Where would we be without stocktaking? Keeping a correct and up to date inventory of your goods when you are in business is something which the importance of cannot be taken lightly. Stocktaking is an integral part of any business, no matter what the size. It is advantageous to a business for many reasons. It is particularly beneficial to ascertain just how business is performing, whether your company is performing as it should be and so on.

Good stocktakers can determine if your company has any problems with regards to product shrinkage. They will account for each and every item. The process of checking your stock will help you to discover what items which you sell are the most profitable and you will also figure out which products the business is making a loss on.

It is important that as a business a close eye is kept on stock levels. This way it will also be easy to discover if anything has been stolen from the business. When a company is thinking of stocktaking it is an idea for them to work out a system for accurately cataloguing their items.

Some people like to record their audit manually with pen and paper whereas others take advantage of the increasingly more advanced technology and software which is readily available nowadays. The one thing which must be done however is to ensure that the stocktakers who are used know their business and have a methodical and professional approach.

A common mistake which many business owners make is not stocktaking in an effective manner. Some people don’t fully realise the importance of keeping an inventory of the goods which they have and also the goods which have been sold. Stocktaking is actually part of the basis of a successful business model.

When you know exactly how much stock you have then you will not need to order more than you need. This in turn will improve cash flow and the money which is saved can be plowed back into other areas of the business. Stocktakers can easily figure out where a business can be leaking money, thus making the operation far more efficient. It is very important to accurately pinpoint both profit and loss in order to maximise efficacy.

The importance of the job of company stocktakers can not be stressed highly enough. Even if during a stocktake one item is left unaccounted for then this will have a negative knock on effect on the rest of the count. Anyone who wishes to take an account of their stock needs to keep this in mind as it is a time consuming process especially if it needs to be done over again due to human error.

A stocktake which is not done correctly can have a very negative effect on the rest of a business operation. Mistakes in accounting for stock can be costly. Once a business has a successful and reliable method of stocktaking in place, the owner can focus attention on analysing the results of this and on making plans and changes based on the information collated.

If you are looking for stock taking advice for your hospitality business, Synergy Stocktaking can cater for your needs.

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