If you are running a stock-based business, doing a stocktake regularly and correctly is essential. Having updated knowledge of the stock levels held in the inventory helps to avoid over-stocking, prevent stealing, and identify damaged or misplaced stocks. Proper stocktaking also lets you detect slow-moving or dead stocks and reconsider your pricing strategy. In other words, stocktaking highlights any issues within the warehouse processes.

All the insights gained from monitoring your stock levels make increasing your gross profit easier. You also have better control over allowances and reduce waste. If you are dealing with perishable goods, stocktaking helps you maintain productsÕ quality by keeping track of their expiry date and packagingÕs condition.

Traditional vs Digital Stocktaking

You know the importance of doing a stocktake. The next step is to figure out whether you want to do it manually or digitally. To help you make the smart decision, letÕs see the pros and cons of both methods.

Traditional stocktaking has low starting costs where anyone can perform the process with paper and pen. It requires almost no training costs and is not prone to hacking attempts. As long as you store the documents correctly, you do not have to worry about losing any records.

That said, manual inventory control is highly time and energy-consuming. It is also susceptible to theft, loss, and human error Ð causing significant financial losses in the long run. Since there is no way to track issues inside the warehouse process, mitigating the damages can be hard, if not impossible.

In comparison, digital stocktakingÕs biggest flaw is its potential for a system crash. Power outage, a corrupt hard drive, and other technical issues can interrupt the warehouse processes.

However, retail inventory software today is so versatile that it can streamline your business processes. For instance, integrating the tool with accounting software helps you track cash flow. Retail inventory software can also forecast trends and generate strategic planning reports, allowing business owners to make sound decisions based on up-to-date facts. Despite costing more than the traditional method, digital stocktaking minimises human error, saving you from making expensive mistakes.

Digital Stocktaking With Advstock Stock Inventories

One of the biggest concerns of doing a stocktake digitally is the costs of the software and hardware required to carry out the procedure. Advstock Stock Inventories aims to solve this issue by developing a cloud-based, self-service small business stocktaking app to the retail, wholesale, manufacturing and hospitality industries across Australia.

Our stock and inventory app can help you design a custom stocktaking solution to optimise your business processes. The small business stocktaking app is available in Apple and Android app stores, meaning that you can leverage your resources from anywhere to perform stocktaking cost-effectively.

Advstock Stock Inventories offers stocktaking apps for convenience stores, stocktaking apps for pharmacies, stocktaking apps for food and beverage businesses, and stocktaking apps for bars and clubs Ð each type comes with different features to support the niche industries.

Get in touch to know more about our self-service stock and inventory app. Start stocktaking the smart way with Advstock Stock Inventories!