How do I run an inventory count when selling my retail store?

Start by choosing the date. Many sellers count the night before closing, when the stock will be the same one the buyer receives. Settle in advance what counts as saleable, who values damaged or old goods and how items on consignment or on order from customers are treated. Writing the method down avoids arguments on the day.

Plan the work. Divide the store into zones, give each pair of counters one zone and mark counted shelves so nothing is done twice. Have one person record and another count. Recount any zone where totals look odd. Put customer holds, returns waiting for suppliers and display fixtures in separate piles so they do not drift into the total.

Finish with a reconciliation. Compare the count with the system’s figure and explain the major differences before anyone leaves. Both parties should sign. Your accountant can advise how the result flows through to the closing statement. Keep the working papers; if a question arises later, they are your evidence. Tell staff in advance, since a count can take longer than anyone expects, and order food for the helpers.

Key takeaways

• Agree the date, method and treatment of damaged stock in writing.
• Count by zone, with one person counting and another recording.
• Keep customer holds, supplier returns and fixtures apart from saleable stock.
• Have both sides sign the final sheets and keep the working papers.