A full inventory count is a tradition at most businesses, but that doesn't mean it has to be hard. Thrive has tools to suit every business and make sure 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 assist in performing an inventory count. Keep in mind, you might be using 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, break your inventory out into smaller chunks, and get counting. Use an external barcode scanner to scan your products and leave the counting to us. All of the 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 are all-inclusive. Simply conduct the counts and enter the numbers. If you want to set all products that were not counted in the stocktake to zero, you will need to manually input zeroes for each of those lines.
Reporting: Pinpoint the changes (including cost information) using the Stocktake Discrepancy Report. See what wasn't counted by using the Due for Stocktake Report. Any discrepancies will also show up on the Inventory Change Report as well.
Scan products with your mobile device:
Using the Barcode Scanner Mobile App you can manually reconcile inventory quantities all from your mobile device. This method will update individual product counts one by one, which is unlike the other options where you can submit bulk changes all at once. 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: Simply 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 great for making bulk updates/edits/reconciliations on your products.
For an inventory count, you'll want to use the Edit or Reconcile Inventory Quantities OR Edit Variants option for your counts. Once the changes are uploaded in Thrive (either through the bulk upload directly or Stocktake), the new counts will automatically sync out to enabled sales channels.
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 you can make updates directly to the spreadsheet.
Entering the count: If you printed a hard copy, we would recommend entering any discrepancies onto Stocktakes (that way you can use the Stock Discrepancy Report). Otherwise, you can make the changes directly to the spreadsheet and then import those counts.
Reporting: If you enter the discrepancies via Stocktake, create a Stocktake Discrepancy Report for that date. Otherwise, the Inventory Change Report will have all your changes under the "Added" and "Removed" columns.
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 changes via a Stocktake or via Spreadsheet Bulk Upload.
Conducting the count: Manually count and tally the products. If you have the same product in multiple areas, make sure you are compiling them and only entering 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
Reporting: If you entered the discrepancies via Stocktake, simply create a Stocktake Discrepancy Report for that date. Otherwise, if you used the Bulk Upload Spreadsheet or Barcode Scanner Mobile App, the Inventory Change Report will have all your changes under the "Added" and "Removed" columns.
Final Notes on Reporting Options:
If entering your discrepancies via a Stocktake is an option, that is what we recommend. The reason is, when you submit your final number via a stocktake, we will automatically calculate the total cost associated with the discrepancies onto the Stocktake Discrepancy Report. The report also makes it easier to hone in on the changes made to the inventory count.
NOTE: In addition, 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 discrepancies in the "Added" and "Removed" columns of the report. Be mindful 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 aren't able to find all the units and you 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 lot selected will be determined by your Inventory Setting selected on your Company Info page.