Do you operate a retail or wholesale business that requires regular stocktaking?
Are you wondering which stocktaking method is ideal for your business? If so, you have come to the right place.
The primary benefit of stocktaking is to reduce wastage and improve the efficiency of a business.
It will allow your business to improve the profits and achieve excellence in service.
Stocktaking plays a significant role in any business that wants to achieve success in the long run.
Here are six stocktaking methods that you can use in your business.
- End Of Shift Or Daily Stocktaking
- Weekly Stocktaking
- Monthly Stocktaking
- Annual Stocktaking
- Line Checks
- End Of Lease Valuation Or Stocktaking
- End Of Shift Or Daily Stocktaking
This is the most accurate stocktaking procedure to view the changes that occur with the stocks of your business.
It is performed at the end of the shift or day – depending on the nature of your business.
It is the best method of stocktaking when you have to identify any problems with the products you offer.
The procedure is conducted during business hours or after the shift.
1). Weekly Stocktaking
Weekly stocktaking is another method of stocktaking to get accurate results.
The procedure is conducted weekly to identify any problems with the products of the business and fix any issues immediately.
Weekly stocktaking becomes more powerful when used in combination with line checks.
Such a procedure will give your business more accurate results compared to other stocktaking methods.
2). Monthly Stocktaking
Monthly stocktaking is more applicable for a business that has a good track record of acceptable wastage levels.
This type of stocktaking will give your business a more general picture of how your products perform.
Monthly stocktaking is ideal for small businesses in Australia.
3). Annual Stocktaking
Annual stocktaking is performed when preparing the profit and loss statement of a business.
It is helpful to determine the profits gained through the year for your business.
Annual stocktaking will let you know whether you have efficient management of your stocks.
If you find the results to be unsatisfactory, you may need to consider changing your stock management method or addressing any other issues relating to the procedure.
Annual stocktaking lets you monitor the stocks of your business and reduce loss in the process. It also increases the gross profits of your business.
That’s why you need to implement an effective annual stocktaking method for your business.
4). Line Checks
If you find a problem with a certain product during the daily, weekly or monthly stocktaking, line checks will help to gauge the stock levels of the particular product to solve the problem.
You can perform line checks before or after business hours for a single product or group of products.
Line checks will help improve the stock levels of your business over time.
Knowing your stock levels will let you plan with confidence and maximise the profits in the process.
5). End Of Lease Valuation Or Stocktaking
This type of stocktaking occurs when you decide to sell your business.
The stocktaking is performed by external auditors to determine the stock levels of your business as well as the monies applicable between the two parties.
Are you looking for the best inventory management software in Australia?
If you would like to know more about the best stocktake software and how the right set of software and point of sale systems could help you, give us a call.
Our team would be happy to discuss your needs and to help you build new, more efficient workflows that will support the best operation of your warehouse or store.
We have the right tools for companies of all sizes and will work to accommodate your business, supplying you with technologies that are tailored to suit your business to help improve your efficiency and accountability.
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.