day to be as simple as possible.
-Put all laybys, consignment items, or items waiting for dispatch in separate holding areas. Check with your accountant how they want these items handled.
-Roster enough people. Consider dividing people into teams of two or three people, one or two people to count and one to record the count.
Doing the stocktake
-Back up your data before and during the stocktake to avoid losing your work; I recommend doing backup throughout the day. No one has ever gotten into trouble by taking too many backups.
-Count to a system. In Australia, it is considered easier to count from left to right—bottom to top. Note sometimes you cannot count but have to use estimates.
-As you count, use place markers to avoid missing or double counting sections.
-It is an excellent opportunity to check pricing, barcode, and product description while counting.
-It is also an excellent opportunity to clean
-Keep a sheet of notes to add anything that needs clarification. Then move on. You do not want to be held up.
-Take regular breaks and split the task into blocks to keep your staff motivated and alert.
-If you run out of time, do not worry; the stocktake can be done in more than one day.
Conclusion
These tips will help you make a successful stocktake. If I missed something, please let me know.
Happy stocktaking!
