Stocktake

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Stocktake

Make now a stocktaking sale in your shop

POS SOFTWARE

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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You do a stocktake, look for discrepancies and now what?

POS SOFTWARE

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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This is your last chance to join the stocktaking meeting

POS SOFTWARE

Last call for your stocktaking webinar which will be held Facebook Live, on Friday 26th June, at 10 am!

 

What we will cover will be 

-Various Stocktaking methods

There are several stocktaking methods that our user's typical use. We will be running over the options and how to proceed with each one in term. This will enable you to plan your approach.

-How to Stock Take whilst your shop is trading

We will run through what you should do so the shop can still trade which you are doing a stocktake. 

-Understanding Stocktake reports

You need a final figure, we will show you how to get that. Yet you can get so much more from your stocktake then that. We will run through many useful items that are available to you. Then you will need to consider and reviewed what you want from these points.

-Checking for variances, shrinkage and / or theft

This is almost as important as the stocktake valuation. We will be showing you how to determine how much of a problem you have here. We will also show you how to identify where it is happening.

-General Discussion

Got anything you wish to add or comment, go for it here.

To join, go to https://www.facebook.com/POSSOLUTIONSAU/Live  at 10 am!

Hope to see you then.

While you are there, why not go to the POS Solutions Facebook Page and like us? That way you will be informed on future webinars too.

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You need to plan before the stocktake

POS SOFTWARE

Counting your stock is a major task, but there is no alternative. It is the only way to determine what exactly you have in the shop and your stock shrinkage. That’s why you must count your merchandise.

So it is now time to start planning for the stocktake

 

-Make sure that your required staff are informed well in advance and they bare briefed as to what is going to happen.

-Familiarise yourself with the computer procedures, in your training system do a stocktake on some items.

-Make sure all the computers, PDTs and scanners are in place and working. Now is a good time to test them, do a few tests. Make sure that portable units are charged. Familiarise yourself with how your equipment works.

-Clean up the shop before the stocktake starts. 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 correct area (especially look at the spots under counters just in case something is hiding there), accessible and review any problem items eg damaged goods now.

-Put any laybys together.

-If you have items on consignment, mark them.

-Make holding areas where problem items discovered during the stocktake can be temporarily stored, move the problem items into it now,  any items waiting for dispatch there, items waiting to be picked up and items not entered into your point of sale software.  

-What works best is to divide your shop departments into discrete measurable counting areas. What you want is each area to be a few hours work for two or three people. You need people to do the count and the running around and then another person to enter the info into a computer. A PDT is really great as it can be moved around and probably save you one person in the team.

-I suggest giving each counting area a label and writing down on a piece of paper every area, then as each area is counted, marking it off. That way you do not miss areas.

-I think it saves time if you get out of your computer a listing of the expected stock in each area. That way while the person counting they know what to expect. "You sure mate, it is only four? According to the computer, there is another one there."

Any more than a few hours as anyone that has been through a stocktake knows how draining they can be. A few hours ensures that your counters 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 affected you do not need to shut down the shop and so turn away customers.

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

 

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It's time to think of stocktaking

POS SOFTWARE

Before anyone asks me, this question that comes up every year, "Do I have to do a stocktake?" because we all know it is a big unprofitable job that few want to do. 

The answer is almost certainly yes, click here for the ATO requirements. 

Besides the ATO requirements, Stocktaking is a necessary method of stock control. It is the only way of determining what stock has gone. 

As a first step, check the documents in your help documentation. There are four documents there; for you to look at:

Stocktake = Standard stock take 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 = A guide on how to upload stocktake data to and from another program.

Now please review the stocktake procedures in advance, even if you have done it a few times. The odds are you need a refresher course.

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

) Do a test run to get a feel of what is involved before the day? If you do not then on the stocktake day, you could have extra staff all waiting while you work it out. 

) Try and reduce the count. Why have the added cost of counting? Can you get rid of stock? For example, try to return as much of your stock 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? With the opening up after COVID-19, plenty of retailers are doing this now.

) 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 correcting stock info.

) Plan an actual date for the stocktake. 

) You may want to break the stocktake in stages to reduce on any one day the workload so make logical divisions for each section of the shop. 

) Go over the shop and put it in some logical order, so all the stock is organised and in place. Make sure everything is in its proper place. You should also check the shelves and labels are correct too. 

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

) Make a convention on how the count will be done. Usually, it is bottom to top and left to right. 

) While counting, remember that you can clean too. 

 

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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 {ATO link removed}

 

"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 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 = 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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Do I need to do a stocktake?

POS SOFTWARE

 

This question comes up every year about now. Stocktaking is a big job, and many want to avoid it. I refer you to the following ATO requirements for stocktaking here {link removed} where it states

"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 greater than $2 million,
or the difference between your stock level at the beginning and end of year is more than $5,000 (you can make a reasonable estimate to determine this)."

Another requirement is that to get out of a stocktake you need to show that you have a reliable stock control system if questioned. How do you prove that without doing a stocktake?

Reading this, it's clear that the major of our clients are required to do a stocktake. Having said this performing a stocktake is a valuable method of stock control its the best way of determining what stock has been lost to theft, spoilage or taken for personal use. I would recommend that all businesses do a stocktake at least once a year.

Please click here for an article on this question with more details.