Why Taking a Stock Take Is More Important Than You Think

Part of running a successful business is knowing what stock you have, how much and what’s missing. This is why it is so crucial to perform stock takes regularly, a process which can be easily facilitated with the help of XtraPOS Cloud.

But Wait, What Is A Stock Take?

A stock take is the process of counting the items currently in your inventory, followed by comparing the quantity counted to the quantity inputted onto your point of sale (POS) system. This accounts for stock loss, improves ordering accuracy, and boosts accountability which leads to better financial management.

Make It Easier With XtraPOS Cloud

Manual stock takes are not only time-consuming, but can often result in errors due to miscounting. When using XtraPOS Cloud the process becomes much simpler and faster. XtraPOS Cloud displays all of your stock and their amounts, as well as alerts you of variations in stock amounts. Additionally, when using the XtraPOS cloud mobile app, items to be counted can be scanned individually in a fast way, or scanned once and have their quantity adjusted from the system itself.

Once new stock amounts are inputted and variations are pointed out, you can use this data to:

• Identify losses of stock, such as due to theft, data entry errors or expiry. Such tracking is available both in terms of quantities and also 

• Compare sales vs stock amounts to identify stock usage, match sales trends to stock usage, and compare stock usage to that of previous months to find patterns or unusual drops.

• Regularly track stock take depletions or variances on a per outlet or chain basis

• Adjust stock orders according to what is left and what is selling at the end of each month.

Not only is regular stock taking a valuable habit to develop for logistic reasons, it also helps identify minor issues before they become harmful to your business.

Watch our full tutorial on how to carry out a stock take on XtraPOS Cloud below