There are a couple of reasons a company should implement a physical inventory process. Money and customer satisfaction, which in turn goes back to money. If you do not do inventory counts throughout the year, or at least annually, you could be overstating inventory which in turn makes the company pay more in taxes than necessary. More importantly, it makes it hard to determine if you have inventory shrinkage or the correct stock on hand to fulfill customers' needs.
Doing a physical inventory count can seem overwhelming; however, it is not a wasted investment. The more accurate your inventory, the better your customer satisfaction. Having the right part at the right time is a win-win for every company and every customer.
With growing technology use, the buying process has changed dramatically. People are busy and more and more apt to either order online or research where an item is before heading out to the store. Customers depend on accurate inventory as they map their day and if your inventory is wrong, the best-laid plans can go up in smoke. We have all personally experienced or had a customer arrive at a location and the item they need, which shows in-stock online, is not there once they are ready to purchase. This is very frustrating and could easily leave a bad taste in their mouth if this continues to be an issue. People don’t have time to shop around anymore with the way things are going lately. They want in and out. One unhappy customer can lead to many lost sales and lower profits all around.
An inventory management system like Acumatica guides you through your physical inventory step-by-step; however, there are important manual steps that need to occur as well.
With Acumatica tools you can do a physical inventory count process quite easily while it flows through the system. Inventory is correct, your financials are accurate, and your customers are happy.
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