How can inadequate inventory tracking lead to 'retail loss'?

It is important to maintain strict inventory control. The manager and the team are expected to know how to keep regular inventory checks. Remember to: ✓ Keep stock and inventory up to date. Run inventory audits; apply the 'FIFO approach' (First in, first out); identify and act on stock turn-over; track stock levels. ✓ Use the company's POS system (Point-of-sale system) to keep an accurate inventory count. Identify possible retail losses by reconciling your POS system with what's actually in stock.

To learn more about POS systems, check out this excellent article by Meaghan Brophy. Click the link: https://fitsmallbusiness.com/how-to-use-pos-system/ Photo by Fikri Rasyid on Unsplash