Business success relies on your ability to effectively manage inventory. One of the most important parts to inventory management is Stock Keeping Unit codes (Commonly known as SKU codes). Not to be confused with barcodes or manufacturer codes, SKU codes are unique identifiers which convey product information in its simplest form. SKU codes are particularly important to inventory management as it is a key part of digitising your stock and assists employees in finding particular products when needed.

Why are SKU Codes important?

1.  Easy to search and lookup products

   One of the most beneficial reasons to have an SKU code for each product variation is that it is much easier to search for the product in your POS system if there are any issues during a sale (i.e. price dispute). Essentially this eliminates human errors and reduces the number of miscellaneous sales that occur.  SKU codes should be clearly written on the label in an easy to find place for employees and customers.
   When SKU codes are kept up to date they can also be extremely beneficial for stocktaking and inventory management as they can directly highlight which products and which variations are selling, out of stock and in transit; making it easier to order more products or improve your cash flow by reducing the stock on hand for slow-moving products.

2. Speed up warehouse processes

   With the ability to easily find and manage products, you can speed up warehouse tasks that may be tedious or time-consuming. A Custom POS System allows you to find exactly where your products are located within your factory and store. It becomes easier to navigate and pick, pack and ship your products across the world. By implementing SKU codes it becomes an accelerated and easy process where you simply need to scan a barcode to view and print order details and shipping labels.

3. Industry standards

   In some industries such as manufacturing, hardware, and electrical retail, it is standard to have localised SKU codes implemented. They are used in your factory, in your brick and mortar stores, online and in your supplier invoices. It is considered a necessity in the supply chain because of how easy it is to look up and convey necessary information; in some instances, it can even assist businesses in multi-channel selling.  Without SKU codes you could be missing out on lots of business both from suppliers and customers.

4. Improves quality control

   By utilising SKU codes to convey information quickly, you can improve the quality of your sales process. They provide concise communication through carefully picked numbers and letters, eliminating human error. A SKU code can assist in finding misplaced orders, processing returns or even providing updates on product shipment. As a SKU code is easily searchable in your POS system you are able to provide better customer service and more timely updates on product delivery.

The Elements of a SKU code

SKU codes are unique identifiers that is made up of several elements to better convey information. One of the biggest benefits for businesses is you can create your own SKU code system. There are many ways you can write an SKU code, but one of the most effective ways to create an SKU code tends to be the Cascade method, where you define the product by the largest identifier, i.e. hammer, lawnmower and spade.

Your SKU codes can be alphanumeric or numerical code systems but most POS Systems limit the code to 10 characters. So it is essential to convey the most important information. A best practice if you choose to use a numerical code as a SKU code is that you do not start the code with a 0 as most inventory management systems won’t pick it up.

If we take a look at common SKU codes, they may look like:

• 603050
• BC5952
• 15920351
• SM01-1121

Another good practice when creating your SKU codes is to add alias codes for looking up products. This can be handy for when suppliers make old SKU codes obsolete.

The difference between a SKU code and Barcodes

One of the most confusing parts of SKU codes is that they are unique to your business and other codes associated with barcodes should not be used as SKU as it removes the benefit of information being conveyed quickly.

There are two codes a SKU code is often misinterpreted for: a UPC (universal product code) and an EAN (European article number).

• A UPC is the original barcode. It is a 12 digit numeric code that can be scanned anywhere and from any direction and are used to provide information to distributors and sellers.
• AN EAN (or IAN) is the most commonly used barcode in the world and is used to identify individual products.

Using the Acumen SKU Code Generator on your Acumen POS

At Acumen, our custom POS systems are equipped with a SKU Code Generator to assist businesses with inventory management and product identification. With our generator, you will be able to create and print unique identifiers for all of your products.

When creating the product labels, our system will assist you in considering label size, font and font size to ensure it is readable and economical for you to use on your products.  Once they are in place you will be able to look up your SKU codes by using a barcode scanner or by product search making it even easier to ensure your employees are ringing up the right product. Acumen POS also comes with a style search that allows you to find the correct SKU code by variation.

If you are considering updating your POS System and would like a tailored built system that is supported and backed by industry leaders, get in touch with our team here.

If you run a customer-based business, your point of sales system is a critical part of your business success and growth. It is an investment that will help streamline accounting, organise your inventory and produce productivity reports all while keeping the customer happy.

Unlike most systems you put in place in your business, you shouldn’t wait for your POS System to break down before getting in contact with your POS support team. You should be in contact regularly to ensure your POS system is consistently working at optimal levels.

At Acumen Computer Systems, we have a homegrown support team that is always available to take your calls and emails to better assist your business. Here are three reasons why you should contact our support team more often than not.

1. You are throwing away money

As a growing business, you should be able to demand efficiency from your employees and your POS system. By being in regular contact with your POS support team, you maintain your point of sales operation and avoid tech failures or system crashes where you lose money and customers. This can be extremely frustrating and even more so when only a handful of employees know how to maximise the use of their pos system. With Acumen Support in your pocket, you can be assured that your POS system is updated with the latest innovations, always performing optimally and that your employees are utilising their terminals to maximise your revenue.

2. There are opportunities for growth you don’t know about yet

Your POS System is more valuable than you think it might be, as it can be responsible for accounting, inventory management and stocktaking as well as selling products. A POS System can assist in business growth by being equipped with necessary functions such as being able sync web sales and in-store sales to effectively manage inventory or provide comprehensive security and a hierarchical employee ID to assist with refunds and returns. By being in contact with your POS support team regularly, they can have a greater understanding of your business and how it is growing to enable them to provide better recommendations and training to your employees.

At Acumen, we strive to create a relationship with all of our customers to better understand their needs. We encourage business owners and store managers to ask questions to ensure they are getting the most out of their POS System. Questions you should ask your support team include:

• Am I getting the most out of my point of sales?
• Are there ways I can improve my sales cycle using my POS?
• What recommendations do you have to improve my sales performance?
• Are there any features I am not utilising?

By building this relationship with the Acumen support team, we can also custom build features unique to your business before you need them, which will mean we can train your employees so you continue to provide the best products and customer service.

3. You and your employees understand your POS better

A custom POS system can help you run your business by assisting with inventory management, accounting and employee productivity. However, most businesses struggle to utilise their POS system to its full potential because they don’t have the required training or assistance. With an Acumen POS Support team, you are provided with onsite training on the day of set up and at regular intervals to ensure your team knows how to best use your system. We are also on call to answer any questions you may have when using it throughout the workday. This helps streamline all of your processes and eliminates only having one employee know how to use and maintain the system. With ongoing training and support when needed, businesses stay ahead of their competitors and continue to innovate their processes for true scalability.

We are the team behind your POS

At Acumen, we strive to help businesses grow. Our custom POS systems will help automate processes and assist with business tasks that are a challenge to do manually. We build relationships with each client so that we can fully understand the business and provide accurate and ongoing support to them. Our team is locally based in Geelong and is available to discuss any queries or concerns you may have via phone, email or in person. So, if you are looking for helpful and human support with a custom POS system, get in touch. 

Having a quality POS System is one of the key features to a successful and growing retail or trade business. But what happens when that streamlined POS system crashes or it just refuses to process a particular product? That is where a dedicated and reliable support team comes in. Your POS support team can be the difference between a successful business and struggling one. 

 

Why is a dedicated POS Support Team vital to your business? 

They improve the overall experience. 

One of the biggest reasons why businesses do not use custom POS systems to better support their processes is because they have not received the required training or support.

With a support team in your corner, they will be there to answer every single query you may have about your POS system and will provide your employees with extensive training. This improves both the staff experience using the POS and the customers’ experience purchasing the products. If you have a support team to provide assistance, you are also more likely to frequently use beneficial POS features, such as integrations. 

Technical support can make or break your business.

When your POS system malfunctions, a support team will be able to resolve the issue quickly and effectively. By resolving these issues and being available to assist businesses, your support team could make the difference between losing a day’s worth of sales or having just one upset customer. 

Enable success from your employees

As a growing business, you want your employees to work smarter, not harder, and the last thing you want is for them to be frustrated when it comes to putting through a sale because the POS system is unreliable. With a custom POS system, you can guarantee that your employees will be able to streamline processes and improve customer satisfaction. The best way to achieve this is to employ a dedicated support team to train your employees on how to get the most out of your new POS system. By doing so, you can rest assured that your employees will be understanding the technology and utilising it to better assist the business and ultimately increase productivity. 

The Acumen Support Team

When considering POS systems, you should consider how they handle urgent requests, staff training and support tickets. At Acumen Computer Systems, we pride ourselves on having an in-house, Geelong-based team of experts at your service. This means that you are always talking to an Australian who has extensive knowledge of the technology you are using for the best possible support. 

5 reasons to choose Acumen Support.

1. Local and Australian

When it comes to technical support, many software companies outsource their support to South East Asia. At Acumen Computer Systems, we have a dedicated team that are all locally based in Geelong and can provide support both in-person and remotely. As a local company that values Australian business success, we believe we provide an extra level of service and care to our customers to ensure that they are maximising the use and value of their POS system. 

2. Personalised to your business

Every POS system that is developed by Acumen has tailored solutions that are unique to that business. It allows you to maximise your efficiency while accessing state-of-the-art technology. We get to know you and your business, taking the time to understand your industry and how your products and services need to be marketed. With ongoing support, our team even reaches out to you to check-in and provide suggestions on new features you may want to add to your current system. 

3. Assist with custom-built features remotely and on-site

We know that every business is different and that you need a POS system that works for your business. This is why we have developed custom-built POS systems, but with our technical support team, we can upgrade your POS and add more features when you need them. When we update your POS system, we also provide extensive training on how to use the product to maximise the efficiency and productivity of your business. 

4. Committed to improving your business

At Acumen, we don’t just sell you a POS system from off the shelf. We get to know your business and how your sales process works so we can help you grow. Over the last 20 years, we have helped a range of retailers optimise their operations for continued business growth. For us, a technical support team is not only about being there when the system goes down but enabling frequent communication for ongoing improvements. 

5. We are the developers

Many POS vendors are re-sellers of existing software products or worse resort to outsourcing their development work to save on costs. At Acumen, we are the developers of our own software.  Our support and development teams work hand in hand with each other so that our developers are intimately aware of the daily operations of our customers.

Call Acumen Computer Systems today. 

If you want unrivalled support and a custom POS system that delivers the functionality you need to grow your business, get in touch with our team today. 

The economy is reopening and if you have changed the way you run your business, you may need a new point of sale system that goes beyond the brick and mortar.

In 2021, many businesses adapted to the recurring lockdowns and outbreaks opting in to new payment methods and ways to run a business including purchasing items and shipping products. Now that Australia is reopening your POS system needs to do more than assist in selling items, it at least needs to be able to track inventory, create customer accounts and assist with pricing so that it is not an additional hassle to your business.

If you are looking for a new POS system as you reopen your store, consider an integrated POS System.

How an Integrated POS System can help?

An integrated POS system is a combination of software and hardware designed to handle all of your business needs. The purpose of an integrated POS system is uninterrupted communication between your POS and other platforms. So there is no more double handling or human errors. It is considered the hygienic solution to receiving payments as it is compatible with a number of payment methods, can be touch-free and paperless.

With an integrated POS System you can exchange data seamlessly and is perfect for a growing business. Its ability to provide efficient real-time data allows you to effectively forecast profit margins and organise your inventory as per customer trends. One of the biggest advantages to employing an integrated POS system is that it contains a tiered level security system allowing businesses to provide separate logins to the POS system for different levels of employees.

The system also seamlessly integrates with countless third-party applications, so you are not losing crucial data such as suppliers information by changing POS systems.

Consider Why You Need a New POS System

There are many reasons why you may need a new POS system as you reopen your business. It can be as simple as you have outgrown your current system and due to some business changes over the course of the pandemic, you need a system that has access to extra functions such as accounting software. Alternatively, your current system might not be living up to your expectations and you are looking for better option.

As you begin your search for a new POS system, you should consider how you are using your point of sales AND what you need the system to do. To get started answer some of the following questions:

• What devices will you need to ring up sales? (e.g., computers, tablets etc.)
• How many registers do you need?
• What types of payments will you accept?
• Who does it need to communicate with

With these answers, you are able to determine what POS system will be right for your business.

Setting up your new POS with Acumen

Acumen is a fully integrated POS System that excels in customer personalisation, inventory management and accounting software. We specialise in creating tailored solutions for a range of businesses including hardware stores, tech companies and steel manufacturers.

As part of our professional service, we set up your software and help train your employees so that it is easy to use when it comes to day-to-day business operations.

When setting up your POS System there are some things you will need to do, we have created a quick checklist for each stage of the set-up.

Prior to Set Up

• Review your product files and ensure all items are barcoded correctly.
• Check your stock figures or complete a full stocktake so you are completely aware of what is on hand.
• Review each customer file to make sure your customer details are correct and updated.
• Check your supplier details and balances.
• Consider how you want to view historical data for warranties and returns.

During Set-Up

• Upload group lists and product files to Acumen POS
• Create a pricing structure for all products and services
• Transfer all customer account information including balances

With correct set-up and by following this checklist you will be able to close all of the accounts and switch all new sales to Acumen POS.

Post Set-Up

After set-up, it is crucial that business managers review the pricing structure every sales period to ensure all products and services are available and utilise the correct pricing method. It is also a good idea to prepares policies for warranties and returns of transactions and sales that occurred before installing Acumen.

Once you have your workflow in a comfortable position, take advantage of the extra facilities available with Acumen to streamline and better your workflow.

Why Choose Acumen

At Acumen Computer Systems, we pride ourselves on providing outstanding products with outstanding support. We are on hand prior and during the set up of your new system and we will regularly check in with you to ensure the POS system is meeting your expectations. As one of the most up to date systems on the market, Acumen POS is designed to be tailored for each business’s custom requests.

The end of the year is near and as it grows closer you need to be prepared for the holidays. One of the best ways to be organised is to have a complex POS system that handles all of your business needs with up to date product files. Product files may be seen as just an inventory task but they are actually vital to your sales and marketing. Having an organised integrated POS system makes it so much easier to sell, stock and purchase products during the busiest times of the year.

It’s all about efficiency and with an Acumen system, you have additional features such as auto purchasing which can assist your cash flow and profits if you keep your product file updated.

Here are six reasons why you should keep Product Information up to date

Product Information is more than a marketing tool and is more than an address book for your POS system because you can:

1. Meet the demand of an omnichannel business
   As business you probably adapted to selling and purchasing on different platforms and in turn have grown your business to be statewide, nationwide or even international. Keeping your product information up to date with the right pricing, specifications and colours allows you to meet new demands and continue to grow your business.
2. Easily expand or add new products
   With a systematic procedure in place where as a business you regularly keep your products up to date you can easily expand into new markets or add new products to your existing inventory and it generally can be completed by the supervising manager of your store.
3. Update product information including brochure, manuals, supplier details
   If you have sales or provide trade customers with brochures you can be assured that all of the prices and specifications are correct when you regularly review and update your product lists. This saves you time and money during your sales periods.
4. Reduce errors
   When products are regularly updated there are fewer customer disputes on pricing and less miscellaneous recorded as employees will be able to search for the item and the correct information within the system.
5. Know what’s selling
   Products sell differently depending on the time year, your stores location and social media. By having updated product files that are regularly reviewed you can forecast when certain products will have a higher demand and order more to meet the demand.
6. Easily find products
   When product files are kept updated, employees can easily search for the product within the POS terminal and bring up all of the current product information.

How to keep Product files updated

Product files are the heart of your POS system by keeping them updated you are keeping your business organised. At Acumen, we recommend to our customers that they update their product files as often as you can to ensure specifications, pricing and SKU codes are correct and we recommend they are reviewed every time you need to purchase something. This way you can be across any small errors and they can be remedied quickly.

Launching New Products

When you launch new products have all of the product information ready in an excel sheet for when you need to upload it into your POS System. If you are being supplied these new products ask the supplier to provide an electronic price list of their products in excel or as a CSV as usually, it will contain all of the required information. By having this spreadsheet ready you will be able to bulk upload new products without interfering with other products.

Group Structures

If you have different departments and segment your products according to their functionality make sure that when you update products they are found under the correct product group. By having an easy to follow group structure that is frequently updated you can be assured that products are sold under the correct file each time.

Unique Products

Sometimes there are additional products and services that your business may offer. However instea dof filing it under miscellaneous, Acumen POS allows you to upload and update unique product types. These products can include:

• Products you make but require additional material for
• Items that are  a service or are non-stocked such as freight
• Special Order Items
• Specialised Kits that are a combination of products.

By having these product files in your system you have greater understanding of your inventory and customer behaviours.

An Example

McCanns is a long time client who both supply and makes goods for plumbing and manufacturing purposes. Product files and lists have been extremely beneficial for McCanns as it has assisted in streamlining their sales process and inventory management.  To assist with the product lists they have:

• Created a product group tree to categorise all of their products and services
• Kept their product information and pricing update by regularly reviewing new costs and loading electronic price lists from suppliers.
• Added a service fee to automatically load so it is not missed when creating a quote for the customer.

Acumen Computer Systems

Staying organised is easy with our POS system, and when everything is organised, finding information has never been easier. Get in touch with our team at Acumen to find out how we can help you.

Promotional Pricing is a powerful sales strategy that can assist in retaining customers and bringing in new customers. However, one of the biggest reasons promotional pricing can be ineffective is if your POS system cannot handle changes or increases in customer demands. To prepare yourself for the holiday season, it is time to consider how your POS system handles promotions.

Why are promotional prices important?

Often people consider promotional prices as one-day sale events; however, it is not just when you have sales that promotional pricing can be applied. Promotional pricing assists in customer retention, segmentation of wholesale, trade and retail customers, and increasing brand awareness.

Suppose you are able to provide some of your highest value customers discounts on products they usually purchase. In that case, they begin to consciously choose your business over your competitors, which in time increases your revenue growth and allows you to hold a greater market share.

In particular, in value-oriented markets, pricing plays a strong psychological role; the colour of tags and the language used when marketing sales adds a sense of urgency significance to your products and services.

The Real Costs of Products

Pricing strategies can be pretty complex, so it is not as easy as slashing prices, despite what customers may think. There are a lot of costs involved when it comes to pricing products. Some products will have a base price and base mark up, a recommended retail price, or price fluctuations depending on location or season. Two of the most significant costs involved in pricing are Real Cost and Material Cost, as they can determine how much gross revenue a company achieves.

Types of Promotional Pricing

Outside of sale events such as Black Friday and Boxing Day, you can choose to implement three different types of promotional pricing strategies.

Trade or Wholesale Price

For trade or wholesale customers, you can apply a lower mark-up percentage than you have for your regular customers. This can be an incentive to retain customers and achieve a greater share of the market.

Club Pricing and Loyalty Programs

Club pricing and customer loyalty programs allow you to reward frequent customers with special pricing and secret sales. This particular type of segmentation is an attractive way to increase customer retention as it shows you value your customer’s purchases. Additionally, you can provide promotional resources to these customers, which can increase the order value.

Bulk discounts

As a reward for purchasing more, you can have a discount applied only when a certain quantity is met. This will encourage your customers to make bigger purchases from you so that they can receive the benefits of a cheaper price.

Sale Events

Sale events are still one of the most significant ways to attract a larger customer base; however, meeting customer demand during Boxing Day can be a challenge. One of the ways you can prepare and remedy this challenge is by setting up promotional prices in advance and by including a start and end time on the promotional prices. This means they will automatically be applied during the sale times and will switch off post-sales. It’s beneficial because it streamlines the entire process, increasing productivity and sales while also preventing manual input and human errors.

The Acumen Difference

Acumen POS Systems are designed to help businesses streamline their processes. When implementing pricing strategies, it is broken down into a step by step formula that is simple to follow.

Our system also uses an inbuilt reporting system to provide our clients with customer data, seasonal patterns and ideas about slow-moving stock to assist with inventory management and improve your profit margins. Additionally, when promotional pricing is implemented, it will search the database to apply the best price to the customer every time.

As it is easy to set up and manage, we recommend that businesses keep pricing strategies up to date by reviewing every quarter to reflect your business succession plan.

Need guidance?

Get in touch with the Acumen team if you need guidance with your promotional pricing strategy and POS solutions.

Inventory Management is crucial for all businesses, particularly as we moved predominantly into the e-Commerce marketplace. Inventory Turnover is an indicator of high growth, sales and customer satisfaction – all of which are needed for businesses that want to succeed.

Inventory turnover consists of stocking and selling products and evaluating the pricing strategies, POS reports, and real-time data from sale cycles to improve turnover and better customer satisfaction.

What is Inventory Turnover?

Put simply, inventory turnover tells a business how well products are selling based on their sell rate and profit margin above the costs of goods sold (COGS). By determining this ratio, businesses have a greater insight into what has been selling when it has been selling and where it has been selling, which enables greater forecasting abilities. Generally, the higher your inventory turnover is, the better your business is doing.

Ways to Improve Inventory Management

Look at your top 50 Gross Selling Products List

With an Acumen system, you have a standard report called Top 50 Gross Selling Products which identifies the top products for each store and highlights the profit margins and customer trends such as when and why they buy a particular product.  This is a great report to start with when considering improving inventory management. It gives a clear insight into how fast the product moves and enables business owners to calculate their inventory turnover ratio. Businesses owners should review this report quarterly to ensure they are keeping up with customer demand. However, when viewing this report, businesses should also consider that high ticket items and seasonal products will appear higher because of the higher profit margin associated.

Unlike other inventory management systems, Acumen POS systems also have a standard report that identifies how quickly or slowly stock moves and compares to other products in your store. With this report, you can look further into new products to better forecast stock management and minimise orders on stock that moves slowly.

With POS Reports, businesses can identify best selling products, customer buying behaviours and forecast appropriately to decide inventory quantities for future orders.

Automate the Process to Keep Customers Happy

Inventory management also plays a vital role in customer satisfaction and retention. With a POS System that can provide employees and online customers with real-time stock information, best-selling customers can be satisfied that their purchase will be fulfilled. To reduce the number of products going out of stock or are unavailable for customers when they need them, businesses can implement an Auto Purchase order based on the current turnover rate. This means products and supplies are ordered in advance to meet demands and avoid delays or restrictions from suppliers. Auto purchasing also provides insights into customer buying patterns and what trends may be occurring or coming up based on historical data.

When implementing auto purchasing, businesses should check their reports monthly to see how else they can improve inventory turnover and better meet the demands of their customers.

Smarter Pricing Strategies

Inventory management also plays a vital part in a business’s pricing strategy as a high turnover means businesses can lower prices, and a low turnover rate means businesses need to evaluate their strategy. An inventory management system needs to work in sync with a business’s pricing strategy to assist in forecasting the business’s potential and accurately reporting on profits and revenue.

At Acumen Computer System, we recommend that our clients build their pricing strategy to our inventory management system. With pricing strategies, we advise our clients to avoid Flash sales and to use terms such as Premium and Exclusive to assist with their inventory turnover. This practice inadvertently teaches customers to buy the product at full price instead of waiting for a discount or a sale which may reduce the profit margin.

Keep Up to Date Product Files

One of the most underutilised elements of an inventory management system is the product file. A product file has all of the information, including materials, additional costs and prices stored for each product. These product files minimise inventory turnover and improve business processes when kept updated. Each product has a clear label, and employees can identify if it is in stock, quarry or sold.

Other benefits of having updated product files are that it enables employees to sell under correct SKU codes instead of selling under miscellaneous when there is no tag available.

Have Good Group Structures

Finally, inventory management would not be fully optimised with a group structure such as table and chairs or Christmas products. In your Acumen POS system, you are able to group products together under collections, categories and store availability which provides you with a more organised inventory list and a better idea of inventory turnover.

POS reports such as Group Sales give you a top-down view of which groups are performing the best and why. However, we recommend viewing the Top Grossing Products report as well to specify which products are outperforming others. Daily sales is also a fantastic group report to review as it indicates how each product did on a particular day. This report is handy for businesses that rotate their stock regularly because it enables them to predict when customers will buy a particular product. For example, if you are a hardware retailer and POS data showed Garden Beds sold best at Christmas, you would rotate stock to be at the front of the store and order more stock to encourage more sales for that catalyst event.

Need to Upgrade Your POS?

Acumen Computer Systems has an inbuilt inventory management system that provides real-time updates on stock and will sync your sales from your website and different terminals to one device. Our POS report system is second to none, and we provide on-hand support at every stage of your businesses success. Get in touch with our team to find out more.

 

 

 

 

It is a new fiscal year and as business owners, you are probably in the middle or finishing up your EOFY stocktake. This year may have seemed like it went on forever with the constant opening and closing of our economy. With this, some bad habits or inconsistencies may have been developed and the new financial year is an opportune time to remedy them.

At Acumen, we have developed ten steps to stocktaking to help you get back on track.

Why is a stocktake necessary every financial year?

Stocktake may seem like an exhausting and overwhelming task, but stocktakes are actually very beneficial for businesses. Here are just a few reasons you should undertake a stocktake at least once a year:

• Improved Cash Flow: Stocktake removes the guesswork. You know exactly what and where you are spending and can reduce stock levels if needed.
• Accurate Profit Margins: With a stocktake, you can see where the needs and demands are and adjust your pricing strategy accordingly.
• Highlight Poor Practices: If your operations are struggling or there is potential for theft, stocktake highlights those poor practices so you can remedy them.
• Identify Slow-Moving Stock: You can then reduce stock orders for these products and sell them at a discounted price.
• Improve Stock Management: With a stocktake, there is less waste of products and raw materials for more profitable production.

Steps to stocktaking

Step 1. Plan For It

One of the best ways to undertake a stocktake is to plan for it. It seems relatively simple but decide when and how often you are going to undertake stocktaking and begin to prepare the stock room and equipment needed. Arm yourself with scanners, pens, paper, clipboards and markers.

Step 2. Choose a Quiet Time

The time of day is critical to an accurate stocktake. It is best practice to try and choose a time at the start of a generally slower day or at the end of a day so that you can ensure that every item is accounted for. If you cannot do it outside of work hours, spot counting is also a good way to undertake a stocktake.

Step 3. Organise your Staff and Roster

To undertake a stocktake, you need some staff to help you and double-check things. Make sure to have a seasoned staff member who understands policies, knows the stockroom well and potentially has undertaken a stocktake before. Another staff member should have fresh eyes and be able to pick up things that might have been overlooked.

Step 4. Know What Needs to be Counted

A good stocktake requires preparation, so in the lead up to stocktake there are a few things you can do to make it easier for yourself and your staff.

• Clean the stockroom. Don’t leave stock on the floor.
• Prepare large quantities of stock into units.
• Label everything and make it easy for things to be found.
• Double-check what is being counted and where it is supposed to be located.

Step 5. Conduct in an Orderly Fashion

A stocktake should not be overly difficult or too time-consuming, it should be quick and effective. One of the ways you can ensure this is by demonstrating how you want things to be counted i.e start at the top and go left to right on each line. Another way is by using steps 1-4 and preparing the stockroom to be accessible and organised in the appropriate categories.

Step 6. Count Everything

This may seem a little obvious but it is amazing how many businesses assume their stock quantity by the amount of boxes left on the shelf. Open every box and double-check what’s inside. By doing so you may be able to improve stock processes such as implementing a FIFO procedure.

Step 7. Mark Items to Avoid Duplicate Counting

Naturally, humans will make mistakes, so it is important to prepare different colour markers for the stocktake. This way as you are counting you can mark a box and avoid double counting your stock.

Step 8. Value Items Correctly

Stocktake is an effective method of determining if your pricing strategy is working effectively. Within a stocktake, make note of the price and check for variances. After you have completed a stocktake, evaluate your sale price against the current market price. If products aren’t selling as well as they should, consider discounting the product and reducing the stock order to free up the cash flow.

Step 9. Review and Improve

The actions you take following a stocktake are the most important for your business. Stocktaking gives you a clear picture of your stock levels, stock management and outlines errors and areas that could be improved. Following a stocktake, there should be a few key takeaways that you are able to pass on to the staff immediately and some processes that may need to be adjusted to streamline your operations.

Step 10.  Simplify Everything

In 2021, a stocktake does not need to be completed by hand. After all, who has time to individually count each item? One of the first ways you can make your stocktake easier is by using a handheld scanner to scan SKU codes. This not only cuts the time down but also categorises your stock and will help you identify if there is an incorrect barcode.

Alternatively, if you have a lot of moving parts, it may be better to invest in an integrated POS system such as Acumen Computer Systems. With an integrated POS, you can manage and confirm your stock levels across multiple devices, making stocktake a smooth and stress-free process.

Choose Acumen Computer Systems

Unlike other POS providers, Acumen tailors its systems to your business model. Our customisable features, including POS reports, means you can compare products at any given time and adjust the stock levels from one device. At Acumen, it is about the quality of our products and service. We provide you with ongoing support, regular updates on technological changes and new products or reports to help your business succeed. Get in touch with our team today.

The Impacts of Coronavirus

In 2020, businesses were hit hard by lockdowns and the worldwide pandemic. Many supply chains were cut off at the head and it was a scramble to meet the demand of customers.

In January’s report by the Australian Bureau of Statistics, 41% of small businesses were impacted by COVID-19 and have continuing cash flow issues.  More interestingly though, 28% of businesses are anxious about current and future supply chain uncertainty.

Now more than ever it’s important to be onside with your supplier. If you are onboarding a new supplier or don’t already have a relationship with your supplier, here are a few tips on how to build and maintain a good relationship.

1. Understand Your Suppliers Business

In your initial conversations with your suppliers, ask questions and engage in conversation about how they run their business. As a B2B client, they will perhaps give you a quick rundown of how their business works but by being interested and engaging in conversations about their business you will learn more and have a greater understanding which in turn can help your business streamline processes. Some questions to ask when onboarding a supplier are:

• How many employees do you have and who will we be dealing with directly?
• Who will be involved in our order? Can I be introduced to them?
• How are your materials sourced?

We also recommend remembering personal touch information such as employees names and further engaging by asking about their footy team or how their family is doing. As this will show you care not only about your order but about the people handling your order.

2. Have Good Communication and Be Honest

Just like you value your customers, suppliers will value you as a customer and will prioritise your business when needed. But remember to be valued you need to be present; take their calls, respond to emails, invite them to relevant industry events, and invite collaboration and discussion on projects. By being present you are showing that this is more than a business transaction for you, it’s a B2B relationship. Similar to our first tip, we also suggest that you move past business and get to know who you are working with, and an open line of communication can assist in this initiative.

Be transparent and honest

Being transparent may seem daunting but it builds your business’s reputation and your character within business, which sometimes can be more important than the prominence of your brand. Transparency also builds the relationship with your supplier and demonstrates that you are trustworthy. You should continue to build this trust by being upfront and honest about payments and deadlines. Give them a call if you are going to be behind on a payment and don’t use excuses. By building trust and being honest you are more likely to have a good relationship with your supplier where they can be flexible and extend deadlines after all everyone has been affected by covid.

3. Take Advantage of Discounts and Make Negotiations that are Mutually Beneficial

Paying your suppliers on time is one very good way to stay in their good books, but make sure that these terms not only meet their needs but also your expectations.

If you pay early is there a discount?

Discounts are very beneficial to both parties. For example, there is a better cash flow for suppliers and bigger savings for retailers. It also creates a relationship where suppliers can rely on you to be a reliable consumer of their products.

Can I afford to pay the supplier within that payment period?

If you need to negotiate a longer payment term, start early and remember to showcase how a longer term is also beneficial to the supplier. E.g. more stock is ordered.

Automate your payments

Automating your payments means that your supplier will be paid on time every time and that you won’t forget to pay them or have to set aside time to process the payments. With an Acumen system, it is really easy to set up automatic payments and can be very beneficial for all parties.

Automate your Payments and Build a Relationship

A relationship with your supplier is extremely important to business success. So start off on the right foot with an Acumen point of sales system. Acumen POS has POS solutions that work for a variety of businesses. Within our POS there are functions to automate invoices and automate paying an invoice using the payment run feature and we can also set up multiple different payment methods to make it easy to pay suppliers or receive payments. If you are looking for a custom built POS solution don’t hesitate to get in touch.