What To Learn From Beverage Stocktaking
Sep 30 2019
It is easy to say the aim of any business venture is ultimately to generate profit but we often find that actually generating profiting is not such an easy task! It takes a lot of hard work, both physical and mental. Stocktaking is one business function, that if it is done effectively and systematically and with a degree of care, cutting overhead costs are ensured, which in turn generate business profits. However, it shouldn’t just stop at stocktaking; the results must be analyzed during accounting and included in the managements strategic planning.
So, what can one possibly learn from stocktaking? It can be used as an indicator or a means of developing sufficient controls and measures of inventory. In effect it can then provide information on the gains and losses of a business venture, its current and exiting stock valuation etc.
Analyzing possible gains and losses
With the help of a proficient beverage stocktaking, the probable gains and losses can be analyzed and that can be done is two ways. One, the total expected sales from the existing changing stocks can be compared to the total receipts of the venue or product type (to be more precise). Or two, the expected sales for every product can be compared with the actual sales reported. With the help of any of these, you not only discover the probable gains and losses but also the fidelity stands in your staff!
In addition to learning of your disloyal staff, a number of other reasons too can account for the mismatch in the recorded stock level and the actual sales, these reasons include beer wastage, over or under pouring, breakages, free samples and credits given, complementary drinks, mistakes in orders, unaccounted deliveries and the like!
Detecting the profitability indicators and current Stock Value
It is quite natural that once the procedure of accurate and systematic beverage stocktaking is put into place, chances of the losses going undetected are significantly reduced. In addition to that, several indicators are analyzed, which in turn draw a profitable graph of your venture. These include the gross profit percentage, the day stocks and ordering routine, the specific product performance as well as the total gross profits.
How do you use these figures? For instance, the specific product performance would signal the best and worst products and with that, the poorly fairing products can be swiped off the shelves or you could even play with the prices of well performing products which would in turn result in significant rise in profit percentage.
And finally, systematic beverage stocktaking updates on the entire stocktaking procedure, including the fittings and fixtures. Mostly, this is done during the sale or even a transfer of a venture and would be performed by a stocktaking firm or an independent auditor. In other cases, you could also use these figures to calculate the total stock value for quarterly or annual accounting purposes! So, an effectual beverage stocktaking plan can be beneficial in so many way!
Summary: Beverage stocktaking is an integral part of determining the success of any bar or restaurant and it does so by resulting in figures that help us learn the possible gains and losses of our venture, analyzing its causes, detecting the profitability indicators and to hang on to them. It also reveals significant information about the stock value that is helpful for accounting purposes!
If you would like to learn more about how a professional stocktaking service can benefit your business then visit Synergy Stocktaking at https://www.synergystocktaking.ie now.