Wondering what is a stocktaking app? This is a tool designed to manage stock easily and improve inventory.
There is no doubt that manual stocktaking is labor-intensive and time-consuming. Also, due to lack of computerization, it is hard to share inventory information.
That’s why small and large business owners have turned to digital stocktaking because the process is fast and accurate.
If you need to keep track of your stock, you need the best inventory management tool like Erply stocktaking app. Manage your stock like never before with this tool.
Stocktaking app overview
If you operate or own a store, you know the importance of taking stock. Depending on the volume of products your company handles, you might need to carry out stocktaking weekly, bi-weekly or monthly.
You need to conduct stock takes regularly to ensure you know exactly what you have in hand. You do not want to send away your clients because you are out of stock. Also, stock taking is a crucial undertaking for any business that deals with goods.
You do not want to risk overstocking too.
How to perform a stocktaking in easy steps
Stocktaking needs to be executed properly in order to be of significant help. Follow these easy steps and your process will go smoothly. We are experienced pros when it comes to managing stock.
Also, we have our own stocktaking app so we know the stocktaking process than anybody else.
Choose a good time for stocktaking
Choose a suitable time to record your stock. You can choose day and time when sales flow is low or can set aside some hours to accomplish this process. You do not want unnecessary distractions that can lead to miscalculated figures.
Prepare your stock
Check your products to ensure that they are correctly labeled. If your products use barcodes, make sure that they are easy to read with a barcode scanner. If they have labels, one can read a good description of the product.
With the Erply stocktaking app, you can scan a barcode right from your phone. This eliminates external hardware costs and streamlines the warehousing process by ensuring all product scans are 100% accurate.
Get the right software or app
Get the right tool such as Erply to take your stock. Use the app to add and edit items in your inventory. It comes with an inbuilt barcode reader to add items. It will automatically enter date and can categorize your products easily depending on their characteristics, usage, etc. You can access the software via web or have the app in your smartphone or tablet.
It is worth noting that the tool has a detailed sorting system to help with locating your items easier.
Many inventory management programs, like ERply’s stocktaking tools, have an alert feature that you can use to inform when your stock is running low.
Importance of stocktaking and how it can help retail processes
Just like I mentioned before, stocktaking is extremely useful to any business that wants to grow.
You will be able to identify stock issues and rectify them before they become a big problem, measure how your products are performing, know how many products you have, eliminate theft in your business, discover dead stock, just to name a few.
Correct stock issues with Erply’s Stocktaking app
The Stocktaking app will help discover and fix stock issues. Common issues include;
- Misplaced stock
- Poorly labeled items
- Un scanned items
- Missing items
A good stocktaking app will help uncover and fix these issues. It is crucial to fix these problems before they become bigger problems such as expired stock, stock-outs or overstocking.
While the Stocktaking app allows for inventory rapid scanning, you can also enter the amount of items being received after scanning one barcode. Custom item entry means your warehouse workers don’t need to scan 100 barcodes during a large shipment — they can scan one code, enter the number of items received and move on to the next product.
Increase profit for your business
It is a fact that stocktaking will increase profit for your business by reducing discrepancies and loss. When everything is organized, it is easy to tell which products are fast selling so you can order more and which products are slow-moving so you can order less.
This will save you money in the long run.
Reduce inventory shortage costs
A stocktaking app will reduce inventory shortage costs. Inventory shortage costs include missing sales due lack of stock, etc. A great inventory management app will inform which products are at risk of running out.
This is a threat to your retail store. There are many employees who steal from their work. They might steal products, steal gift cards, and steal customer identity. Stocktake will help prevent and detect theft.
Ensure your business is meeting targets
Conducting regular stock takes will provide valuable information like fast and slow moving products, show where there are discrepancies, etc.
If you have items that have been on the shelves for a long time, this is a sign that they are not popular hence you need to cut their price so as to sell them.
On the other hand, fast-selling items shows the products are popular. This means you can order more plus their related products. By doing this, you will meet your business’ targets.
Stocktaking and covid-19
Why during the coronavirus stocktaking is more important now than ever before
No matter what kind of business you have, stock taking is extremely important especially now we have been affected by coronavirus. All businesses have felt the impact of this disease.
Many stores remain shut down. For those that are open, stock is moving slowly. Knowing what you have in stock is crucial.
By taking stock, you will keep your stores well stocked with fast moving products.
Work closely with suppliers
There are shipping delays due to this pandemic of covid-19. Therefore, you need to keep in close contact with your suppliers so as to secure the items that you need most.
Discover and fix stock issues
Because of the effects of the coronavirus, many products have increased in demand while others have decreased in demand. It is vital to note these changes so as to reduce overstocking of products that are not in demand.
Also, stocktaking will highlight any shortages that you did not know of. Regular stocktaking alone will help you monitor stock with expiry dates plus help you see if there is a dead stock or not.Sign Up