Cannabis Inventory Audits
In the past 7 months, Greenline has seen both proactive and reactive inventory audits in action with live cannabis retailers, and it pays to be proactive with inventory accuracy.
To better understand the difference, here is what that means:
- (Reactive) An issue or discrepancy is found which prompts an inventory audit
- (Proactive) Scheduled stock audits that identify discrepancies before they impact reporting or front of store operations
On average stores that schedule and perform inventory audits more often have dramatically reduced inventory discrepancies. Cannabis retailers that do inventory audits daily have the smoothest operations and the most accurate compliance reports at the end of the month.
There is a fine balance between the amount of time it takes to do audits and the level of inventory accuracy. Some smaller stores simply do not have the manpower to do check every day and instead opt for auditing every second day or on a weekly basis.
We recommend weekly audits at a minimum so that stores can catch input errors or inventory losses closer to when they happen. This is so that store operators can more easily identify any discrepancies while the day’s activities are still fresh in memory. It’s very difficult to figure out why you are missing a unit of a particular product if the discrepancy happened weeks ago. Taking detailed notes on your POS per inventory movement is also a great help in identifying issues.
Contact Greenline today to find out how a Greenline POS system can help you and your employees complete inventory reports and avoid audits happening every other day. Click here to learn more about Greenline’s POS features.