How to Manage Inventory & Cycle Counts

Inventory — it's the highest number on your company's asset sheet. Yet, most companies rely on outdated systems and yesterday's inventory control policies to manage this valuable resource. And you, the person in charge of the inventory, are still responsible for an accurate count.

You know how important your job is.

If the count is overstated — your company pays taxes and insurance on something it doesn't really have.

If the count is understated — you risk problems with the IRS for not paying enough taxes. Plus, you won't have product to ship to your customers, resulting in back orders and more headaches.

And on top of it all, you're the person who ends up having to deal with everything from lost or incorrect paperwork to recounts, reconciliation, and more.

Attend this informative seminar and get solutions that you can put in place immediately to ensure more accurate inventory counts and a better-run, thorough, and less frustrating inventory process for everyone concerned. It's a lot of value for a small investment!

Spend one day and find out how to:

• Use shortcuts to turn days of tedious counting into a few organized hours — while minimizing errors
• Get accurate counts even with inventory coming in and orders shipping out
• End paperwork inaccuracies for easy reconciliation
• Handle inventory that never moves — and gain valuable warehouse space
• Use your inventory counts to increase accuracy and efficiency in purchasing and production
• Deal with vendors who try to dictate order and delivery policies
• Ensure a smooth count that satisfies auditors every time

Don’t waste another minute counting inventory without the knowledge you’ll gain at this seminar.

Taking Stock of Your Inventory Management System

• How to recognize your system’s strengths and weaknesses
• Questions to ask before you make inventory control changes
• How to recognize a problem with “inventory turn”
• A simple plan to discourage employee theft
• Red flags that your inventory control system is deeply flawed
• The most common causes of inventory inaccuracy and how to end them
• The one key trait shared by all successful inventory record systems
• When to consider a JIT system, and when it simply won’t work
• Two ways your vendors can help you improve inventory control

Preparation: Behind-the-Scenes Work Pays Off Big

• Tips for creating an inventory checklist to improve accuracy
• How to develop locator maps you can use year-round
• How to sidestep tag count headaches
• Should you count physical inventory or what’s on the paperwork?
• A way to establish your baseline accuracy level
• How and why to set inventory zones
• Blind counts and how they waste staff time
• When to rely on outsiders for an inventory count
• How and when to use a cycle count to help improve long-term accuracy
• Paperless inventories — how and when to rely on your computer
• An easy way to decide how often you should take inventory
• Geographic or ABC — the correct classification method for your company

The Hassle-Free Physical Inventory

• A 1-2-3 process for a “smooth as silk” inventory count
• Who should be involved in the inventory
• The best ways to use employees on loan from other departments
• A fast and accurate way to count small parts
• Tips for reducing stress on the day of inventory
• Ways to encourage teamwork among employees taking inventory
• The secret to handling inventory that’s coming in and going out during the count
• Cycle-counting methods that work, and those that don’t
• Overcoming the problems of pallet tagging
• How and why to train staff for inventory — even if they’re long-time employees
• When to use a multiple count system, and when one count will suffice
• Tips for helping employees maintain concentration and accuracy

Mastery of the Inventory and Ordering Process

• How to reconcile the physical count with the computer
• What to do with obsolete inventory that eats up valuable warehouse space
• A simple plan to overcome the headaches of multiple storage locations
• How to avoid huge inventory shortages at year’s end
• A way to eliminate the hassles substitutions can cause in your inventory count and your ordering process
• How to avoid running short on inventory of your hottest-selling product
• Proven techniques to improve your inventory turn
• A method of calculating the cost of carrying inventory
• A system for determining how much inventory you should hold
• Tips for negotiating with suppliers to get the order quantities you want
• How to get management to eliminate excess and obsolete stock

After the Inventory

• When a recount is necessary and who must do it
• A surefire way to satisfy your auditors
• The best method for reconciling variances in the count
• Missing inventory — where to look first
• The perils of adjusting inventory counts