A complete inventory count is a tradition at most businesses, but it can be easy. Thrive has tools to suit every business and ensure your counts are entered accurately!
First, we strongly recommend you check out our blog post with best practices for inventory counts:
Next, here are our four tools to perform an inventory count. Remember that you might use a combination of these tools depending on what works best for you and your team.
Perform a Stocktake (or multiple ones):
Stocktakes (watch a quick video here 🎥) are easy to set up and help keep your products organized and counts accurate. For customers on Professional Plans and above, you can scan your counts using an external barcode scanner. Or, you can manually enter your counts as well.
Either way, all discrepancies will be noted on the Stocktake Discrepancy Report.
Conducting the count: Products can be added to the Stocktake manually or scanned in (for Professional users and above).
NOTE: Some grandfathered Standard plans allow scanning for Stocktakes.
Entering the count: Stocktakes allow you to scan or count manually. Conduct the counts and enter the quantity counted for approval.
Scan products with your mobile device:
Using our Barcode Scanner Mobile App you can manually reconcile inventory quantities from your mobile device.
This method will update individual product counts one by one, unlike the other options where you can submit bulk changes simultaneously.
The Barcode Scanner Mobile App is ideal for smaller inventories where all the stock is in one place and easy to count.
Conducting the count: Sign into the app and make sure you are in "Reconciliation mode." In this mode, counts entered will overwrite quantities of the product once you hit "Save."
Entering the count: Once you hit "Save" in the Scan app, the quantity of the product will be updated immediately.
Reporting: Products that are reconciled will show up in the "Added" and "Removed" columns of the Inventory Change Report.
Use a bulk upload spreadsheet:
The Spreadsheet Bulk Upload (watch a quick video here 🎥) is excellent for making bulk updates/edits/reconciliations on your products.
You'll want to use the Edit or Reconcile Inventory Quantities OR Edit Variants for an inventory count.
NOTE: This feature is only available with Standard Plans and above. Click here for more information on our current plans.
Conducting the count: Generate the Edit or Reconcile Inventory Quantities OR Edit Variants. From there, you can either print off a hard copy to update or make updates directly to the spreadsheet.
Entering the count: If you printed a hard copy, we recommend entering any discrepancies onto Stocktakes (that way you can use the Stock Discrepancy Report). Otherwise, you can make the changes to the spreadsheet and import those counts.
Use a reconciliation worksheet:
Reconciliation Worksheets are great for manual physical inventory counts. This option provides you with a printable worksheet to perform your counts on. When the count is complete, you can enter the discrepancies via a Stocktake or Spreadsheet Bulk Upload.
Conducting the count: Manually count and tally the products. If you have the same product in multiple areas, compile them and only enter the grand total for the entire location. It may be helpful to print out multiple copies!
Entering the count: Write the counts on the worksheet. Any counts that don't match can be entered via one of the following:
Stocktake (highly recommend).
Bulk Upload Spreadsheet (Edit Variants or Edit or Reconcile Inventory Quantities)
Barcode Scanner Mobile App while in "Reconciliation" mode
Final Notes on Reporting
If entering your discrepancies via a Stocktake is an option, that is what we recommend. The reason is that when you submit your final quantities, we will automatically calculate the total cost associated with the discrepancies on the Stocktake Discrepancy Report. The report also makes it easier to hone in on the changes made to the inventory count.
NOTE: The quantity changes made on a Stocktake will also show up on the Inventory Change Report under the "Added" and "Removed" columns.
The other option (if the discrepancies are entered via Spreadsheet Bulk Upload or Barcode Scanner Mobile App) is the Inventory Change Report. In this report, you'll see the differences in the "Added" and "Removed" columns of the report. Please be aware of the time range you are running the report so as not to include sales deductions.
No matter which option you choose to submit your counts, the logic for adding or subtracting units will remain the same.
If you find additional products during your count, that will add to your total product count. When that happens, we assume the units are coming in at the previously established Default Cost.
If you are still looking for all the units and come up short on your count, that will subtract from your total product count. When that happens, we assume the units are being deducted from an existing lot. The chosen inventory setting on your Company Info page will determine the lot selected.