Your Guide To Successful Stocktaking!
Sep 15 2017
It is generally at the end of the financial year when a stocktake is carried out, but some businesses may conduct a stock take more often than others.
So, what is a stock take? Simply put, it is a process that involves taking count of a business inventory at a particular time.
Carrying out a stock take has plenty of benefits.
But what does it take in order to carry out a successful stock take?
1. Stock Should be Clearly Identified & Located
Stock that has not yet been invoiced should be clearly identified and separated from stock that has been invoiced but has not yet been dispatched. It is important to not forget to keep a record of stock that is being held at different locations.
2. Stock Room Should be Clean & Tidy
Labels should be attached to shelves so that stock can be clearly identified.
3. Stocktake Tools
Provide stock takers with appropriate tools so that a successful stock take can be carried out.
- Stock sheets
- Write-off sheets
- Pens: Using different colour pens helps with successful stock taking
- Hand held scanners: These will be used for bar-coded inventory.
4. Discourage Radios, Mobile Phones, iPods & Idle Chit Chat
While it might seem mean, distractions can easily lead to errors. Allow for regular breaks to maintain focus.
5. Count Every Item of Inventory. Don’t Estimate!
It might seem tedious, especially if you think you have a good idea of quantities, but it’s much better to get a 100 percent accurate record the first time. Don’t forget to open boxes – just because the carton says there are 24 items in the box doesn’t mean there actually are.
6. Update the Records
Once the stock take has been finalised, 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.
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