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6 tips for an easier EOFY stocktake

As the end of the financial year approaches, your pharmacy will need to carry out a stocktake. Use these 6 tips to help to make your stocktake simpler and more efficient.

 

Before you start

Create a plan to manage the stocktake. This helps minimise disruptions to your pharmacy’s operations and maximise the efficiency of the stocktake process. Consider the following:

 

1. Pick a date and time

Stocktaking after hours helps reduce disruptions due to stock deliveries and sales. Use the Minfos Calendar to communicate the date and time for the stocktake to your staff. This is useful if you alter staff rosters to account for an after hours stocktake.

Pro tip: Set aside time the day after the stocktake to review any stock variances.

 

2. Organise your pharmacy

Before you stocktake, fill your shelves from your backroom or storage room. Then, tidy this area. This helps you easily count your stock and helps reduces counting errors.

Create a floor plan with locations to stocktake. This helps you to allocate staff to specific sections and to mark off areas that have been counted. Your floor plan should include:  

  • Gondolas and key sections
  • Storage areas or rooms
  • Warehouse or 3rd party storage facilities

Pro tip: If you have a floor plan already, double check that it is still current.

 

3. Prepare your team

Organise and train your staff on what’s required. Consider including the following:

  • Process all outstanding invoices, receipt and put away stock.
  • Designate a location or product category for each staff member to count.
  • Select a counting method e.g. count shelves top to bottom or left to right.
  • Familiarise staff with a stocktaking app (Minfos App) to speed up the stocktake.
  • Train staff on the process for managing anomalies and issues such as:
    • Barcodes that don’t scan or product’s that are incorrectly labelled.
    • Damaged and out-of-date products.
    • Short-dated products.
    • Products that are in the wrong location.
    • Shelf labels that are in poor condition and need to be replaced.
  • Communicate what to count and what not to include, such as stock that has been:
    • Dispensed but not yet sold as this will need to be counted.
    • Stock that has been sold and waiting to be collected should not be counted.

 

During the stocktake

4. Make counting stock easy

The Minfos Stocktaking App allows multiple staff to stocktake at the same time. It can be used on Apple or Android mobile phones, iPads and on authorised handheld barcode scanners.

When counting stock using the Minfos Stocktaking App, simply scan the barcode and enter the current stock-on-hand (SOH) and hit update.

If you have stock in two separate areas (e.g. front of shop and the stock room) either:

  • Count the full SOH (from the two locations) and update it or
  • Stocktake one location and then add to the SOH when they stocktake the second location.

When using the Minfos Stocktaking App you can also:

  • Conduct stocktakes on the move.
  • Make real-time SOH adjustments.
  • Lookup product names, primary barcodes, retail prices, last counted dates & the current SOH quantities and much more.

What’s really useful about this solution is that it syncs any changes you make to your stock straight into your Minfos database.

 

Pro tip: If you are worried that your staff may get distracted using their mobiles while they stocktake, we have an authorised barcode scanner stocktaking solution. Talk to our Account Managers today to find out more.

 

5. Reward your staff

Stocktaking can be a monotonous task, so reward your staff for their efforts. For example, if you are stocktaking after hours, considering buying them dinner as a token of your appreciation.

 

After the stocktake

6. Review

Following the stocktake, review any large variances in stock as this may identify a counting error or an issue in shrinkage. Ensure all products with a SOH have been counted, review your stocktaking process, considering what worked well and areas for improvement for your next stocktake.

 

Looking to effectively manage your inventory? Minfos software enables you to manage every aspect of your pharmacy – from dispense to retail. Let us show you a demo.

 

All advice provided is general in nature and is not intended as legal advice.