Year End Inventory of Your Store
It’s that time of year again. As we get closer to the end of the year, not only are we thinking about Christmas, Thanksgiving, and new years, but we also have our minds on a more business-oriented task, year-end inventory of your store. It’s a daunting task. It requires getting a full list of inventory and comparing it to what’s in the Liberty Inventory Module. Printing up pages upon pages of inventory reports, comparing to what’s on the floor. It may require you to shut down for a few days of the year and costing you money for not being open. If there where only an easier way to do this. Luckily there is.
Say hello to the Resaleworld Inventory Reconciliation Module.
What Does Doing A Year-End Inventory Mean?
Doing an inventory is the act of taking a full count of items in stock, and then comparing it to a list of items recorded as in stock either on paper or through an inventory recording program such as Liberty Inventory Module.
When done, the end result is a clean list of “true” inventory.
Both the inventory list and the physical list will then match. This process gives stores an idea of how well they are keeping track of inventory, how well certain items are selling and will show any discrepancies as a result of bad record keeping, or more serious issues like theft. It can be very costly and time-consuming but with the help of the Inventory Reconciliation Module, it can take a difficult task like this and make it less painstaking.
So What Is This Inventory Reconciliation Module?
The Reconciliation Module is a tool developed by Resaleworld to make doing an inventory a less complicated venture. In a nutshell, it starts by taking a snapshot of your current database. It then lets you take a physical inventory by scanning all of your tags. Finally, it then compares your physical inventory with the snapshot you took and allows you to adjust your inventory within the Inventory Module based on shortages in physical inventory. We call this an Underage. It then provides you with a report of anything that was over what is recorded in the Inventory Module. We call this an Overage. In a perfect world, you complete the physical inventory scans quickly (within a day or two) of recording the current inventory snapshot, however, it’s not the end of the world if you don’t. If your physical scans include inventory that wasn’t in your snapshot (newly added inventory), it’s simply ignored in the comparison.
Conclusion
Doing an inventory can be a real pain and costly. No one wants to do it, but it has to be done for accurate records keeping. Thankfully, there is a tool known as the Inventory Reconciliation Module that can help with that. The Reconciliation Module will help save time, money, and resources. Allowing you to focus those resources elsewhere and allow you to continue to run your store more efficiently and easily. And as we all know, everyone likes to work easier!
If you are interested in hearing more about the Inventory Reconciliation Module please give us a call at 1-800-785-4800.
