Every business should be setup for a regular review of its stock. Owing to the number of transactions that take place on a daily basis, the practical period for checking that stock counts are accurate is the single work week.
Most stock can be checked either on the Friday or Saturday afternoon, Since most companies also perform a review to make sure they have stock onhand for orders to be processed early the following week, this weekly inventory check can be taken at the same time and orders completed and sent to the appropriate vendors.
Details to be noted in a weekly inventory are as follows:
1) Items On Hand (in each stock location)
2) Total Stock Count (per item)
3) Stock To Be Received (for orders already in system)
4) Transfers Needed (to complete orders)
5) Items On Hold (for Works-in-Progress queued to be sold)
6) Damaged Items
7) Overages Per Item (already received)
8) Variation Per Item (stock unsold since last stock check that do not show where they should be).
With a weekly check of each of these counts, you can quickly see whether your stock is sufficient for the following week, and before the end-of-week orders are finalized, you can update them to make sure the stock you’ll require for your customers will be available in your various locations. Two hours per week should be enough to keep your stock counts both accurate and will allow you to keep on top of any stock that has gone missing (thus enabling you to begin tracing the items for the weakness in your holding system).
SIMMS 2012 Inventory Management software is the best choice for you to perform stock counts for any required period. With a wide selection of stock reports, you can be certain that your current inventory counts — and their value — are always at your fingertips.