By Fiskal Finance
Running a product business means keeping track of your inventory regularly. Stocktakes help you know exactly what you have on hand, and they’re especially important at the end of the year. This process can be confusing, but with some planning, you can make it efficient and accurate. Here’s a breakdown of how to get your year-end stocktake right.
First, let’s talk about why you should care. For a product business, inventory is your business and understanding your inventory is the key to success. Inventory = Cash. The better you manage your stock, the healthier your business will be. Regular counting helps you catch errors, keeps everything organized and avoids running out of products.
Instead of doing a huge count only once a year, consider doing cycle counts throughout the year. This means counting certain items more often to keep your inventory accurate.
Here’s how to prioritize your counts:
Frequency of Counts:
Preparation is key. Here’s how to set yourself up for success:
Make sure your systems are clean and updated. Here’s what to check:
Inform your customers, suppliers, and your broader team that you’ll be doing a stocktake. Let everyone know that things might slow down on that day. If you work with outside partners like third-party logistics (3PL) or warehouses, they should also be prepared.
This day is all about preparation. Here’s what to do:
On stocktake day, be ready to pause normal operations. Follow these steps:
Once the physical counts are done, upload the data to your system. The goal is to complete everything on the same day to keep your records accurate.
Stocktaking may seem daunting, but with proper planning and processes, it can be smooth and accurate. Remember, inventory is cash. And Cash is King.
Ready to unlock cash through stock management and boost your business? At Fiskal, we specialize in making inventory management easy and accurate for product-based businesses. Our expert team can help you use modern software tools like Cin7 to simplify your operations and make smarter financial decisions. Contact Fiskal today to learn more!