Keeping track of your inventory is crucial for running a smooth operation. Whether you're doing a full count or just checking a few key items, a well-planned stock take helps you avoid surprises and keeps your business on track.
Here’s how to do it right, especially with a tool like WorkGuru at your side.
Getting Ready for Recording Your Inventory
Before you get started, you need to make two key decisions: deciding what kind of stock take you’re doing and ensuring you have the right tools on hand.
Let’s walk through these steps to help make your stock take process as smooth as possible.
Choose Your Stocktake Type
First, decide if you’re doing a full or partial stock take:
- Full Stocktake: Count everything in your inventory. Anything you don’t count will be reset to zero. This is usually done at the end of the year (EOFY) or when you need a complete audit.
- Partial Stocktake: Focus on specific items, categories, or locations. Whatever you don’t count keeps its current stock level. This is ideal for regular checks throughout the year.
Gather the Right Tools
To avoid double-counting, simple tools like stickers or tags can make a big difference. These old-school methods can be surprisingly effective.
Pro Tip: Use WorkGuru’s pre-formatted count sheets for each warehouse to simplify the process even further.
You can export these count sheets, distribute them to your team digitally or on paper, and then import the completed data back into WorkGuru. This flexibility supports digital and manual processes, depending on what works best for your business's inventory management.
Conducting an Efficient Stock Take
A few simple practices can make all the difference when it's time to count. We'll cover tips to help you avoid common mistakes and ensure an accurate stock take.
Best Practices for Accuracy
To conduct an efficient stock take, follow these best practices:
- Avoid Double-Counting: Ensure that every item is counted once and only once.
- Cover Everything You Want to Count: Make sure you have a clear plan for what needs to be included in the stock take.
- Assign Unit Costs: Don’t just count items; make sure each item has a cost associated with it. Counting products without assigning a value could result in incorrect profitability calculations later on.
Common Challenges and How to Overcome Them
One common mistake is entering counts without a unit cost. This can lead to serious inaccuracies in your inventory management.
For example, if you input a quantity of 10,000 items at zero dollars, WorkGuru will assume these items have no cost, leading to incorrect financial reports.
Always ensure that every count is accompanied by the correct unit cost to reflect true inventory value.
Post-Stock Take Actions
There are a few important steps to wrap things up. Let’s cover what you need to do next to make sure everything is accurate and up-to-date.
Immediate Steps After a Stocktake
Once your stocktake is complete:
- Double-Check Your Work: Make sure all items you intended to count have been counted and that each has an associated unit cost.
- Review Warehouse Counts Separately: Ensure that counts from different warehouses are kept separate to maintain accuracy.
- Analyse Inventory Data: Review changes in stock on hand value and ensure these are correctly journaled to your accounting system.
Analysing and Acting on the Data
After a stock take, it’s important to review the data collected carefully.
WorkGuru’s FIFO (First In, First Out) stock system allows you to look back at historical stock levels and values, giving you a clear picture of your inventory over time.
You can access detailed reports that show stock levels as of any previous date, helping you ensure that your financial records are accurate.
Utilising WorkGuru for Stocktakes
Preformatted Count Sheets
These make it easy to organise and conduct your stock take across multiple warehouses.
Advanced Reporting
WorkGuru’s reporting tools provide real-time and historical data, helping you monitor stock levels and values.
Ongoing Management
After your stock take, WorkGuru continues to support your inventory management by providing accurate, up-to-date information on stock levels, ensuring that your inventory stays under control.
Conclusion
Stock takes don’t have to be a headache. Just remember: with good preparation and the right tools, such as WorkGuru, you can ensure your stock is spot on and keep your business ticking over nicely.
Are you ready to step up your inventory management game? WorkGuru has the features and support to streamline your stock take process and maintain efficient inventory management year-round.
