How to Achieve a Successful Stocktaking
Sep 23 2019
Stocktaking is simply a process which every business owner will put up in action before the year ends. It is typically done every year end in form of an inventory though many businesses are also doing it regularly to ensure one’s business overall quality and quantity developments. It is mainly to show an accurate report of stock items’ number that the company owns. It is indeed a way for every business to strictly monitor stocks quantity and quality and for overall management and control of the stocks within business places.
In becoming successful with stocktaking in your business, it is important to take note of some points that are helpful for you to achieve it. Stocktaking is very simple only when you have followed all of the most important things to do your work. Here are some of the ways you could ensure a successful stocktaking in business.
- Identify all stocks and separate them from ones that are owned by the company and from those that are already for the customers. You should separate the two but still, considering the items already owned by the customer should we well-maintained by the owner.
- Don’t forget your tools in stocktaking including stock sheets, clipboards, hand-held scanners, calculator, pens and write-off sheets. These tools are simply the tools that will enable you to achieve a successful stocktaking process in your business.
- Focus with the inventory and as much as possible, avoid destruction for an accurate result of the inventory. With all of these destruction, you might have a little mistake which can turn larger in case you haven’t gone it right.
- Count all items inventory and don’t make a guess. You have to be accurate with your inventory and the fact that it is a basic step for an inventory must be followed.
- Be sure about the items by opening the box. There can be mistakes made by packages when it comes to count of the items inside. Make sure that no one at least is missing inside the box or else you should mark it as a package with an incomplete item.
- Check and compare the accounting records then recheck for any discrepancies you have seen within the inventory. If there is, see for actions on how to change it properly.
- Make a note of the variances and of anything that has to be followed up. Take note that you have to achieve a stocktaking.
- Update the inventory with the account package after the checking of the items and discrepancies on the record which causes inaccurate report.
Stocktaking is not really a hard task to complete in business. However, still consider different ways on how to effectively stock take and end up with accurate report of the inventory. You can take the ways mentioned above on how to make your stocktaking a successful one in business. Perhaps, it is a good strategy to ensure your business is now getting the best that it has to achieve.