How much retail inventory do I have left this period? What is its total value? If counting by hand, performing a physical inventory count of your merchandise can be time-consuming and even expensive, as it could mean shutting down the store to get an accurate count.
Adopting the retail inventory method can help owners get a more regular sense of what’s available. By accurately setting up inventory and accounting logistics, business owners can better manage operations and continue to grow.
There are, of course, advantages and disadvantages to adopting this approach. But first, let’s get a few things clear.