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Stocktake

POS SOFTWARE

 

Now you have reviewed your stock in your stocktake, why not put some aside to make a stocktaking sale. Other retailers now are doing that; why not you? If it works for them, why not you?

Now you can supplement these items with this fantastic report.

In the register reports > stock titled "Old Stock on hand by Date last received"

This will give you a listing of your old stock. 

The old stock did not do you much good. If it is old it is probably depreciating at about 30% a year, so after three years, it has just been written off. Of course the insurance, rental on the property, staff costs, etc. to keep it are not written off.

Was it better to count these old stock, than move it?

There is no excuse not to have a stocktaking sale to get rid of old stock now it's the annual season to do so.

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POS SOFTWARE

Stocktaking

This weekend or next is when most stocktakes will be done, so here are some last-minute tips to help you have a smooth and successful stocktake.

1) Set up a problem area where items that have issues, e.g. damaged goods, can be determined later. The idea is to move on as much as possible.
2) When you come across items where the label is missing, or you cannot scan the barcode, move it to the problem area where it can identify and labelled correctly later. These items will need to be counted at the end of the stocktake as a separate count batch.
3) Carry out the count of a department in one hit if you can.
4) Teams work faster than individuals. One team of two people is better than two individuals, I find three is the ideal counting team.
5) Make a formal decision on how you will count. You will have fewer problems if you count from bottom to top, left to right.
6) Have place markers to mark what has been counted. It is easy to miss a section or accidentally count the same area twice.
7) While counting, check the pricing too?
8) You can clean too while items are being removed and counted.
9) Check that the items match the barcode, product description and quantity. Do not assume that the label is correct.
10) Do backup frequently. If something goes wrong, you may not lose all your work.
11) Have a backup at the end. We have had people enter everything in everything, then someone, not knowing what to do, pressed the wrong button and wiped the figures. This stocktake had to be redone.
12) If possible, count everything but be aware that sometimes you will need to estimate. Once, I counted a pile of underwear. I got 50, my co-worker said 55, so we wrote down 52.

Happy stocktaking

 

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POS SOFTWARE

I suggest that before you start this year's software you go through for instructions on running a stocktake.

Video file

 

This video will take you through the stocktake procedures in PosBrowser.

There is also a help document available in the software. On the Welcome page hit the Help button and open the Stocktake section.

 

 

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Counting your stock is a significant task, but there is no alternative. To help make this task easier on you, we've compiled some steps about doing a stocktake.

1) A stocktake is not hard, but it can be mucked up if you are not careful. Take frequent backups while doing it. We can often fix many errors if we have these backups.

2 ) Schedule a quiet time. You do not need to halt retailer operations, but the fewer distractions, the better.

Doing a stocktake with customers asking questions and doing orders are very distracting. So try to discover a time that works for you and your workers that won't hurt your bottom line and reduce distractions.

3 ) Run over the steps required the update the help documents in posBrowser's help files as now available

Press F1 while in the register and check them out to get them.

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.

4) Do a trial run first on a small, well-organised department to get a feel of how it works. You need to know what you are doing. If you need help, give us a call. It is not the time to learn how to do it when you have staff sitting uselessly while you are learning what to do. If possible, get an experienced staff member involved.

5) Make sure all the computers, PDTs and scanners you intend to use are in place and working. Now is an excellent time to test them. Make sure that portable units are charged. Familiarise yourself with how your equipment works.

A PDT is great as it can be moved around and probably save you one person in the team.

With a computer, each unit of stocktakes ought to be in teams of two-plus. People counting calling out the amount, and other records. I like laptops as they are easy to move around the shop.

6) Then take a walk around the shop, familiarising yourself with everything. In my experience, a well prepared and tidy shop will speed up your stocktake and make it much easier to do. Make sure the shelf labels are correct. That your stock is in the right area (especially look at the spots under counters in case something is hiding there). Review any problem items, e.g. damaged goods. You want the stock in its correct place in a logical order.

7) Put any laybys together.

8) If you have items on consignment, mark them.

9) Make holding areas where problem items discovered during the stocktake will be temporarily stored. Move the problem items into it now. Move any items waiting for dispatch or picked up in another holding area.

10) What works best is to divide your shop departments into discrete, measurable counting areas. You want each area to be a few hours of work.

Anyone that has been through a stocktake knows how draining it can be. Splitting the task into a few hours blocks ensures that your stocktakes get regular breaks. It also means that it is easy to do the stocktake over a few days. As it is at any one time only a small part of the shop is affected. This makes it easier not to shut down the shop and so turn away customers.

11) It saves time if you get a listing of the expected stock in each area out of your computer. While the person is counting, they know what to expect. It also allows instant reviews as you can say "You sure mate, it is only four? According to the computer, there is another one there." Many do not like this as they do not want their staff to know their existing system's errors; it is your call.

12) Give each counting area a label and write down on a piece of paper every area, then as each area is counted, mark it off. That way, you do not miss spots.

13 ) Finally, observe what worked and didn't work during this stocktake to make enhancements for your next Stocktaking.

To help you, we will be running a webinar on stocktakes.

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POS SOFTWARE


 

For most of us, the End of the Financial Year (EOFY) is on the 30 June. For most businesses, it is a significant time. The immediate problem is super which has to be in by the 28 July. Then what we need to do is prepare by 31 October. If you do not use an accountant, you must lodge to the ATO by then but you often get some more time often with an accountant.

Here are some tips for now:

1) Make an EOFY sale. Get rid of as much stock as you can. Useless stock, if kept, generally goes into the stock figure at a wholesale value. That will increase your profit.

2) Review your debtors and creditors. Be careful here as if debts that need to be written off are not written off, it increases your profit. If creditors are written off, it increases your profits. As such most people write off the debtor now and the next financial year the creditor.

3) Review your records; are they up to scratch? If it is not, you can have with the ATO a real problem. I have seen problems with people whose POS systems has errors with the ATO.

4) Start planning a date for your stocktake. Although it is not an ATO rule, it is a valuable method of stock control. It's the best way of determining what stock has been lost to theft, spoilage or taken for personal use. I recommend that all businesses do a stocktake at least once a year. Also, without one, you may have a dispute with the ATO over your stock holding.

Good preparation is the key to stocktaking as it is a lengthy and often expensive operation. Typically a shop is looking at four (4) days of work.

We will be doing webinars to help you prepare soon for the EOFY.

"By failing to prepare, you are preparing to fail." — Benjamin Franklin.

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POS SOFTWARE

Stocktaking

No matter how accurate you keep control of your stock, manual stock counts are a must for any business. These stock counts verify your system. Besides giving you a verified figure for the ATO, it allows you to investigate discrepancies. 

Here are my top tips so you can have a smooth and successful stocktake.

Have as much as possible worked out in advance. For example, do you have access to detailed records of your inventory first? Questions will come about while going through your stock, and you will need a quick answer. 

Also, what are you going to do about damaged goods? They need to be divided into write-off, discountable and return to supplier.

Decide how you will count? 

I suggest you count from bottom to top, left to right. 

Each staff member should have a place marker to mark what they have counted. This helps people missing stuff. While counting, why not check the pricing too? Often, you can clean too while items are being removed and counted.

Now have a backup at the start in case. Do backups a few times during the stocktake. If something goes wrong, you may not lose all your work.

If possible, count everything. Be aware that sometimes you will need to estimate. Once, I had to count a big pile of underwear, I got about 50, and my supervisor said there should have been 55. we wrote down 52.

In the end, do a backup again. We have had people enter everything in. Someone not knowing what to do pressed the wrong button and wrecked all the figures. This stocktake had to be redone.

Once the stock is counted, the next step will be to process and analyse the information gathered. This will be the subject of another post.

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This is essential, to find out what has been going on with your stock.

Now to do this, you need some planning. A typical client of ours tends to need about four working days to count their stock. So budget accordingly, e.g. one person four days or four people one day. This is a personal preference. Some prefer to do it in one hit and get it over, while others prefer to do a rolling stocktake over a few days.

I suggest that if you are going to do it in one hit, do a trial stocktake a few days earlier. Pick a tiny department to acquaint yourself with the procedure first. Although you may have done many stocktakes in the past, it has probably been a year since you have last done one. Lots have happened in the meantime, so things do tend to have been forgotten. Go over the correct computer procedures. The more you know, the less time and money it will cost you while extra staff are counting. 

We will be doing some webinars on this all soon.

Try and move now as much stock as you can out of your shop. Return to a supplier, have an EOFY sale, etc. The less you have in the shop, the less to count.

Okay, you need to schedule. Set actual dates and times for the stocktake. Pick quiet periods to avoid distractions. I recommend that you break down the shop into manageable units. In my experience, it is best to make these units smaller than bigger. You can always do more units in one day if you have time. It's a pain to half a unit left for the next day.

Now make sure that your point-of-sale system is up to date. All the relevant stock receiving and sales information is entered. The last thing you want to do during a stocktake is hunt around in your files for correct stock information.

Go over the shop and make some order. Check your stock is tidy and in logical order. This will make it much easier to count.

To be continued...

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Good preparation is the key. Stocktaking is a length and often expensive operation. So now the stocktake season is upon us again. It is time to prepare.

We have now updated help documents available in posBrowser's help files. To get them press F1 in the register.

There are various Stocktaking methods

Pick the one that is best for you.

Stocktake = Standard stocktake doc using Posbrowser on its own to run the stocktake.

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 = This is a guide on uploading stocktake data to and from another program. This is if you use a specific stocktake software

We recommend doing the stocktake while the shop is trading as there is no reason to shut the shop from trading.

I suggest that you have a quick read of the steps required, and then watch this Stocktake training video

If you have any questions let me know.

 

 

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Now is a perfect time to make a stocktake sale.

Please keep it simple and focused.

Concentrate on the stock that you need to clear. Then place them in a prominent position with a sign. Make sure that people outside your shop in front can see your stocktake sale sign.

Want some ideas of what stock to use, this is the report to use.

Go to Register reports > Stock > Slow-moving Stock lines

Now call it up here, you will get a screen like this

I am going to do it by the department because it is easier to assess and collect if you work in a logical order. Here I asked for anything that I had sold less than $100 in a year and am now stocking something.

Interestingly this shop when I ran the report had over $20,000 of worthless stock in just this department.

This is just one report in our point of sale software that can help you expand your business and grow.

 

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Many of you have now done a stocktake, so you have your figure for your accountant.

You have the information, now what you need to do is look for the stock discrepancies. 

What went wrong in this year!

What you need to know is your stock shrinkage? 

Can you answer this simple question? Some of the largest retailers in Australia cannot. But if you do not know what it, how do you fix it?

The good news is with our point of sale software; it would be easy to find out now.

*Go to your stocktake section

*There you will find reports show the discrepancies (variances) in the stocktake.

*Highlight the discrepancies that have occurred.

These discrepancies will be due to many reasons. Shoplifting, both internal and external, will be a significant cause. So it is worth checking what is missing.

Examine the stock discrepancies by suppliers. Supplier errors are a big problem with my clients. Some have told me the total cost of their point of sale system paid for itself by this saving alone.

But keep looking at these figures. I would suggest looking by department and then item. 

Try to identify areas that have high-security concerns. Now consider what to do, e.g. more cameras, a new arrangement in your shop, and better stock controls. As a bonus rearranging your store will also give your shop a fresh look.

This analysis can save you a lot of money, saving on 1% of every million dollars is $10,000, not bad for a few hours work.

 

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