Keeping track of an inventory can be complex for a retail store dealing with the traditional method of inventory management. But, not the same as an automated inventory tracking system.
This task is much easier for a retail store with an automated accounting and inventory tracking system. Once goods ordered are paid for and checked out, they are erased from the inventory record. During sales, the inventory system sends a message to the overall warehouse to order more stock into the store.
What is an Inventory To Retail Store Owners?
Retail store owners cannot do without inventory as it is an asset to them. In other words, they deal with goods, materials, and products daily. They sometimes run out of stock, and the need to restock is inevitable if they want their business to continue.
Do Retail Stores Keep Track of Inventory?
Certainly, retail stores keep track of their stock. Because, it helps make sure there is rarely too much or too little stock on hand. Without keeping track of their stock, they would, however, experience stockouts and inaccuracy in records. Not keeping track of a store’s log will cramp the health of their business.
How do They Track Their Inventory?
Retail stores keep track of inventory logs by making use of the following features,
Barcode Scanners:
A Barcode Scanner is for gathering information quickly by scanning barcodes on products. After that, this will be automatically uploaded to the system’s database.
Physical inventory audit:
Just as the name implies, it is by physically counting goods available in the presence of an accountant. It is an excellent way to control inventory shrinkage. For instance, when the number of products available in stock is less than that recorded on the inventory list.
Spot checking:
This tracking method identifies issues in inventory procedures before they become bigger problems. However, it involves running a periodic check on a particular department of the store.
It is a unique method of tracking inventory records used by company managers after implementing a new plan. For instance, an adjustment to the inventory management system.
Cycle counting:
Without an accurate inventory record, companies will not be able to optimize the use of this tracking type. Meanwhile, it is splendid for companies with a lot of inventory.
Between physical inventory audit and cycle counting, there is a major difference. During the execution of the physical inventory audit, the company pauses operations, so no items are moved during the audit. Because, it might disrupt calculation. On the other hand, the operation and movement of products do not disrupt the counting system.
Tips for Managing Your Inventory
- Auditing your stock records
- Consistency in how you receive stock
- Monitor all updates on product information
- Monitoring and analyzing supplier performance
- Practice the 80/20 inventory rule
- Prioritize your inventory
- Reorder and restock yourself
- Track all sales
10 Steps In Retail Inventory Management
How Can Vencru Help You Track Your Inventory In Your Retail Store?
Vencru is the easiest invoicing, accounting, and POS software – with unique features and benefits. You are 100% sure to perform inventory management, bookkeeping, retailing services, manage your clients, manage your employee sales and progress. All in one place.
With inventory management software integrated into our system, you’d be up-to-date on inventory. And, never run out of stock or suffer a loss on excess inventory.
It comes with a bonus called: Barcode scanning, used via your Vencru mobile app on smart devices. For example,
- You can instantly scan your goods, and they get uploaded to your inventory.
- Using the barcode scanner, you would be able to replace old stocks and keep track of those due for reordering.
- Your team members can use the barcode scanner option on their smart devices to keep inventory organized and ordered.
Using Vencru, grants you access to sending and receiving invoices for FREE!
With an option to generate invoices and use free invoicing templates, you can send and share an invoice instantly. It also means that you get paid faster!
Be you in the service business like,
- Photography
- Graphic Design
- Construction
- Consulting
- Catering
- Cleaning Service
- Education
- Painting
- Interior Design
Or in the product business-like,
- Hotel Invoice
- Retail Invoice Template
- Car Sales
- Pharmacy
Vencru has you covered with free customizable invoicing templates and receipts generator.
Final Takeaway
Keeping track of goods and products leaving your shelf at regular intervals or less can be challenging. Retail stores track inventory with the use of inventory management software. For example, by prioritizing your inventory, keeping track of sales, and so much more.
Sign up with us now! To keep track of inventory, with Vencru customized solely to meet your individual and small business needs. Make sure you stay tuned to our blog and get amazing resources to help you navigate the market. Good luck!
