The most important element to a successful and accurate physical inventory is proper planning and preparation. Written procedures that are understood by all involved is a good first step that will help to assure a well controlled and disciplined count and allow you to focus on an accurate count which will be more efficient and […]
Cycle Counts vs. Complete Physical Inventories
Proper accounting procedures and Federal Income Tax Regulations require that all inventory items are counted at least on an annual basis. While most retailers count their inventory at the end of their fiscal or accounting year (usually at the end of January or July), this is not required and may not be practical, especially if […]
The Importance of Physical Inventories
One of the least enjoyable aspects of retailing is performing physical inventories. It is a laborious and tedious task that requires extra hours when you and your staff are most tired and irritable. Frankly, it’s about as much fun as brushing your teeth with battery acid! While this overstates the obvious, what isn’t always obvious […]
Can You Unlock Your Own Technology?
It seems one can’t escape a plethora of passwords, personal identification numbers (PINs), codes and numbers just to function in today’s world. This wouldn’t be so difficult if it was only one special code to remember, but relying on a limited number of codes and passwords is increasingly dangerous as more and more important financial […]
Who’s Minding the Store
Based on the industry-wide spiraling decline in customer service, I am more encouraged than ever about the future for independent retailers who are paying attention and minding their store. When the Chicago Cubs and Florida Marlins met for the World Series in 2003, Sports Authority, who had just moved out of their Florida based corporate […]
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