Why Stocktake?

The primary reason for adequate stock control is:

  • To detect pilferage or wastage at an early stage and consequently reduce it to a minimum.

The other reasons for adequate stock control include:

  • To accurately value your current stock in terms of cost and potential sales for accounting purposes.
  • To eliminate over-stocking - this can result in losses due to products becoming out-of-date or obsolete and can reduce your return on capital investment.
  • To eliminate under-stocking - this can effect potential takings and service levels as well as disrupt the day-to-day running of your business.
  • To ensure prices are set correctly and products are cost-effective to stock and sell.

There are many other reasons why adequate stock control are important for different businesses, but every business will need at least some stocktaking.

The better you get at stocktaking and the better tools you have, the quicker it will be.
The more you understand the data that stocktaking gives you, the more effectively you will be able to run your business.

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