When it comes to product sales, most businesses share one common overriding fear – dead stock. Items or products that are not selling don’t just take up unnecessary space. These items also tie up the business’ money. One of the best ways to control...
If you are in charge of a fabric business, you know how difficult it is to manage inventory. This is why it is essential that you find the right system to use. The problem with this is the fact that there are so many...
Stock-taking is a valuable process for every company selling a product/s. If not performed on a regular and consistent basis, it is bound to cause serious problems down the line. For example, when the stock-count on the system differs from the actual stock on...
Inventory management is one of the trickiest parts of running a retail store. The inventory that you hold is vital to your business. However, for some companies, especially those that sell products of volatile value, it can be hard to account for the value...
Even though the end of financial year stocktaking points to a specific time when it needs to happen, it is a process that requires attention all-year-round. Unfortunately, not all business owners take note of this important factor. Instead, they leave it to the last...
Stocktaking involves the physical checking of stock items and comparing this with an entity’s existing records. Continuous stock taking specifically means that stock-taking is conducted on a regular basis. From increasing accounting accuracy to improving stock management, continuous stock taking is attributed to a...
In case you are wondering why you should stocktake, you have come to the right place. Whether you operate a small, medium, or large-scale business, regular stocktaking comes with many benefits. In fact, regular stocktaking will help you find new ways to improve your...
Every business, regardless of how large or small, should engage in annual audits so that they can take a full inventory of their goods. Some companies have massive amounts of inventory and it can be very time-consuming to audit it. Even smaller companies can...
Control and management of inventory are vital to most types of businesses but especially to supermarkets. In the past, hand-written accounts were kept of inventory coming in and stock being sold. Later, software packages became available to assist in inventory control although all data...
When it comes to restaurant management, labour, food costs and general overheads are the top expenses. Restaurant owners and managers all agree that knowing how to manage kitchen inventory is one of the biggest challenges in running the business. Beginner managers can easily fall...
