How To Prepare and Execute a Year End Inventory Check

3 min

A year end inventory check is a hassle for some people but with a little knowledge and planning along with inventory management software, it is easier to get done faster and with more accurate results. Here are some helpful ideas on making it work out easier for everyone.

Find Your Current Status

Figure out what you think is your current inventory status, such as what you believe to be in stock, so you can easily compare it to what the accurate count is after inventory is done.

complete inventory check using qr codes Get Ready

Preparing for inventory is just as much a part of the job as the actual inventory itself. Know in advance how you plan to take care of the year end inventory check such as plans to close the business or section of areas of your business. Know how many workers you will need and have your count sheets or barcode system ready in advance. 

Barcodes Make it Easier

Speaking of count sheets, barcodes make everything easier. Instead of keystrokes that can easily have errors, barcodes have approximately one error every one thousand scans where as keystrokes show a 10 error statistic every one thousand scans. In fact, if you already have the barcode system set up, the year end inventory check goes by much faster because employees can simply scan the item rather than having to key it in.

Barcode Systems Save Time and Money

Since scanning a barcode is faster as well as more accurate, more time and money is saved as opposed to using traditional inventory systems. Since everything is done faster, you have less downtime if your business closes and won’t have to hire extra help (in most cases) to get the job done.

Easier Inventory Counts

In fact, with a barcode system you have the ability to count smaller amounts of inventory throughout the year by monthly, quarterly, or even weekly. By choosing cycle counting, it makes the big job of a year end inventory count split up into smaller portions that can typically be done without making major changes in the workday. For instance, instead of having to shut down for a whole day, a monthly cycle count keeps you in-the-know with your inventory without a big production at the end of the year.

Benefits of Barcodes vs Traditional Inventory Checks

There are plenty of benefits to choosing a barcode system vs doing your inventory check the old-fashioned way.

  • Less Training. Using a barcode scanner is simple to do and anyone can learn how in just a couple of minutes.
  • Fewer Employees Needed. When doing inventory the traditional way, you typically need quite a few employees depending on how large your inventory is. With barcode scanning, since everything is done at a much faster and easier pace, you should not need as many workers which means less cost and work is back to normal in no time.
  • Better Accuracy. As previously mentioned, barcode scanning is 10 times more accurate than keystroke data entry. This means that your inventory check is as accurate as possible and you know exactly what you have on-hand, what needs to be ordered, and what you have in excess.
  • Reduction of Write-Offs. Data entry errors sometimes cause unwanted items in the warehouse but since barcodes are more accurate, there are less human errors that cause too little stock or overstock.

It makes perfect sense to utilize barcode scanning for your year end inventory check. If you would like to learn more about how barcodes help you take control of your year end inventory check, feel free to contact us so we can help you get started.

Already using GoCodes? Here’s an article with step by step instructions on how to complete an inventory check using our system.

About GoCodes

GoCodes is the industry leader in tool tracking. We provide customers with the ultimate single vendor solution that includes cloud-based software, top-rated smartphone scanner apps and rugged QR code tags.

We pride ourselves on delivering a personalized service, cutting-edge technology and software that is easily used by your entire team.

GoCodes ensures our customers achieve success in their tool management projects every time.

Similar Posts
construction equipment ownership costs featured image

6 Costs of Construction Equipment Ownership

Running a successful and profitable construction business requires the strategic consideration of many different elements, and perhaps none are more critical than the costs associated with construction equipment ownership. Besides the initial purchase price, there’s a...
fleet telematics questions featured image

5 Common Questions About Fleet Telematics

Key Takeaways: Fleet telematics streamlines fleet operations, enhances safety and security, and reduces fuel and maintenance costs, thereby creating a strong foundation for optimizing fleet operations. However, fleet telematics can come with drawbacks related to the...