Identify all items that need to be counted in the inventory
Gather essential tools for inventory count (barcode scanner, inventory management software etc.)
Train employees on how to count and enter items into the system
Assign each employee a specific area of the inventory to count
Begin the counting process
Input the count data into the inventory management system
Verification: Double-count high value items for accuracy
Input the verification into the inventory management system
Compare the count data with the existing data in the system
Highlight any discrepancies for review
Approval: Inventory Auditor
Investigate discrepancies and resolve them
Adjust the database to correct any overstocks or understocks
Generate a comprehensive inventory report
Review the report for any unusual activity/sudden changes
Approval: Inventory Manager
Make necessary recommendations for improving inventory management
Review and update inventory management policies and procedures based on recent audit
Communicate changes in procedures to the team