Tips for a Successful Stocktake 2023


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.


These tips will help you make a successful stocktake. If I missed something, please let me know.

Happy stocktaking!

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