{"id":1129,"date":"2017-06-26T13:39:00","date_gmt":"2017-06-26T17:39:00","guid":{"rendered":"https:\/\/assetworks2stg.wpengine.com\/fleet\/?p=1129"},"modified":"2023-06-29T12:32:27","modified_gmt":"2023-06-29T16:32:27","slug":"fleet-tips-for-a-successful-annual-physical-inventory","status":"publish","type":"post","link":"https:\/\/www.assetworks.com\/fleet\/blog\/fleet-tips-for-a-successful-annual-physical-inventory\/","title":{"rendered":"Tips for a Successful Annual Physical Inventory"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1129\" class=\"elementor elementor-1129\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7c0f321 e-flex e-con-boxed e-con e-parent\" data-id=\"7c0f321\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a3f830f elementor-widget elementor-widget-text-editor\" data-id=\"a3f830f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Each year, typically between June and December, fleet management organizations perform a physical inventory of their stocked parts.<\/p><p>Many organizations today dread inventory day. During the day, there are many tasks to complete and many things that could go wrong.\u00a0<strong>Before your next inventory count, follow these best practices:<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bbebeaf elementor-widget elementor-widget-heading\" data-id=\"bbebeaf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Don\u2019t Wait Until the Last Minute<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e3dcced elementor-widget elementor-widget-text-editor\" data-id=\"e3dcced\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The key to a successful fleet management inventory count is preparation. You should not wait until the last minute to prep for your annual inventory.<\/p><p>Conducting cycle counts throughout the year gives you confidence that your inventory counts are correct.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17b1486 elementor-widget elementor-widget-heading\" data-id=\"17b1486\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Set Your ABCs<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-310a602 elementor-widget elementor-widget-text-editor\" data-id=\"310a602\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Setting your parts ABC\u2019s in your inventory management system is essential. This tactic lets you know what parts move the fastest and which sit on the shelf.<\/p><p>To determine your parts ABC\u2019s, you must divide your parts into at least 3 groups: Group A, Group B and Group C.<\/p><p>Parts in\u00a0<strong>Group A<\/strong>\u00a0make up 70-80% of your inventory and are the fastest moving parts. Parts in this group must be counted more often\u2013 at least once a month.<\/p><p>Parts in\u00a0<strong>Group B<\/strong>\u00a0make up about 10-20% of your inventory. These parts should be counted roughly once a quarter.<\/p><p>Parts in\u00a0<strong>Group C<\/strong>\u00a0make up the remaining 5-10% of your inventory and should be counted twice a year.<\/p><p>If necessary for your organization, you can include a fourth group,\u00a0<strong>Group D.\u00a0<\/strong>Group D\u00a0includes the parts that are slow-movers, but are still essential to your operations. You should count parts in this group once a year.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d84367e elementor-widget elementor-widget-image\" data-id=\"d84367e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1254\" height=\"836\" src=\"https:\/\/www.assetworks.com\/fleet\/wp-content\/uploads\/sites\/7\/2023\/05\/car-parts.jpg\" class=\"attachment-full size-full wp-image-1130\" alt=\"physical inventory\" srcset=\"https:\/\/www.assetworks.com\/fleet\/wp-content\/uploads\/sites\/7\/2023\/05\/car-parts.jpg 1254w, https:\/\/www.assetworks.com\/fleet\/wp-content\/uploads\/sites\/7\/2023\/05\/car-parts-300x200.jpg 300w, https:\/\/www.assetworks.com\/fleet\/wp-content\/uploads\/sites\/7\/2023\/05\/car-parts-1024x683.jpg 1024w, https:\/\/www.assetworks.com\/fleet\/wp-content\/uploads\/sites\/7\/2023\/05\/car-parts-768x512.jpg 768w\" sizes=\"(max-width: 1254px) 100vw, 1254px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1bf049 elementor-widget elementor-widget-heading\" data-id=\"b1bf049\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Verify All Parts Have a Location<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9ba2262 elementor-widget elementor-widget-text-editor\" data-id=\"9ba2262\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Before your inventory day, verify that all of the parts in your inventory have a location listed in your <a href=\"https:\/\/www.assetworks.com\/fleet\/fleetfocus\/\">inventory management system.<\/a>\u00a0You should also ensure that these locations are correct.<\/p><p>If a part is kept in two locations, ensure that your inventory management system shows this. This step ensures inventory counters won\u2019t run around trying to find a part or, even worse, marking an incorrect count because they cannot locate the part. Checking bin locations during cycle counts makes this task easier at the end of the year.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0498f20 elementor-widget elementor-widget-heading\" data-id=\"0498f20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Before Completing Physical Inventory <\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-86edcd0 elementor-widget elementor-widget-text-editor\" data-id=\"86edcd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On the day before the physical inventory, verify that all parts used and received during the day are issued and recovered properly.<\/p><p>If using a paper system for inventory counts, print out the inventory count sheets in advance. If using a computerized system, such as a tablet, run the inventory count in your inventory management system to ensure that it is available on the computer system.<\/p><p>If your organization has inventory personnel, organize them into pairs\u2013\u00a0<strong>one as a counter and the other as a recorder.<\/strong> If you have enough personnel, create a team specifically for recounting if the original counts are off. This allows the count teams to continue on other sections, thus keeping inventory counts moving.<\/p><p>If using a paper system, make sure you have the personnel to enter the counts in the inventory management system.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-337542b elementor-widget elementor-widget-heading\" data-id=\"337542b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">While Completing Physical Inventory<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30ddc8d elementor-widget elementor-widget-text-editor\" data-id=\"30ddc8d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On the day of inventory, provide the teams with the count sheets or tablets\/computers and specific instructions. Use your inventory staff as a resource for answers, not for count performance.<\/p><p>Once you complete the inventory count and enter the data into your inventory management system, you should have a way to analyze the data. You want to know your inventory\u2019s net discrepancy as well as the value of those discrepancies. The report should also provide you with the percentage of discrepancies based on the overall inventory.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fdeb83a elementor-widget elementor-widget-heading\" data-id=\"fdeb83a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Fill out the form below to learn how fleet management software can help before, during, and after a physical inventory. <\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Each year, typically between June and December, fleet management organizations perform a physical inventory of their stocked parts. Many organizations today dread inventory day. During the day, there are many tasks to complete and many things that could go wrong.\u00a0Before your next inventory count, follow these best practices: Don\u2019t Wait Until the Last Minute The&#8230;<\/p>\n","protected":false},"author":6,"featured_media":1131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[20],"tags":[],"post_folder":[33],"class_list":["post-1129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tips for a Successful Annual Physical Inventory - Fleet and Fuel Management<\/title>\n<meta name=\"description\" content=\"Each year between June and December, fleet management organizations perform an inventory of their stocked parts. 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