An accurate inventory is the foundation of a well-functioning warehouse. Yet the stock levels in the system and the actual stock in the warehouse often diverge. Regular inventory counts are essential to correct these differences. In this guide, we take you step by step through the inventory count process in Exact Online.
When to perform inventory counts
There are various moments when an inventory count is useful:
- Annual inventory count: Legally required for the annual accounts. Usually performed at the end of the financial year.
- Cycle counting: Counting a selection of items monthly or weekly. This spreads the workload over the year and keeps your inventory continuously accurate.
- Ad hoc counting: After a suspicion of inventory discrepancies, for example after a notable deviation during picking.
- After a relocation: When moving stock to a new warehouse or new storage locations.
Preparing for the inventory count
Good preparation is half the work. Take the following steps before you start counting:
1. Process outstanding transactions
Ensure all goods receipts, deliveries, and warehouse transfers have been processed in Exact Online. Outstanding transactions lead to apparent inventory discrepancies that do not actually exist.
2. Determine the scope
Decide which items and locations you will count. For a full inventory count, you count everything. For cycle counting, you select a group of items, for example based on item group, location, or value (ABC analysis).
3. Schedule the timing
Schedule the inventory count preferably at a time when no goods movements are taking place. Perform the count outside working hours or temporarily block the warehouse for incoming and outgoing goods.
4. Prepare the team
Inform the counting staff about the procedure. Who counts which area? How are counts recorded? Use two independent counters for critical items.
Counting methods
There are several methods to count inventory:
Paper count sheet
The traditional method: a printed list of items and locations. Staff note the counted quantities on paper, which are then entered into the system afterwards. This method is simple but labour-intensive and error-prone.
Barcode scanning with the Barcode Scan App
The most efficient method is counting with barcode scanning. With the Barcode Scan App, you scan the item barcode, enter the counted quantity, and the count is processed directly in Exact Online. The advantages:
- No more double data entry
- Real-time processing in Exact Online
- Automatic item recognition via barcode
- Location scanning for additional verification
- Fewer errors by eliminating manual entry
Step by step: inventory counting in Exact Online
Step 1: Create a stock count
Go to Inventory > Stock counts in Exact Online and create a new stock count. Select the warehouse you want to count. You can choose to include all items or only specific item groups.
Step 2: Start counting
Open the stock count in the Barcode Scan App. You now see all items that need to be counted. Walk systematically through the warehouse and scan each item. Enter the counted quantity after scanning.
Step 3: Review the differences
After counting, Exact Online shows the differences between the system stock and the counted stock. Check large deviations and recount if necessary. Pay special attention to:
- Items with a negative difference: have deliveries not been booked?
- Items with a positive difference: have receipts not been processed?
- Items that were not counted: are they still at the correct location?
Step 4: Finalise the stock count
When you are satisfied with the count, finalise the stock count in Exact Online. The system automatically creates correction entries for all inventory discrepancies. The system stock now matches the actual stock.
Tips for an efficient inventory count
- Count by location: Walk systematically through the warehouse by shelf row and location. This prevents you from skipping locations.
- Use two counters: For valuable items, a double count is recommended for extra certainty.
- Minimise goods movements: If possible, stop booking in and out during the count.
- Investigate large differences: Analyse the cause of deviations to prevent recurrence.
- Consider cycle counting: Instead of one large annual count, you can count a selection monthly. This is less disruptive to your operations.