Inventory Count: How Software Makes a Complex Task Simple

What are the different types of inventory

The need for a company to count its inventory stems from the principles of proper accounting, where all assets and liabilities of the company, regardless of the type of asset, must be accounted for. As mentioned above, traditionally, companies have carried out an annual count to ascertain their inventory.

For comprehensive capture of all assets – regardless of type, quantity, or value – there are three types of inventories:

– Physical Inventory: This pertains to all tangible, movable items. Think typical tools, work equipment, and consumables. These are assessed by counting, measuring, and weighing, i.e., the tangible stocktake.

– Book Inventory: This addresses the company’s book values, such as account balances, outstanding payment obligations, and pending receivables from transactions. It’s essentially a pure accounting calculation and list.

– Asset Inventory: This covers all goods not falling into the above categories. It includes financial assets as well as those in real estate and other forms of tangible assets like vehicles and machines. Asset inventory can be especially challenging as built-in components are often not consistently and accurately recorded.

The team behind the Timly inventory tracking solution has designed a tool that allows you to take charge of every aspect of your inventory process. With smart features, for instance, managing all fixed inventory in a room or specific office, all enabled by QR technology, your inventory count becomes more accurate, simple, and streamlined.

Streamlining your asset managment with innovative software

When it comes to conducting an inventory count of your assets, a comprehensive approach will ensure efficiency throughout. Imagine having a fully customisable tool at your disposal, allowing you to capture details for virtually any item within your inventory.

With Timly you can do just that. For each asset record, you can assign all attributes you see fit, meaning you can track and manage exactly the information you need. Furthermore, you can upload to each asset record any type and number of files, including purchase records and maintenance logs. 

But that’s not all – you can also designate root container for better organisation of your assets. These containers can encompass a range of items, such as rooms, offices, cupboards, or vehicles, and you can link the individual assets contained within them. By organising and categorising your assets, you can easily view the inventory of a specific room or area, regardless of their categories, providing you with a comprehensive overview in an instant.

When logging into Timly’s user-friendly interface, you’ll discover practical filter options that simplify inventory management. When it comes time for an inventory count, you’ll have a clear and concise understanding of which assets should be present in a particular area.

By offering a single platform where all your inventory information can be held and tracked, Timly minimises the administrative burden prior to conducting an asset inventory, ensuring a professional and efficient process. Whatever the level of customisation you decide to settle on, the team from Timly will be on hand to assist you in organising your assets properly so you can get the most out of your Timly account.

Easy inventory tracking with QR code technology

It’s important to note that how you do your inventory count is not set in stone. What truly matters is the outcome: accuracy. With Timly, you can conduct a legally compliant inventory without the need for additional hardware or IT systems. Not only is recording, monitoring, and reporting your inventory as simple as a few clicks, but all data is also securely stored in the cloud, granting access to your inventory information from any location via the internet. Timly’s systems guarantee full GDPR compliance for data security.

When it comes to the actual stocktaking process, you have the option to use QR codes—either your own or those provided by Timly. Simply attach them to each asset you want to track, and by using the built-in camera on your smart device, you can scan the QR code. This action will either create a new asset record automatically or take you to the existing asset record if it already exists.

Since the Timly app is cloud-based and requires no installation, any user with permission can access asset information or create and manage assets. There’s no limit to the number of users you can have within your Timly account, as our aim is that your organisation has full flexibility in this regard.

How frequently should you audit your stock

Inventory counts are typically required annually, aligning with the conclusion of the fiscal and calendar year. However, this process can be quite time and resource-intensive, with staff dedicating days or even weeks to complete the count. In such scenarios, adopting a cycle count approach proves to be a more efficient alternative. This approach involves the continuous monitoring of current inventory levels, allowing for physical inventory counts to take place on a continuous basis throughout the year.

Once again, software solutions like Timly significantly streamline the entire process. Through a simple scan, you can effortlessly capture your inventory data, gaining immediate insights into your tools, equipment, machinery, their current custodians, and all relevant details for your reporting needs. Timly provides a comprehensive transaction history, tracking both checkouts and returns, along with timestamps. Additionally, it facilitates the documentation of defects, pertinent records, and pending actions.

Furthermore, with Timly, you can effectively oversee consumable items. This functionality enables real-time monitoring of stock levels, ensuring timely replenishment by placing new orders as stock runs low.

SodaStream’s inventory efficiency: Timly in action

As evident from the above, the era of extended business closures or downtimes to carry out the annual inventory count can now truly be a thing of the past, thanks to intelligent asset tracking software solutions.

Let’s use Timly as an illustrative example: When it comes to scheduling inventories for specific time frames or categories, Timly offers the functionality to send email notifications to the designated personnel via your Timly account, prompting them to carry out the necessary tasks. You can also establish protocols and checklists, storing them conveniently within Timly so they are easily available.

Consider the case of SodaStream, a global leader in soda maker production. We are proud to count SodaStream as a success story in effectively utilising the user-friendly Timly inventory capabilities, empowering their employees across diverse locations and sites to track and manage inventory efficiently.