• by ASP Microcomputers / From Stocktaking / June 30, 2019 /

    Preparing Your Business for End of Financial Year Stocktaking

    Preparing Your Business for End of Financial Year Stocktaking

    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 minute, only to get negative results and a lot of frustration and pain too. 

    The reality is that from the first day, the business should be on top of stock counts, whether the stock is coming in or getting shipped out. 

    A quick breakdown on how preparing your business for end of the financial year stocktaking should look something like this:   

    • Order/Receiving Solutions 
    • Constant Stocktaking
    • Appropriate System
    • Training 
    • Execution 

    Every Order Needs to Be Mindful 

    Regardless of the business model, if stock is being ordered, the right ordering solutions have to be in place. 

    This means the ordering of stock has to be done with accuracy, while the receiving area practices the same amount of accuracy. 

    A flaw in either of these areas will result in big problems if not monitored, or left for the end of the financial year stocktake. 

    So, it is recommended to always have order and receiving solutions that promote the most accuracy in terms of monitoring stock. 

    Invest in Stock Takes All Year Long

    The best way to establish whether ordering and receiving solutions are effective is by investing in regular stocktakes

    However, these are much smaller in scale and should be done relatively quickly. 

    For example, every day certain sections are scheduled for counts. 

    If the numbers do not add up, the issue can be addressed immediately, as opposed to escalating while waiting for the official stocktake to take place.

    Granted, the right times need to be scheduled for minor stocktaking. However, they provide constant updates on what the end of financial year stocktaking will ultimately look like.   

    Have a Good System in Place

    The system in place for running the stocktake is critical. In other words, it needs to make the process easier and quicker, while maintaining accuracy. 

    There are several approaches to capturing and processing the information from a stocktake, but some are better than others. 

    For business owners that are serious about making every stocktake constructive and valuable for their business, do not compromise with the capturing system.  

    Provide the Necessary Training

    Even with the most expensive and modern technology in place to help with the stocktake, human interaction is still required. 

    That means giving the necessary employees the right training before attempting the stocktake. 

    It is critical that they are informed enough to troubleshoot situations, given that some things might not always go according to plan. 

    More importantly, they should be accurate at all times and this can only happen if employees are properly trained before they are given stocktaking responsibilities. 

    Otherwise, it can be the singular reason for a failed stocktake.   

    Execute a Counting Strategy That Is Easy to Double-check 

    If possible, have a double-check strategy in place. This isn’t to say the first count cannot be trusted, but the more accurate, the better. 

    Also, try to make it easy to re-count everything by organising everything in appropriate sections. 

    Do Not Wait for the End of the Financial Year 

    As a business owner, it can be a detrimental decision to wait until the end of the financial year stocktake to get important information about the health of the business. 

    It is much better to have a handle on stock problems every single day because it minimises the time and effort to fix it. 

    In addition, it removes most of the bad surprises that are bound to surface during the official stocktake.

    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

    This includes Inventory Management, Portable Barcode Readers, Supply Chain Management, Time and Attendance and Asset Tracking to name but a few.

    Please call us today on 1800 061 642 or contact us through our website on https://www.asp.com.au/contact-us/