Here’s a list of inventory control procedures from the University of the Aftermarket that can help you improve inventory control, not to mention profitability, for your business:
- Inventory your business at least once a year.
- Check all incoming shipments immediately against packing slips. Report all shortages, surpluses or damaged products.
- All credits should be logged in a Credit Log Book. Follow up with your supplier on any open credit after 30 days.
- Stock should be handled properly by placing it in its appropriate spot on the shelf. It should not be thrown, dropped or left on the floor.
- Employees should never be allowed to bill themselves for merchandise.
- Do not allow hold tickets. Invoices must be processed on the date written.
- Account for every invoice every day. Make certain voided invoices are rare and are properly approved by a manager.
- Insist on good housekeeping. This will contribute substantially to better and easier inventory control. Check all invoices for billing errors.
