As an integral part of your business, managing stock can be a timely and costly task – and like any business process, it’s important to continually review, improve and evolve your procedures to allow for efficiencies.
The Top Causes of Stocktake Variances are:
• Differences between invoice date and received date
• Incorrect invoice quantities – reorder code / pack sizes
• Incorrect counts / data entry errors / wrong locations
• Incorrect items sold at the POS terminal
How to Minimise Stocktake Variances:
For efficient stocktakes, you need the right processes and the right tools.
• Undertake spot checks weekly – during quiet periods, have your staff do spot checks on items that usually appear on variance reports. This way any variances are managed on a weekly basis, rather than once a month. It will also encourage your staff to be more engaged in the inventory management process.
• Always scan a barcode if a stock item has one.
• Input electronic invoicing via ‘Invitbox’ – no more data entry errors!
• Practice same day invoicing.
• Ensure immediate transfers on PDA or at the POS terminal.
• Use wrist ID for drastically increased security at the POS terminal. This encourages staff accountability.
• Separate tasks – split the stocktake cycle. No one person should complete the whole stocktaking process.
Are your current stocktaking processes slowing your business down?
Ask yourself these questions:
How long do you spend on stocktaking per month?
How many people are involved in your current process?
Do you have the right tools to complete the process efficiently?
• Use SENPOS Roam – our unsurpassed stocktaking PDA. Using a stocktaking device is the most efficient means of counting stock and allows you to be proactive with your stocktake. SENPOS Roam is our exclusive stocktaking PDA. This software helps streamline the stocktaking process and create efficiencies.
Need Proof? One of our clients, across three venues, would spend seven days stocktaking using nine staff members. Since implementing SENPOS Roam, it now only takes two people just two days to complete the once arduous task of stocktaking.