Well, it is getting to the time of year when we all need to plan a stocktake, the big count.
Strictly speaking, the ATO does not demand it for many of you, but if you do not have a stocktake, then it is up to you to prove that your stock count is correct. Beside there is no other way of confirming what you have, so almost everyone does a stocktake.
The documents in your help documentation on stocktaking in your point of sale software have been upgraded, the main improvement I think you will notice this year is the increased flexibility. It should now automatically be in your pos system. Press F1 and check them out as they list several methods of doing a stocktake.
I do strongly recommend that you whatever method you decide to run your stocktaking try it in training first to get familiar with the process.
What I think is the best is to divide your shop into several small locations, so that one person can do a location in two hours. By keeping the locations to such a manageable size, means it can be stopped and started if the shop trading conditions change for example say you have a spare staff member they can help in the stocktake. As the locations are being counted, the stocktake is coming together.
The other point is that while counting, you can clean too. It is a great way of checking for items that aren’t supposed to be in a location. I know with us it is amazing what we find. You also can check the shelves and labels are correct too.
Research suggests that the best way of counting stock is that you count from the bottom shelf, work your way up going from right to left as people tend to miss less that way.
A well-planned stocktake will give you accurate stock quantities, help provide you with exact financial figures, allow you to produce discrepancy reports that are invaluable for examining your shoplifting problem and overall enable you to make informed business decisions.