As a store owner or a manager, you want the security of knowing that you have complete control of your inventory, staff, sales and everything else that makes your store a success.
To achieve the optimal level of control, you need to compare the information on your POS to the actual quantity on hand.
Naturally human errors occur and items often get misplaced, miscounted upon arrival, damaged and even stolen. Even with the most watchful diligence of management, what the POS says you have in stock may be inaccurate. Can you prevent this 100%? Probably not since customers enter, purchase and exit the store, your employees work at different hours of the day, items are delivered, entered by employees, and put on the shelf.
Can you achieve a high level of control? Definitely.
The first step to achieving tighter control and helping with loss prevention is to conduct a physical inventory of what you have on hand in each store. With minimal investment, you can be armed with correct information.
With correct information at your fingertips, you will be able to raise your profit by eliminating over ordering, under ordering, differentiating hot sellers from high theft items. From there you can analyze where you have a discrepancy and why.
We recommend doing a physical inventory would be most helpful to you quarterly, or at least bi-annually.