Keeping inventory is an important task in many businesses. By inventory we mean the amount of available goods and the procedure for counting them. Many companies carry out periodic inventory checks to make sure they are not running out of best-selling products, and to check that there is a correspondence between the total amount of products ordered and the physical count of the products in stock. If the result of the procedure is an excess or a shortage, this could be the alarm signal of a problem such as incorrect inventory detection or a possible theft immediately.
Steps
Method 1 of 2: General Approach to an Inventory
Step 1. Find a good place where there is enough space to take inventory
It can be an empty closet, a small office or a warehouse.
- Make sure the place of your choice is clean, dry, and well-lit.
- Make sure there is enough space, and enough shelving to hold inventory.
- Safeguard your warehouse by closing the door at the end of the day.
Step 2. Develop an inventory system that works well for your needs
Inventory systems can range from something very simple to elaborate systems.
- Organize your warehouse so that key products stand out front and are easily accessible.
- Keep products together when they are of the same type. For example, if you have a variety of printer cartridges in stock, keep them in one rack and organize them by manufacturer and model.
- Label each shelf, container or box, making inventoried products easy to find.
Step 3. Determine which inventory tracking method works best for your needs
There are many options available.
- If the inventory is small, the easiest thing to do may be to do the surveys manually.
- Choose an easy-to-use program, like Excel, or download free inventory management software.
- Create a spreadsheet with enough rows and columns to identify each product to be inventoried. Include the product and its description, code, style or model number. Write down the date you received the product, its cost, quantity, and the date you sold or put it into use.
Step 4. Make records of your inventory
Organizing your products makes it easier to count them and make records of the things you have in hand.
Step 5. Check the inventory total
If your starting inventory is inaccurate, you won't be able to match your ending inventory.
Step 6. Remember to track all products to be inventoried both inbound and outbound
Step 7. Do physical inventory and counting and register each product regularly
You can schedule to do this monthly, every four months or annually.
Method 2 of 2: Inventory Designation and Labeling
Step 1. Divide all objects by type
Create a category.
Step 2. Group similar objects into subcategories
Step 3. Assign a prefix to the category
Step 4. Assign a letter to the sub-category
Step 5. Pack and label all similar items by prefix, subcategory, letter and lot or box number
Step 6. Create a list with all the designations you have decided for inventory items
Step 7. Create a file with the position and contents of the boxes, the quantities can be marked in a list or photographed
Advice
- For more complex needs, consider purchasing professional inventory management software.
- When accepting incoming goods, be sure to receive the exact number of packages indicated on the delivery receipt.
- If more than one person manages your inventory, keep a copy of the procedures to follow at hand for all the staff who take care of it.
Warnings
- Do not stock an excessive amount of goods. Your stocks should meet consumer demands.
- Don't let the number of products in stock go down too much. You could easily run out of something before the next delivery arrives.
