We recommend scheduling a physical retail inventory quarterly or annually. Deciding when to count your inventory will depend on the purpose of the count.
Counts for tax purposes are usually done at the end of each year, while counts to monitor stock levels and prevent stock loss are done more regularly.
Physical inventory counts can be time-consuming and can take away your customers. So, planning ahead and scheduling your count at the most convenient time is important.
Annual Physical Retail Inventory
We often call annual inventory counts end-of-year accounts because the reports and data are used for account management purposes and taxes. These counts let you know the value of the product you have on hand at the end of the year.
Annual counts give you an overview of your entire store and ensure that the stock on hand matches the reports your stock system is providing. This is important for reconciling your accounting data for tax purposes.
Quarterly Physical Retail Inventory
Performing quarterly and even monthly physical retail inventory counts gives you a more accurate picture of your store’s performance.
Here are some of the benefits of regular inventory counts.
- Inventory shrinkage: You get an accurate picture of stock that is missing, expired, improperly scanned, or stolen.
- Stock levels: Regular physical inventory counts help you understand what products are popular and which are not. This helps you with ordering and prevents stock from expiring.
Quarterly and monthly counts can also be partial counts where you inventory items from a specific area. This allows you to gather data on your stock levels without stopping operations.
Scheduling Depends on Your Goals
If you have effective and efficient staff and stock management systems in place, then an annual count may be sufficient for your business. Quarterly counts can be beneficial if you have large quantities of stock and are concerned about your management practices. The data that physical retail inventory counts provide allows you to understand buying trends and will enable you to maximize your stock for a profit.
At Monarch, we offer a discounted rate based on the frequency of your counts. Existing customers also have their end-of-year counts scheduled more quickly than new clients. You don’t need to be present at the count if you are a legacy client with us. When working with a first-time client, we prefer to have somebody on hand.
Trust Monarch With Your Inventory Count
After receiving an estimate from our service team, we will begin the pre-planning that allows us to move through your account quickly and efficiently.
We will ask you for information regarding the type of inventory count you’d like, the size of your store, what staff you have on hand, and how you would like the final data delivered. If we are doing a full scanning inventory, we will upload all the new data, and we will only leave your store once it is complete and you are satisfied.
Your organization upfront allows us to get accurate, data-driven results quicker, which saves you money. We will also walk you through the final report so that you feel comfortable with the results and can use the data to benefit your business.
Prioritize Your Business and Schedule an Inventory Count
Monarch offers inventory count solutions to suit your business. Whether you want to get an in-depth look at your business through regular inventory counts or if a snapshot annual count is sufficient, we’ve got you covered.
Using our comprehensive process, we will guide you through the planning stages and help you get the count results you want. With efficient teams and adaptable technology, inventory counts don’t need to be an inconvenience.
Contact us for a free estimate if you need to perform a physical retail inventory.
