Keeping track of your inventory is important to the flow of your business. It helps you know how much and what to order and helps to control inventory shrinkage. Inventory shrinkage is, usually, due to shoplifting, internal theft, and misplaced goods. There are several ways to track your inventory, but you should choose a method that works best for your business. Here a few different ways to keep track of inventory.
– Computer systems can be used to keep track of large inventories. These, usually, use a barcode and scanning system. Once something is scanned and sold the computer system automatically takes that out of the inventory. It can also compile a database and make reorders much simpler.
Manual system- Many stores use a manual system. This can be a tag system where the cashier removes a tag and later they are added up for inventory. It could also be a list of items sold. Manual systems are probably best suited for smaller businesses.
Inventory counting- Some businesses choose to count the inventory at specified intervals. Once inventory is counted you can see what you need to order more of and what’s not selling. While this works for some businesses, it may not be right for yours. It’s important to keep track of sales and compare the sales to the inventory to make sure no items are stolen or missing.