There are no strict rules when it comes to writing a stock report.
This is mainly because of different business models and how each ultimately needs to customise their system for accurate stock taking.
However, there is certain information that should be clear from the stock report, namely:
- Current stock on hand
- The value of the stock
- Popular/unpopular lines
Knowing what information should be on the stock report makes it a lot easier to approach the act of ultimately writing the report.
Here are some suggestions on how to go about writing the stock report and ensuring it adds to the profitability of the business.
Create/Use a Template
Manually creating a new template for every stocktake will not just waste time, but it will make comparing past figures more difficult.
Instead, experiment and test with templates until the most functional design surfaces. Then, use this specific template for every stocktake that follows.
What should the template consist of?
- Item description
- State of quality
- Expiration date (if applicable)
- Cost and selling price
The template is not supposed to complicate matters. On the contrary, it is used to make the process easier and quicker.
A good example would be a stock take for a retail store with hundreds of lines.
If everything is not organised and easy to scan from the beginning, it can really mess with stocktake figures.
List Items With Cost/Selling Prices
When the template is in place, the next step is all about listing the items.
And once again, use an organised approach that makes it easy for staying on track and accurate.
Properly categorise products and divide everything into manageable sections.
From there, get the items listed on the template along with the information mentioned earlier.
Do not forget to add the numbers for damaged, lost, or stolen stock.
In many cases, they are the reason why stocktakes do not balance properly with the purchase orders and data captured from the receiving end.
Set up Dates for Stock Counts
For big companies, stocktakes are usually scheduled on an annual basis. However, it is best to keep stocktakes consistent and regular.
For instance, prioritising sections of the inventory for weekly or monthly stocktakes makes it a lot easier to troubleshoot possible imbalances.
Otherwise, you have to wait for a whole year to pass. Tracking down missing stock gets more challenging the more time there is in between stocktakes.
Small and consistent cycles, especially with high-risk and costly inventory, are crucial for maintaining healthy stock movement.
Therefore, schedule these on a regular basis and use a basic template for easy referencing.
At this point in time, the stock report is already written.
If the basic information mentioned above can be found on the report in an organised manner, the report can be used for several things.
For one, the stock report will show how much dead inventory sits in the warehouse.
It will also provide a specific amount in terms of how much inventory is worth in money, along with insight on which orders should increase/decrease.
With this information, valuable calculations can be made that ultimately decide the fate of the business.
This is why stock reports need to be very accurate, meaning double and triple counts are recommended when the numbers do not balance.
Use Accurate Stocktaking Tactics
As a final thought, only use accurate systems and equipment to handle stock takes. When the best solutions are used, the best results can be expected.
It’s just a matter of staying organised and focused.
If you need help managing your inventory, then look no further than ASP Microcomputers.
We are the market leader when it comes to the development of customised and packaged solutions.