Stocktake

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Stocktake

Stocktake 2018/19

POS SOFTWARE

 

Well, stocktake season is upon us again.

Please note that we have updated the help documents in posBrowser's help files so it is worthwhile to check them out.

To get them press F1 while in the register and check them out.

There are 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.

Whatever way you decide to run your stocktaking try it in training first to get familiar with the process. Better to know the process ahead of time instead of having trouble when trying to run the real thing

 

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Stocktake time coming up

POS SOFTWARE

It is now time to start planning for the stocktake. 

For most of you, it is an ATO requirement for most organisations, as it states  here

 

"If your business buys or sells stock, you usually need to do a stocktake to value your stock at the end of each income year if:

  • your business turnover is $10 million or more
  • your business turnover is less than $10 million and the difference between your stock level at the beginning and end of the year is more than $5,000 (you can make a reasonable estimate to determine this)."

Plus doing a stocktake has several commercial advantages.

Now here are some tips to help you plan the stocktake.

) Try and reduce the count. Why have the added cost of counting? Can you get rid of stock?  For example, return as much of your inventory that is unsellable to your suppliers if you can, then you do not need to count it on the stocktake. 

Make an EOFY sale. Everyone else does why not you? 

) Make sure that your point-of-sale software is up to date with the stock listing, the last thing you want to do during the stocktake is entering in products.

) Plan an actual date for the stocktake. Some of my clients do a significant part of their stocktake outside, so you may need to look at the weather. Plus you may want to break it up in stages to reduce on any one day the workload.

) Make logical divisions for each section of the shop. This is particularly true if you have specialised stock that requires expertise to count. 

Now go over the shop and make some order, so all the stock is tidy and in place.  

) Make a policy on how you will be handling damaged stock? You will almost certainly find it on stocktake day, what are you going to do with it then? 

) Make a convention which should be followed religiously on how the count will be done, e.g. commonly it is top to bottom and left to right. Now make sure everyone supports this order. Interesting, a study has shown that counting from right to left is more accurate than counting from left to right but slower. 

) Lean the stocktake procedures in advance, even if you have done it a few times, the odds are you need a refresher course. Do a test run to get a feel of what is involved before the day? If you do not then on the day, you could have extra staff all waiting while you work it out. We will be releasing webinars on this very soon.

To help you we have updated the help documents in posBrowser's help files so press F1 while in the register and check them out.

There are four documents there; I suggest you look at:

Stocktake = Standard stock take 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.

 

 

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ROI for a point of sale software

POS SOFTWARE

Return_on_investment.jpg

Here is a list of some advantages that a retailer would have using a point of sale software.

These figures I quote is based on industry figures, and I am assuming a shop with sales of about $500,000 EX GST/year with a 30% margin

Sell more

There is a lot more information available to the retailer which allows them to target short-term trends better and measure results faster. As you will get a full history of your customers, you will be able to track their purchases and so develop better long-term relationships. 

Generally, you can expect an improvement of about a 1 to 2%, so we are looking here at about $5,000 to $10,000 sales increase so about $2,250/year

Buy better

By giving more control and information to the retailer, they can buy better, take better advantage of special offers.

Also, the retailer is getting better information on what is selling and what is not selling so avoid buying the rubbish so generally about 1% better so $500,000 x 70% x 1% = $3,500

Shrinkage

Better controls and better monitoring helps a lot.  The major causes of shrinkage are 

1) Customer theft - The five finger discount

Your stocktake reports will tell you better than manual the location and type of items that are disappearing. 

2) Damage - it happens goods get dropped in the shop, too much sunlight on an item ruins a book, etc. Much can happen between you get the item and the customer taking it.

Generally, there is little a POS system can do here to help. 

3) Supplier fraud - This happens all too often, for example, a typical example is that a supplier bills you for goods shipped, but for some reason, you did not get all these goods. Even large suppliers do this.

Point of sale systems is very good at helping here. With some people, just the saving here has paid for the system. 

4) Staff theft - This is a big problem in some shops in others it is nearly zero.

At least with a POS system, you can monitor much of it better. In one site recently we were able to by tracking the shifts, tell the owner the likely person that was taking money from the till.

I would expect overall at least a 1% improvement in shrinkage. A $500,000 business, at 70% margin saving 1% a year we are looking at $3,500

Bottom line:

Increased profit on improved sales of $2,250/year

Better buying and more accuracy in buying $3,500

A decrease in shrinkage of $3,500

Overall saving about $9,250 a year on $500,000 turnover.

And another thing

There are extras that I have not qualified such as 

Time-saving

I would expect on an average about an hour a day of time saved. So say 5 hours of work a week.

Reduced stocktake costs

Many of our clients used to hire professional stock-takers, well there is no reason too with a POS system as you can do it yourself 

VIP marketing

Most retailers today big and small do some VIP market and do this effectively you do need a computer

In addition to that

You have improved control in the business

A retailer with a point of sale system is much more in control, even if nothing else it makes most people feel much better.

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