Thursday, November 5, 2015

Year End Physical Inventory

Amazing how quickly 2015 has gone by and I am sure that many of you are thinking about performing a year end physical inventory count.  Some quick tips:
  1. Be sure to reserve any equipment needed for your physical inventory early - I know that demand can be high to rent equipment for the last half of December.
  2. Take some time to review the correct way to perform a physical inventory count within your specific point of sale system - nothing worse than having to redo a count or having the count overwrite quantities on hand when you are not ready.  Your point of sale partner/dealer/VAR might be able to help as well with some basic refresher training on physical inventory counts.
  3. Depending on your point of sale system and accounting method, you may also way to consider performing physical inventory counts by department or category using a monthly rotation or similar process. This is a great way not to be overwhelmed by trying to count everything at the end of the year.
  4. Don't forget to count stock that is not out on the floor but has been received.
Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at There is also a contact form to the right that can be used to reach me.

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