Physical Inventory Counts with Your POS
5 Tips For Physical Inventory Counts with Your POS
As a business owner physical inventory counts probably are not on your list of fun things to do. It can be monotonous, take hours, and for some, even require closing your business. However, your point-of-sale (POS) system can help make it a little less ominous. Here are some tips to consider during physical inventory counts with the support of your POS software.
Let Counting Technology Help You
Does your POS system offer inventory counting features or integrated hardware? For example, Pay2Amigos offers simultaneous stock takes that allows the use of multiple devices to count stock faster. What about scanning barcodes to count? Use your hand-held or stationary input device to scan, capture and read information contained in a barcode.
Alert Customers If You Need to Close
It’s not ideal, but it happens. If you plan to close to do a physical inventory count, alert your regular customers. Send a text or email via your POS system letting them know when you plan to close and for how long. Maybe even send a coupon to make up for the inconvenience. It also might be good to present the notice at the check-out counter on your LCD display. You can also have it printed on customer’s receipts through your POS as well.
Get Staff in Place and Trained
Make sure to get the right people and processes in place so you can stay on top of your stock. Who will be counting? It’s sometimes good to designate those who have been employed longer, as they are more familiar with your merchandise. Make sure they are trained on your processes and can use your counting technology.
Pull Inventory Reports
Lastly, after you finish, double-check and audit your reports. Make sure your numbers are correct. Pull reports and analyze your data from your POS software. What can you improve on in your business? Study the data and identify high-risk zones in your store. Figure out how to minimize shrinkage and losses in those areas. Also, compare old reports with your new one to find patterns. Are your inventory practices working? Are discrepancies decreasing over time?
Remember always to do a backup Copy
One of the most important things to remember is make a backup copy to store you file of premises in case of some type of peril.
If you intend to do physical inventory counts soon, consider some of the tips above. Hopefully these will make your task a lot easier. Contact Pay2Amigos if you want to set up a demo or you have any questions about our POS software.