Do you know that having a negative stock in your dispensary can cost you a hefty fine of not less than 30,000 US dollars? You better understand that having an incorrect balance sheet in your dispensary can lead to significant losses. Furthermore, selling more items than you received can land you to severe repercussions.
Don’t you understand how this negative inventory can happen? Well, if you deal with a particular type of cannabis, you can sell a different item at the same cost you sell your marijuana. However, one product will be negative in the inventory, and the other will be more than on the shelves. You must also remember that each item in your dispensary has a different tracking code. Therefore, if you sell ten items, even though they are similar, you must scan all of them. You must be asking yourself, “What if I scan one item ten times, won’t I attain the same value?”
Yes, you will get the same cost, but in the inventory, it will appear as if you are overselling one item. In this case, you will have a negative inventory of one tracking number in your sales. This issue can put your dispensary in grieve danger of violating the compliance. In this article, you will know How Dispensaries Can Prevent Negative Inventory.
Educate Your Tenders How to Scan Items
Mostly, you can encounter bad inventory in dispensaries because of ignorance in scanning items. It’s therefore reasonable to train those who serve customers, especially in your cannabis dispensary how to scan things. Don’t forget to inform them of the importance of scanning every item, even though it’s similar.
Remind them each item has a tracking code, and failure to scan each item will result in negative inventory. Vendors must ensure each piece that they examine to match the specific ID in the package. This scanning will help in avoiding losses that can incur when solving negative inventory issue with auditors.
As an Entrepreneur, Ensure Each Item Has a Barcode
Train your vendors how they can check that all merchandise that you receive from suppliers has a barcode. But the question is what if you receive items with barcodes which are difficult to scan? This case you have to barcode all things accurately and inform the suppliers to avoid a similar problem in future. When all items have an accurate barcode, there are no cases of inventory discrepancies.
Ensure You Audit Products That Are Not Selling
Imagine you have a product that was fast moving daily, but all of a sudden, the merchandise stop selling. What do you think will be the result in the inventory? Yes, the products are there in the POS inventory. Nevertheless, you can be in danger during auditing as they will assume that the good is not in the store.
It’s advisable to request auditing to be done on such items to avoid inventory discrepancies in future. Also, verification is required when you think there are robbery cases in the dispensary. In this situation, you will come up with better ways of preventing theft cases in the dispensary in future.
Therefore, you must know that it’s costly to have a negative inventory in your dispensary. Consequently, you must put necessary measures to ensure there are no discrepancies in business. These measures include bar-coding and scanning every product in your store.