The word itself is often greeted with moans and groans from staff members, but a regular stocktake is vital for ALL businesses that possess any kind of of monetary assets. An annual stocktake is an absolute minimum requirement if you really value your valuables. At the end of the day, without your stock, what is your business really worth? In this day and age, we simply cannot leave things to chance and hope all is in order.
With specific information about stock movements and stock on hand, you can then make schooled decisions about slow-moving items, theft, damaged stock and warehouse procedures.
Here are 5 Top Tips for a successful stocktake:
Ensure the stock room is clean and tidy and inventory items are clearly laid out
Attach labels to shelves to clearly identify different stock. If relevant, give stock counters clear guidance on the way they should count, example: start at the top shelf and work your way down, while working from left to right.
Plainly recognise what stock is owned by the business and where it is located
Segregate stock that’s been invoiced to a customer, but is still in the store room. Likewise, stock received but not yet recorded in the books should be distinguished.
Make sure that all stock held at varying locations or on are accounted for.
It might seem monotonous, but it’s much better to get a 100 percent accurate record the first time. Guess work will lead to doubts at the end of the stocktake, meaning you could find yourself starting al over again! Open boxes that are sealed– don’t assume that there will be 36 bottles in there…check for yourself.
Check the physical count against accounting records
Make a note about variances and follow up where necessary. Recheck any discrepancies
Update your records
Once the stock take has been completed, update the inventory records in your accounting package.
A well planned stocktake will result in minimal disruption, accurate inventory records and provides a basis for making informed business decisions.
As stated above, this is simply a beginners guide and a small insight into some of the procedures involved in making your stocktake a success. If you would prefer to leave it to the experts, contact Inn Stock Services today to begin your stress free stocktaking journey.
Tel: 07980 – 988338 or (028) 66388195