Stocktakes

Here’s advice from us about stocktaker for local small business retailers.

While our POS software offers stocktake features for fast and accurate inventory counting, a full end-of-financial-year stocktake isn’t always necessary. If you maintain disciplined retail operations, you can often forego it. Here’s how:

• Track incoming inventory at arrival: Use electronic supplier invoices or software-generated order files for easy recording.
• Track all sales at the point of sale: Scan every item sold.
• Track all returns at the point of return: Scan items returned to suppliers or written off.
• Conduct spot stocktakes: Regularly check sections of your store to monitor for potential theft.

Consistent and accurate execution of these steps provides a stock listing, equivalent to a stocktake, suitable for financial and tax purposes.

This daily, consistent stock management approach eliminates the need for a large end-of-year stocktake, saving time, labour costs, and providing more accurate data.

Traditional stocktakers may disagree, but their manual processes can be inaccurate. With effective management practices, their services become unnecessary.

For those who prefer stocktakes, our POS software simplifies the process. It offers features to save time and provide up-to-date inventory information.

Instead of a full store stocktake, consider a rolling stocktake, where you count sections of the shop at your convenience. This can provide more accurate data at a lower labour cost.

Our POS software allows you to stocktake specific areas, such as a shelf, aisle, or individual item, as well as the entire store.

Focus on high-turnover or high-risk items during sectional stocktakes, and schedule them to suit your staffing. This can be more cost-effective than hiring extra staff for a single large stocktake.

Based on our experience with thousands of Australian retail businesses, rolling stocktakes are often more efficient and financially beneficial, and can provide early indications of theft.

Effective POS software offers stocktake flexibility, maximising value for your business.

Quick Stocktake Questions (Tower Systems Software):

• Can my shop remain open during a stocktake? Yes.
• Can I pause and resume a stocktake? Yes.
• Can I use multiple terminals for stocktaking? Yes.
• Can I use a handheld PDE or PDA? Yes, many brands are supported.
• Can I use a laptop? Yes.
• How long does it take? Depends on your products, layout, and staff training. Time typically improves with practice.
• How often should I stocktake? Annually for a full stocktake, or weekly for rolling stocktakes.
• Do you offer training? Yes, we provide self-serve and one-on-one training options.

If you’re considering an end-of-year stocktake, explore implementing changes that could eliminate this requirement.

Stocktakes can be a thing of the past in your shop.