Uncovering the Gains of Financial or Scan Inventory Count
After the dust settles from the busy holiday shopping season, the last “50% Off Sale!” signs are taken down and all eyes are turned to the New Year, one of the first priorities becomes Physical Inventory. While perhaps not the most delightful experience in the world, it is a necessary and very important aspect of running any retail business. The approach you take when you have a physical inventory conducted is everything—if done accurately it can Reveal critical errors (saving you thousands of dollars), or if it’s done poorly it can Create critical errors (costing you thousands of dollars).
The inventory levels of a single business or a chain of stores needs to be perpetually monitored. Extra inventory, or too little inventory, costs money in lost sales and worthless assets. If you don’t have the product on the shelf when your customer wants to buy it, guess who that customer will end up giving their money to? You guessed it—some other store. And if you have hundreds of items sitting in a warehouse or backroom, guess who’s buying them? Nobody except your Accounting Department, and certainly not the Customer. Inventories are not “one size fits all”; whether you need a Financial count by Department, or a SKU/UPC Scan Inventory count, depends on numerous factors. Download our short brochure on the difference, or contact a PICS Sales Manager for more information.