IMPORTANCE OF STOCKTAKING
Stocktaking includes calculate all your stock physically and compliment this to your own stock records so as to find any inconsistency. The number of stocktaking differs between businesses, with some updating once or two times a year, while other businesses update theirs monthly or quarterly counts. If you are managing a small scale or large scale business, you have to do what you feel that is right for you.
Inconsistencies between your physical stock count & your computerized records enable you to improve on different issues and as well put processes properly to guarantee improved stock management and control. Of course, this will boost profits in the near future.
Reasons why stocktaking is important?
As stated above, stocktaking emphasizes issues on stock control and things your business venture requires to upgrade on in order for your business to be more profitable than ever.
Here, are the reasons why businesses should do regular stocktaking.
- Uncover theft
An adverse fact in the small scale or large scale business is that misappropriation will always have a negative impact on your stock taking figures and cause inconsistencies. Even more adverse in the actual sense that workers will always be blamed for these figures.
While inconsistencies due to misappropriation are a reality of life and shoplifting can never be eradicated completely, a stocktaking will emphasize whether you have a crucial problem at hand. It can be the spur for a security check and a clampdown on tricky employees. Frequent stocktaking alone can as well be enough to demoralize some employees in the firm from stealing.
- Finding out extra stock shrinkage issues
Stealing isn’t the only stock loss you will find. A frequent stocktaking will also emphasize issues with stocks that are damaged, poor stock control practices, and unprocessed orders.
You have to see this issue as a chance to work on these areas. For instance, if a piece of stock was tampered with due to a crack in your warehouse, make sure that it is rectified so that this kind of issue does not happen again.
- Make sure that the target of your company is being met.
If you discover some main issues in your figures, you might not meet reach your financial goals. It is better to find this as soon as possible rather than afterwards and re-modify your predictions.
Trust us, it’s better to rectify this issue now, rather than encountering an unpleasant shock at the end of the fiscal year.
- Track the performance of a product
It is easy to not to keep record of winning products and which goods you can likely do without. Stocktaking will therefore put this issue into consideration for you. If you have a substantial amount of a commodity which has been on the showcases for months, it is a very good sign that the product is not in demand and that you might have to bring the prices down so as to move on with the the stock.
It is not all unpleasant news, though. You might discover a commodity that is in very high demand, which implies that you can purchase more of the product
- Improve your stock ordering process
Stocktaking will emphasize any insufficiency you were not aware of & will induce you to purchase more. There are some things which a good software for inventory management cannot even pick up often.
For instance, you might have on record that you had a complete stock of those super bin demand t-shirts, but stocktaking will disclose that a huge portion were stolen or even damaged in transit.
But why should you hire us as your stocktaking company?
The reason is simple: we are experts in this field who know how to do everything within a short time and provide you with more accurate results. We have substantial knowledge about the equipments and are fully trained to supervise stock take accounts. We will stay with you till the very end and our services include complete analysis as well as auditing. You won’t be left hanging midway; we will help you through major issues related to reporting. Whatever equipment you may need, like the essential tools and barcode scanners, are always available with these services.