In this fast-paced world, businesses will not survive without proper inventory management. Having too little or too many stocks in hand can result in revenue loss, which dampens your business’ growth. The best way to maintain your inventory’s health is to conduct regular stocktaking.

The purpose of stocktaking is to keep track of all the physical items stored in your storage facility. You process the findings into a comprehensive report and cross-check it with the records of your previous inventories. Stocktakes can be done every month, semiannually, or annually, depending on the inventory size.

If done properly, stocktaking gives you insights into which products are selling well and which ones are not. This information allows you to make data-backed business decisions regarding restocks, inventory reshuffling, and what to do with dead stocks. Stocktaking also helps you prevent theft and fraud, providing additional security on your inventory. All in all, proper stocktaking brings a lot of benefits to businesses of all sizes.

The only issue is that the process is time and energy-consuming. Not only that, but it can also be costly. While it depends on the service used and the size of the store, stocktaking can cost up to $3000 per store. For small businesses with limited buffers and inconsistent cash flows, the option of outsourcing a stocktake service does not seem cost-efficient. Consequently, small business owners must allocate extra time and manpower to carry on the process.

Thankfully, the penetration of technology in the business industry leads to the development of retail inventory software. By digitizing the entire stocktaking process, the software eliminates paper-based records and significantly increases the reports’ accuracy. It also makes tracking and integrating inventory in multiple locations easier.

AdvStock Inventories makes this innovation even more accessible by delivering innovative self-service stocktaking and retail inventory software in the form of a small business stocktaking app. Our small business stocktaking app is available for iOS and Android devices, making it super accessible for anyone with mobile devices.

To deliver optimal and accurate inventory management data, AdvStock Inventories release several small business stocktaking app solutions:

• Stocktaking apps for convenience stores
• Stocktaking apps for pharmacies
• Stocktaking apps for food and beverage
• Stocktaking apps for bars and clubs

As our apps are cloud-based, the reporting is delivered in real-time – ideal for fast-paced environments like restaurants and bars. Furthermore, our small business stocktaking app is user-friendly and ready to use upon installation, reducing the time needed for training your team and getting them involved in the next stocktaking process.

Mobile stocktaking is the new way of efficiently tracking your inventory, and AdvStock Inventories can help your business get off to a good start. Get in touch today for enquiries!