A physical retail inventory count can be a tedious and stressful process, but it is vital to the success of your store.
Reconciling your spreadsheets with the actual stock in the store is a crucial part of running a successful retail business.
Whether using a manual counting method or your point-of-sale system, having a third-party audit is a great way to double-check your store’s standards and stock.
Why You Need to Get Serious about Physical Retail Inventory Counts
Keeping track of your stock is the cornerstone of small retail business success. You need to know whether your stock levels are off due to theft or internal system errors.
Here are some reasons your stock count could be off and why a third-party audit is valuable.
- Invoices could have been received by the wrong department.
- The delivered stock didn’t match what was on the invoice.
- The invoice could have been entered incorrectly.
Can You Prepare for a 3rd Party Audit During a Physical Retail Inventory?
Yes, there are ways you can prepare for a third-party audit during a physical retail inventory that will make the process quicker and easier. This applies whether you are doing a financial or scanning audit.
- Make sure each item has a price and is labeled correctly.
- Organize your shelves with everything in the correct place.
- If your backroom is being counted, ensure it is organized, items are accurately priced, and you have a prepped backroom sheet.
- You can also make sure that you have your categories set, and if you have different margins, have those ready.
These small steps allow us to complete the job quickly and make it more cost-effective for you.
Why Choose Monarch
With over 35 years of industry experience, we are comfortable with numerous POS systems and have the technology and staffing to audit your physical retail inventory effectively.
We know how important communication and careful planning is, and we will start the prepping process weeks or months in advance. This allows us to get familiar with your store, systems, staff, and stock.
Adaptability is essential, and although we have the technological systems in place, our teams are ready to think on their feet and solve any problems that might pop up.
At Monarch, we believe in a hands-on and transparent approach that allows our customers to benefit from our knowledge and dedication to successful results.
What Does the Process Look Like?
Our process is simple:
- We analyze your POS system to understand the item data structures and import/export process.
- We analyze your departments by looking at your categories and margins.
- We will then find a process that is most aligned with the results you want.
- Automation comes next as we implement the process and compare the physical count to your data on hand.
- Finally, we import the results into your system so that you have an accurate baseline for future counts.
We also prepare for your audit ahead of time. If you are using Monarch for the first time, we will come in a few days before the count to map out your store and create location breakdowns.
This helps us understand how much time we will need, how many staff members are necessary, and the best system to ensure accurate and speedy results.
In a retail store, we often start between 5:30 and 6 a.m., so we have some time to work while there are no customers. We like to be done by early afternoon to disrupt business as little as possible.
Let Us Take the Stress Out of 3rd Party Audits
At Monarch, we offer a premier or hybrid service that best suits your project. There are various ways you can prepare for a third-party audit during a physical retail inventory, so get in touch and let us help you make the process quick and straightforward.
