Each day, c-store operators are faced with multiple choices, challenges, and needs in order to maintain a successful store. Making sure that you have well-stocked shelves while keeping tabs on product pricing can be managed by using your pricebook and insights from an inventory audit. Staying up on demand and tracking quantity results in happy customers and increased profitability.
The value of an inventory audit can play a significant role in your retail operations. One type of audit option that provides price assurance or is useful if considering a step into Item-Level audits, is the Financial Audit with Pricebook Accuracy, or FAPA. While not having all the benefits of a full Item-Level Scan Audit (ILSA), FAPAs are a great middle-ground that gives the benefit of scan accuracy on select items while maintaining Financial Audits for the rest of the store.
FAPA works with your pricebook. This is helpful to the store operator when, for example, promotional prices are displayed but “auditing” prices have not changed within the back-office system.
This type of hybrid audit solution is also a common stepping-stone to ILSA. When what you want is a solution that gives the pricebook accuracy of a scan audit without the cost or commitment, FAPA is the way to go. About 90% of Quantum Services’ clients utilize FAPA audits to one degree or another.
Other Benefits of FAPA Hybrid Audits
- Audit accuracy improves when using the store’s price file to reflect accurate pricing
- Storage areas get more accurate pricing on retail items
- Guaranteed front-line pricing on select categories
- Any items without a shelf tag will be counted with the correct pricing
- Receive partial benefits of item level without a full commitment
- Allows an opportunity to test if your system is capable of moving into the item-level option
Another Hybrid Audit Option
In addition to FAPA, Quantum Services offers another hybrid option, FIL—Financial Audit with Item-Level features. This option gives price assurance along with departmental integrity. Focused on the right department at the right price, FIL works with the pricebook to confirm product prices AND that they are counted in the correct department or category. Both options, FAPA and FIL audits use UPCs from the stores’ pricebook. These hybrid audit options can make the transition to a full Item-Level Scan Audit seamless and easy.
Bottom Line
FAPA is a great choice for c-store operators looking to improve the accuracy of their audits, increase the store manager’s trust in the audit process, or as a pathway to full item-level audits. If you’re ready to learn more about a combination of audit solutions, or how FAPA can improve the quality of your audits, get in touch with Quantum Services today! We meet clients where they are to fulfill their inventory audit needs, adding value that makes sense.