{"id":147645,"date":"2023-07-06T09:18:43","date_gmt":"2023-07-06T09:18:43","guid":{"rendered":"https:\/\/businessyield.com\/?p=147645"},"modified":"2023-07-06T10:26:13","modified_gmt":"2023-07-06T10:26:13","slug":"business-inventory-check","status":"publish","type":"post","link":"https:\/\/businessyield.com\/bs-business\/business-inventory-check\/","title":{"rendered":"BUSINESS INVENTORY CHECK: Why Is It Important?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

As a small-business owner working to keep track of inventory, you know that unexpected surges and lulls in client demand, supply chain snags, and miscategorized products may all make inventory tracking a huge problem. However, this is a nuisance that you should not have to deal with when running your business. To successfully maintain and expand your business, you must be able to check your inventory smoothly and consistently so you know what’s selling, what isn’t, and when to reorder. Here, we’ll go through the basics of inventory check and management, including some software you can use for your business.<\/p>

What Is an Inventory Check In Business?<\/h2>

Inventory check is the practice of ensuring that all things in a business warehouse or store are accounted for and in the correct quantities. It assists organizations in keeping track of stored products, assessing stock levels, and minimizing loss due to theft or waste. An inventory check is a necessary step in keeping your business running effectively; after all, if you don’t know what you have, you won’t be able to give clients what they require. Inventory checks entail a methodical assessment of items on hand, confirming invoices and purchase orders for accuracy, and refilling shelves as needed. In a nutshell, it’s the secret to effective inventory management!<\/p>

How To Make A Business Inventory Check<\/h3>

The particular way you check your inventory will differ depending on the size of your business, the products you sell, your budget, and a variety of other considerations. However, here are some high-level measures that every company can take:<\/p>

#1. Designate someone to be in charge of inventory management.<\/h4>

If your company manages a large amount of inventory with a variety of products (especially perishable things), you may want to hire a full-time inventory manager. If physical inventory is a minor component of your organization, inventory tracking may be delegated to a manager in addition to their other duties.<\/p>

#2. Choose a system for inventory management.<\/h4>

Depending on the quantity and complexity of your inventory, you may be able to manage it with a spreadsheet (or, in some cases, a notepad). However, in most cases, inventory management software will save organizations time and money while providing more accurate inventory tracking data.<\/p>

#3. Determine how frequently you will need to run inventory.<\/h4>

If you use inventory management software, your program will handle much of the daily and weekly inventory monitoring for you and keep you up to date via dashboards. Inventory managers can monitor these dashboards on a daily basis and as needed to ensure that everything is in order, as well as prepare reports to share with other stakeholders.<\/p>

If you manage inventory manually, you should check inventory levels regularly or at least monthly to stay ahead of shortages, oversupplies, and expiring business merchandise. You’ll also need to keep track of when new inventory arrives and when inventory departs in order to manually update stock levels on your spreadsheet.<\/p>

#4. Install your inventory tracking equipment.<\/h4>

Whether you use software or not, inventory tracking devices (barcode scanners, QR code scanners, RFID scanners, and so on) can assist take a lot of the tedious effort out of inventory tracking. <\/p>

If you don’t have inventory management software, you can still employ barcode scanners to improve inventory tracking. Instead of syncing with your inventory software, the barcode scanner will just deliver a string of data to the computer or mobile device to which it is connected, effectively transforming your scanner into an input device. This method isn’t as effective as using inventory management software that detects scanned data and automatically updates inventory information, but it is significantly more efficient and accurate than manually inputting strings of data into a spreadsheet.<\/p>

#5. On a regular basis, audit your inventory tracking.<\/h4>

Unfortunately, inventory management is not a “set it and forget it” business. It’s critical to shake down your inventory monitoring system on a regular (monthly or quarterly) basis to eliminate inefficiencies, double-check accuracy, and identify areas for improvement.<\/p>

Here are a few points to consider while conducting an inventory tracking audit:<\/p>