A retail inventory count is an effective and accurate way to see what is happening inside your business. It helps you effectively manage your systems and processes while assessing stock levels, losses, and storage.
When you do an inventory count, it provides valuable data that you can use to improve your business, increase profits, and prepare for tax season.
Use Your Retail Inventory Count For Tax Purposes
If you are doing a retail inventory count for tax purposes, it will be an annual count. This is a complete inventory of your entire store.
When doing a full inventory count, breaking out your store into different departments is helpful to work out precisely what stock you have on hand. This helps with counting and allows you to assess damaged or expired items.
Having accurate stock data lets you know the actual value of your stock.
Monitor Stock Levels and Losses
If you can compare your account to your books, you can understand what is being stolen. This gives you more control over the stock loss and ineffective systems.
Having an accurate list of stock on hand allows you to be more efficient in your ordering, and you can see how your managers order stock.
How Often Should You Do a Retail Inventory Count?
When it comes to retail inventory counts, we recommend a quarterly or annual count. As we mentioned, an annual count is beneficial for accounts and tax purposes, and we call these end-of-year counts.
A quarterly and monthly count will give you a more accurate picture of your stock and the systems used to monitor it. By doing counts more regularly, you can keep your records accurate. This is beneficial for sales forecasts, purchasing, and ensuring you always have sufficient products on hand.
Why You Should Choose Trust Monarch with Your Inventory
You may think that you can go it alone when it comes to inventory counts, but there are many factors to consider.
- Do you have experienced and reliable counters?
- Do you have enough staff?
- Do you have an accurate system to deal with inconsistencies?
- Is there a time constraint?
An inventory count is more than just physically counting the stock on hand. We recommend using a professional company like Monarch, which has highly skilled and trained teams and technology to count quickly and efficiently and give you accurate data. We have adaptable technology that is suited to a variety of POS systems. Our software has built-in verification processes that give us immediate and continuous insights into the count. This lets us immediately pick up any issues and inconsistencies in the captured data. Once the count is complete, the data is verified with 99.9% accuracy, and we will only leave your store once you are completely happy and satisfied with your count and results.
Our teams can confidently handle any on-site issues. If you have provided us with all the necessary information, we can complete the count quickly without shutting down the business for long. We understand that time is money, and combining our team, processes, and technology allows us to efficiently and accurately perform your physical inventory count with minimal disruption.
Schedule Your Physical Inventory Count
If you want to get an accurate picture of how your business is running or if tax season is approaching, you should schedule an inventory count. At Monarch, we offer a range of services to suit a variety of business inventory needs with the expertise to excel.
Contact us if you want to learn more about how a retail inventory count can benefit your business.