WRITTEN BY JIMMY ENRIQUEZ | SR. BUSINESS ANALYST
Year-end inventory counting is a crucial process in a Retail Pharmacy for several reasons, each contributing to the overall efficiency, accuracy, and financial health of the business. Here are some key points highlighting the importance of year-end inventory counting in a Retail Pharmacy:
Accurate accounting of inventory is vital for financial reporting and tax purposes. Year-end inventory counts help determine the value of the pharmacy's assets accurately.
Preventing Stock Shortages and Overstock
Year-end inventory counting provides insights into stock levels, allowing the pharmacy to identify slow-moving or expired items. This information is essential for adjusting ordering patterns, preventing overstock or stock shortages, and optimizing inventory levels for the coming year.
Enhancing Operational Efficiency
Conducting a year-end inventory count provides an opportunity to assess and improve inventory management processes. This includes reviewing ordering practices, updating procedures, and implementing technologies that can streamline inventory tracking throughout the year.
WIS and RGIS to assist in your year-end inventory counting.
Both WIS and RGIS are companies that offer year-end inventory counting services. They both provide staff that can assist you in conducting the count. Year-end inventory is typically scheduled to take place after business hours to prevent any disruption in your business.
Using Propel POS for year-end inventory counting.
For detailed instructions on how to conduct year-end inventory using your Propel POS, please follow the link below.
In summary, year-end inventory counting in a pharmacy is a multifaceted process that goes beyond financial considerations. It serves as a comprehensive evaluation of the pharmacy's operations, helping to maintain compliance, prevent losses, optimize inventory levels, and enhance overall business efficiency.
ABOUT THE AUTHOR
Jimmy has over twenty-three years of experience in the Pharmacy Retail environment leveraging an extensive background in Business Analysis, Product Management, and Pragmatic Marketing. Jimmy has been a valued member of the PTS POS team for 23 years and is currently an MBA Candidate in Entrepreneurial Management.