How to Improve Inventory Accuracy

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Inventory control is one of the most important operations in a retail business. Making sure you have enough inventory on-hand and that none of your inventory has disappeared is crucial to being able to serve your customer. If your business has inventory control problems, with a little work you can increase the accuracy of your system and better manage your retail business.

Take an inventory of all merchandise currently in your system using your inventory control or POS system. Before you implement any inventory control changes, it is important to know what inventory you have on hand right now.

Implement a business procedure requiring that all damaged, lost or stolen inventory must be reported in detail. This can prevent carelessness and communication problems when it comes to inventory control, reducing discrepancies in your inventory over time.

Implement a rolling inventory system if you haven't already. Doing a complete inventory is expensive and time consuming, but doing an inventory of one department or section of your retail store is fast and efficient. Set up a rolling schedule to inventory each of the departments or sections of your business and stick to it.

Consider upgrading to a POS system that interacts with your inventory control system if your POS software doesn't already. Most common inventory problems arise as a result of poor record-keeping or entry errors. By integrating your POS system with your inventory control system, on-hand quantities of products are subtracted automatically as sales occur, increasing inventory accuracy and giving you better control over your inventory.

Tips & Warnings

  • If you don't have many employees and cannot complete an inventory of your business, hire an outside company to complete an inventory for you at a reasonable price.

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