Physical Stock Take Software

A physical stock take, or physical inventory, is the process of counting or measuring the stock at a company’s location or sub-location. The stock quantities from a stock take are known as quantity on hand, as they represent the quantity physically present, independent of whether the items have been reserved for future sales.

Physical Stock Take, Physical Stock Take Software

Just a little while ago the only way to do a physical inventory count for small businesses was by using paper and pencil. Employees had to go wall to wall and record all inventory counts manually, either by finding the right item on the inventory count sheets, or by recording item information on a blank form. Needless to say, this method isn’t effective or efficient as there are several issues.

It takes a lot of time to record inventory information manually, or to look for each item on the pre-printed inventory sheets. It is also prone to making mistakes, double counting some items and missing others entirely. Verification counts often do not match, and paper notes are misplaced or lost, resulting in multiple re-counts of the same area. Finally, all notes have to be manually entered into a computer – another tedious and daunting task prone to errors.

Previously small business had little choice. The alternative to manual count – using barcode scanners or mobile computers linked to a local computer network – requires initial investment not feasible to a small business.

Now, new technologies allow businesses of any size to use barcode scanning for physical inventory count and send data directly from a smartphone to the cloud, eliminating manual entries, there is no reason to continue doing inventory counts manually.  Many advanced inventory management system leverage a barcode scanner to improve the efficiency of the physical stock take by scanning barcode labels.

Stock takes are a frequent operation for retail and e-commerce businesses. One of the major selling points of a cloud inventory system like Finale is that stock takes are efficient to take and consistent because records are kept in a single location.

Physical stock take with mobile barcode scanner

Data is normally transmitted from the wireless barcode scanner to Finale via WiFi. If the warehouse does not have a WiFi access point or the WiFi is intermittent , the data can able by synced by docking the scanning and syncing via USB.

Physical stock take without mobile barcode scanner

Video Transcription

Hi. This is Will Harvey. I’m gonna give a quick demonstration of doing a stock take, or what other people call physical inventory, using Finale Inventory.

Starting off from the homepage, stock take would be one of the commands in the center column as you would expect, because the center column has all of the commands relating to items that are in your facilities. So, we’ll just do a stock take by clicking on the stock take button. And then creating a new stock take. When we do a stock take, we can pick which building, or container, or sublocation we’re doing the stock take specifically for. I can do the stock take for our sublocation number one, selecting it. Now, I see a list of items that are the items in this particular container. I can just go through this list as I’m walking through the container, or the bay, or the sublocation and type in the numbers, I may do this on paper first, or I may scan them in, type in the numbers of each item, product type that I have in that location. So this is 215, and 12, 96, 10, 210, 5, 210, 10, 323, 11, 10, 211, 210, and 210. At this point, if those were my counts, then my stock take would be confirming that I have in that particular sublocation the same numbers as I currently have recorded as my quantity on hand. No variance whatsoever.

But if the numbers were different, like let’s say instead of a 12, I only had 10 of these, then there’s a variance of minus 2. Meaning, when I did my stock take I didn’t find exactly what I had previously recorded. I save the stock take, and when I commit it, that committing of the stock take records a change associated with this stock take to our inventory records, memorializing the fact that at this particular point in time there weren’t 12 of those particular items, there were only 10. So that’s how you do a stock take or physical inventory in Finale Inventory.

To learn more about our cloud inventory management, please check out the capabilities and video tour to get more insight to learn if Finale may be good fit for your application.