One of the proper inventory management methods is conducting an inventory count regularly. Nowadays, some people still process inventory counts manually (handwriting) rather than utilizing an inventory management system. This might be a challenge for any business because there is a high possibility of occurring errors and, it can lead to restocking an inaccurate quantity.
So why is inventory count crucial? Think of a situation where you are running a fast-food restaurant. You will have no time to record every transaction when your goods come in or out. So how can you process stock in/out every time someone orders food or delivers goods in your restaurant? Recording how many ingredients you've used in the process of every order will be your worst nightmare. Therefore, conducting an inventory count routinely will allow you to compensate for the times you couldn't record what went out, but also help you check what must be reordered.
Challenges of Inventory Counts
Inventory count is a challenging task. Not only is it difficult to do it properly, but it's also hard to learn what proper inventory counting is. Let's first look into the three common challenges of inventory counting.
The biggest problem for companies is that it takes up a lot of time and effort. However, the manual stocktaking process is time-consuming, repetitive, and likely to have mistakes. It is hard to predict when your shop will be operating a physical inventory again. It can result in inconsistent tracking because you have no idea when and how long it will take to finish the procedure. Even if you have numerous teammates that can conduct an inventory count with you, inventory count is still difficult work. Not only is doing the actual count extremely time-consuming, but also making a list of your current inventory, assigning who will be doing which part, and collecting the data for a final check is also time-consuming as well. That's why most companies conduct the count on a separate day or just don't do it at all. The amount of energy and time it needs is a bit overwhelming.
2. No Barcodes
If your items don't have barcodes attached, it's likely that inventory control will be harder. Barcodes are not only a unique identifier for each product, but it is the link between your item and a database for item information. For example, when you check out a product in the supermarket, the price shows up when the barcode is scanned. If it didn't have one, someone would have had to go through a list of items and its price.
3. Inaccurate Data
Even if your team has conducted a massive inventory count, it's difficult to check and prove if the counting is right. Especially if the counting was done on a paper with pencil, the probability of the error goes up. Writings can be mixed up as well as calculations being incorrect during the procedure.
Best Inventory Count Practices
It's not always practical to take the time to count every single stock regularly. However, there are some practices you can try to effectively manage your stocks as follows:
1. Set a Perfect Schedule
Select a designated date to conduct the inventory count. It can be once a day(at closing time) or once a month depending on the size of your store or warehouse. Since performing a count during the operating hours is difficult stocks will be constantly coming in and out, it's recommended to do it after the store closes.
2. Generate Barcode
If your products don't have barcodes, create and attach to your item for efficiency. With this, not only identifying items is easier, but also all item history can be saved for better tracking.
3. Scan Barcodes
Another reason barcodes are important for inventory count is that act of scanning compared to manual counting, can comparatively save time. With a barcode scanner and barcodes, scanning the barcodes repeatedly is all you need have to do when counting your inventory. This also prevents mistakes compared to when counting manually on a paper.
4. Use Inventory Count System
Use the right tool to save time and prevent errors. An inventory count system that provides a mobile app with barcode scanner support is best recommended.
Overcome the Challenges With BoxHero App
Maintain accurate and up-to-date inventory data by using the Inventory Count feature in BoxHero mobile app. It not only allows you to increase the inventory accuracy but also helps you to even forecast your inventory. Scan barcode or QR-code right from the mobile app and count your inventory right ahead.
An Effective Inventory Count System: BoxHero
Implying BoxHero helps you to find and classify similar inventories from the item list quickly. Also, it is much easier to enter the current stock quantity by using BoxHero mobile app because you can use your mobile camera as a barcode scanner to check your inventory directly. Moreover, if you have items without barcodes, you can generate and print labels with the template you want. In addition, the inventory count reduces having low stock and overstock situations. It leads to earning customer trust maintaining the optimal quantity at all times. Improve your stock management by using errorless inventory software and finally properly manage your inventory with increased efficiency.
Easily Count Inventory with BoxHero.
BoxHero supports features that are ideal for inventory count in a busy industry, such as:
Easy inventory count feature.
Generating, printing, and scanning barcodes are all available at once.
Checking inventory forecast and financial status with 'Analysis'.
Receive notifications for items' low stock and prevent stockout.
BoxHero's cloud-based system allows creating and sharing transactions with your team anywhere, anytime.
Having a hard time managing your inventory? Try BoxHero now.
BoxHero is an easy inventory management solution for everyone.
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