Inventory Cycle Counting Procedure for Retailers Workflow
A periodic review of physical inventory quantities against records to verify accuracy and identify discrepancies. This procedure involves scheduling, preparation, execution, verification, and reporting stages, ensuring timely and effective cycle counting.
Schedule Cycle Counting
Notify Inventory Team
Prepare Checklist and Materials
Conduct Physical Inventory Counting
Document Variance and discrepancies
Resolve Discrepancies
Review Cycle Counting Process
Document Cycle Counting Activity
Follow-up on Cycle Counting Results
Schedule Follow-up Cycle Counting
Schedule Cycle Counting
Type: Create Task
Schedule Cycle Counting is a crucial workflow step that ensures accuracy in inventory management. This process involves counting and reconciling physical stock against recorded quantities to identify discrepancies or inaccuracies. The schedule for cycle counting is typically determined by management based on factors such as inventory turnover rates, storage facility conditions, and business requirements. The cycle count team reviews the scheduled area, verifies the location of products, counts the physical items, and compares this with the existing records. Any discrepancies found during this process are documented and rectified accordingly. The results of these counts are used to update inventory levels and inform purchasing decisions, ensuring that stock levels remain accurate and up-to-date. This workflow step plays a vital role in maintaining a reliable and efficient inventory management system.
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