Ensure a seamless end of year stocktake with these helpful tips.
Whether you’re a small business or a large retailer, January is the time to face the critical task of wrapping up the previous year with a thorough stocktake. This process is essential for reconciling inventory, evaluating sales performance, and preparing for the year ahead.
Here are some practical tips to ensure your end of year stocktake is smooth and successful:
Leverage inventory management software or barcode scanners to simplify the stocktaking process and reduce manual errors.
Cross-check physical inventory with your records. Investigate and resolve discrepancies to ensure accuracy in reporting.
Highlight items that didn’t perform well during December sales. Plan promotions or discounts to clear out this inventory in the new year.
Analyse how well stock levels matched demand during the holiday season. Use this data to refine your ordering process for the next peak period.
Factor in post-holiday returns when finalising inventory counts. They can significantly impact your stock levels.
Maintain detailed documentation of your stocktake process, including discrepancies and resolutions, to ensure transparency and readiness for financial audits.
Use the insights from your stocktake to set inventory management goals, such as reducing waste, optimising stock levels, or improving order accuracy.