1. How often should you recount your inventory?
2. What should be on receipts?
3. What should not be on the receipts? Why?
4. How could this problem be corrected?
5. Here is an example of a receipt.
6. What systems can be used to track inventory?
7. What is the greatest challenge in tracking inventory?
8. Why is it important to know your inventory levels?

1. How often should you recount your inventory?

I Be Baggin' counted inventory bi-weekly on Fridays. This was a successful process. For the most part nobody forgot their bags on the inventory days. We were off count a couple of times but the problem was solved by the end of the company meeting that same day.

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2. What should be on receipts?

Receipts should have the name of the customer, name of the salesperson, count, price, form of payment, date, to whom the product was sold ie: student, faculty, other (door-to-door). This allows your company to keep track of the sales and who your best market is.

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3. What should not be on the receipts? Why?

Credit card numbers should not be on the receipts. This just allows security for the customer and assurance that their personal information will not be stolen.

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4. How could this problem be corrected?

The officers need to stress the need of the information and why it is important. ie: if there is a mistake in inventory the receipts will ensure the count, check sales at the table in the union, keep track of where/who sales came from, and is a good way to keep track of the company's progress.. what is working and what is not.

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5. Here is an example of a receipt.

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6. What systems can be used to track inventory?

Below are attached documents that our company used to keep track of inventory (past company)

Data Flow Diagram and Inventory Step by Step
Inventory Check-In and Check-Out

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7. What is the greatest challenge in tracking inventory?

The greatest challenge of tracking inventory is making sure that the count of the individual 'sellers' is equal to that of the count in the computer system. If an individual company is going to be receiving donations aside from sales, donations needs to be kept track of in a separate account. The inventory manager and accounting manager need to be very well organized and be able to communicate with one another. Inventory needs to be kept track of ie: when? & where? I Be Baggin' used bags in our display cases. We were sure to account for those bags every week during inventory counts.

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8. Why is it important to know your inventory levels?

It is important to know the inventory levels in order to know how much money the company should be making, where the company currently stands, and when the company will break even. The president should constantly be involved in knowing what the sales are and how fast the inventory is being sold. Knowing these key factors will tell the company how well the marketing is going, how well the personal sales are being pushed, and if further or maybe different actions need to be put into place.

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