A full physical inventory is a major undertaking. Many rental companies end up closing their branches for a day or two to work through their stock count procedures - especially if they’re doing parts, merchandise, and equipment all at once.
While it’s not possible to completely eliminate the disruption to your business, it is possible to put extra effort into the preparation phase so the actual count goes as quickly as possible. Check out these six tips from InTempo’s Customer Care Team:
It’s also important to keep all your teams working together in the proper order. For instance, if your Rental Coordinators are counting your inventory, let Accounting know they need to be ready to make and post corresponding journal entries once the count is complete. This helps you keep your General Ledger in balance with your on-hand balances.
If a full physical inventory is too disruptive to your company’s operations, you may want to consider breaking the process down into smaller, more manageable batches by way of cycle counts. Or, you can combine both approaches to continuously monitor inventory levels through ongoing cycle counts, with one larger-scale physical inventory during your slow season to make sure nothing falls through the cracks. There’s no right or wrong approach; whatever helps you keep your records current and correct is the way to go.
Whether you choose cycle counts, full inventories, or a combination of the two, InTempo Enterprise lets you accurately manage your inventory process. Configure your categories, classes, cycle durations, and other settings, then follow our comprehensive step-by-step guide for counting and updating your inventory levels.