Why you need to perform an end of year inventory count and how to make it easier

22 Dec 2020

The year is coming to a close, and for many that means festivities and time off work, but for those in the inventory business, it means it’s time for the end of year inventory count.

The year-end count can feel like a big job, but it is a necessary evil. Especially during a time when many businesses have had little access to their physical premises and stock, it’s vital that you’re able to keep an accurate overview of your stock. Not only does this help you to avoid issues like stock-outs, it also equips you with the data you need to make smart inventory decisions as we enter the new year.

So, if you need to do it, is there a way to make it easier? Take a look at these tips for taking the pain out of the year-end inventory count.

Use the right tools

Getting yourself set up with the equipment you need is the fastest way to make sure things run smoothly. Instead of writing things down, which can lead to mistakes and slow you down, look at a system that records things digitally. With a great order & inventory management system, you’ll be able to view inventory data that lives in a centralised system and stops you from having to enter data twice.

Schedule the count for a sensible time

For some businesses, the stock-count means putting a pause on business operations. If this has to happen to stop the ‘moving target’ effect, do so in low trade hours to reduce disruption.

Due to Covid, you may find your stock count has to be done with some differences this year. Perhaps you need to go ahead with fewer staff to accommodate physical distancing. If this is the case, make sure you schedule in plenty of time to adjust for the smaller team. Think carefully about how Covid will impact your stock checking process this year, and make sure you plan in adjustments accordingly.

After your count

In order to grow, a business should always be looking for ways to improve. So, where can you improve when it comes to stock management?

Look at cycle counting. Cycle counting is a method of inventory counting that relies on a small portion of inventory to be representative of the wider inventory held. It can save time and resource and might produce equally good results for your business.

Find a better way to keep track of your inventory. Doing things manually can cause for mistakes and often means your team spends extra time on double data entry. With the Workhorse cloud-based order & inventory management system, you’re put back in control of your inventory with a centralised dashboard containing all your relevant inventory data. This information can be used to keep a better oversight of your inventory, and as a toolkit for making better inventory decisions.

To find out more about how Workhorse can help you reduce manual processes, learn about what we do.

Ready to transform your inventory management?

Ditch the spreadsheets and provide your team with the tools they need to make better inventory decisions.