Stocktake

How To Do Stocktake For Magento Merchants?

Stocktake (or stock counting) is the process of inspecting and recording the current quantity of products. It is not only an important part of inventory management, but also affects buying, production, and sales decisions. Like any other aspect of inventory, the method of stocktaking can differ greatly depending on particular issues incurring among businesses.

Why do you need to do stocktake?

In addition to the purpose of satisfying the tax obligations, there are several other advantages to stocktaking:

  • Gain a clearer picture of your stock status
  • Make buying decisions
  • Improve your cash flow.
  • Detect fraud and stock-level discrepancies
  • Conduct pricing plan
Stocktake process
Stocktake process

The stocktaking process

  • Select the ideal time period

It’s important to pick the right time to check your stock. Stocktaking is a time-consuming process. Hence, retailers should schedule it for days to assure an effective stocktake process.

  • Prepare stock sheet

Your current stock taking system should include printable stock sheets. Many software solutions make this possible with only a few mouse clicks.

  • Carefully organize the stock

It is important that retailers keep track of any inventory that has been sold but has yet to be shipped or picked up by a customer. After that, you should begin categorizing your current list.

  • Organize your staff

You might want to assign a different staff member to particular stock categories. Notice that it would be better to have more people check large groups.

  • Verify your stock.
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After you’ve completed your count, you’ll need to verify your stocktaking process. Any discrepancies should be noted and taken into account.

  • Make changes to your stock information.

Finally, you must update your stock records with the results of your most recent count. This should be an easy process if you’re using a software solution to track stock.

Attention checklist of stocktake

  • Set a date and time for the stocktake when you will be alone and unaffected.
  • Before the count begins, make sure your stock records are up to date and print them out.
  • Count the physical stock products and report the total number of items in your records. 
  • Examine the documents for any inconsistencies
  • Keep an eye out for any surplus inventory that needs to be disposed of
  • Make sure the financial documents are up to date.
Product checking
Product checking

Stocktake function in POS system

A simple payment process, a single computer, or an integrated computer network with point-of-sale software may all be used as a POS system. It may also be a handheld computer, such as a laptop, tablet, phone, or specialized terminal, which can be used to conduct online sales transactions from a distance. 

POS systems can be used in several different ways. Small companies that sell goods would benefit the most from them. Businesses that sell goods or use products they want to monitor in their manufacturing process would benefit from POS systems that track inventory.

ConnectPOS is a leading POS software that offers worldwide retailers many excellent features. With ConnectPOS, retailers can effectively take stock and timely solve inventory issues. Also, we offer a 14-day free trial for any businesses that are paying attention to the outstanding solution.

ConnectPOS
ConnectPOS

In conclusion,

Stocktake always plays an important role in the stock management process regardless of any product-based business or any level of business complication. We hope that this article will somewhat help businesses better understand the stocktaking process and improve for particular purposes.

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About the Author

Quinn T.

Quinn T.

Quinn T. is an enthusiastic copywriter at ConnectPOS - a leading Point of Sale provider. Focusing on the retail industry, she has researched and followed closely to various technology solutions that support an omnichannel journey.

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