Stock take is – understanding, benefit, and effective tips to do so
Basically, Stock Take is one of the activities managing supplies. As we know, inventory is one of the very important assets classified as smooth and corporate balance sheet assets.
The main function of inventory is a buffer between manufacturing and also the fulfillment of company orders. While the definition of inventory is available goods for sale or raw materials used in the production of goods.
Because inventory is very important for the sustainability of a company, every company must ensure that the inventory value is 100% always accurate. For this reason, generally the company will set a one-step definite to manage stock, and Stock Take is one of them.
So, what is Stock Take? What are the benefits of Stock Take for the company? On this occasion, let’s discuss and answer the question completely and easily understood.
The definition of Stock Take is
So, Stock Take is an effort to control the inventory of goods sold or owned by the company. This activity is a process of calculating the number of stocks available in the store or stored in the warehouse.
The results of the inventory calculation then will be checked if it is indeed appropriate or unlike what is written in the bookkeeping notes or electronic records.
If there is indeed a difference between the number of stock warehouses with the records, so we can analyze various problems and find a way out to resolve the problem. After that, you must also increase control and manage more stocks.
The level of activity does the stock take also varies for each type of trading company. Some companies do it with one or two times every year. But, there are also active in carrying out stock takes every quarter or even per month.
Of course the frequency in doing this stock take is more flexible, according to the needs of each company.
The benefit of doing stock take is
There are various benefits that you can feel when doing stock takes for your business, various benefits that you can feel in doing stock takes are as follows:
- Can detect theft
When you find a result of calculations that are not appropriate, then it will definitely be a problem with the number of physical stock with the record.
This often occurs because of the items lost due to theft by irresponsible parties. Based on these findings, you can make a lesson to find a way to minimize so that various adverse things don’t happen again in the future.
For example by increasing security and also evaluates every problematic employee. This reason is what requires Stock Take to be done regularly so that those who are not responsible for have a reason twice as if you want to do fraud.
- Can identify slow moving stocks
By doing Stock Take, you can also identify stocks whose movements are slow and allow you to make the right decision on the item. Like by selling it with various discounted prices so that your business cash flow can continue.
You can also reduce the level of production or the level of purchase of goods whose movements are slow to avoid excess stock of goods that do not sell or other reasons.
- Help ensure business profitability
Having too many stocks or not having stocks to meet customer demand will have a negative effect on the level of profitability of your business.
But by doing Stock Take, you can help ensure the profitability of your business. With more accurate stock of inventory, you can make smarter operational decisions to streamline the procedure in the warehouse, reduce waste, and also maximize existing inventory.
So, it will be able to increase the profit margin for your company.
- Can be accurately able to find out about the profit margins
Stock takes are done regularly and regularly will help you know the number of stock stocks accurately. With this data, you can accurately control your profit margins from every product you have.
Tips for the Right and Efficient Stock Take
We must admit that the Stock Take activity is indeed time consuming and also draining more energy. It can even cause frustration, allowing the existence of human errors in its calculations. For example errors in doing excessive calculations or shortcomings.
For this reason, it is necessary to take effective tips in doing stock takes. Well, the effective tips for doing stock takes are as follows.
1. Ensure your business meets the target
When you find some big differences in the Stock Take report, it is likely that the business you are running is not in accordance with the initial plan. It would be better if you identify faster than having to repeat your sales prediction.
2. Understand the product carefully
Most of you definitely don’t pay too much attention to which products are more often bought and which ones are not bought. However, Stock Take will be able to help you do this.
If you have a lot of products and also stored in the warehouse for months, then it means that your product is not so much interested, so you have to reduce the order of the goods and sell it by reducing the selling price or given a discount.
3. Select the time and date with a low disruption rate
Setting time and date is a very important thing to minimize the impact of Stock Take activities on business activities. Especially those who can damage profit or make disorders that are not needed.
Most companies will carry out stock takes outside working hours, but you can also do it when the sales cycle is a slowdown.
4, make sure the availability of supporting tools
As one part of the planning procedure, you must also be able to ensure that every member of your team has a tool that they need to complete their work.
In addition to bringing various detailed records of stock, they also have to know the description of items and also their serial numbers, stock storage units or SKUs, and various other documents.
In addition, also provide various tools to help Stock Take activities, such as pens, calculators, clip boards, scales, handheld scanners, cellular devices, etc. Maybe some of you will also need different different equipment.
But minimal, with the tool, you will get a general picture of what is generally needed to do a successful stock take.
5. Determine the clear calculation method
Great warehouse filled with a variety of stocks or small storage space with several types of stock, regardless of the scale level that you have is very important to make a clear method of how you count stock.
You will certainly have to determine how to calculate and also the order. Like asking your team to count in the same direction, from left to right or upward. Afterwards, you can provide a stock which has been calculated with colored pens and markers as a visual instructions.
By determining the method clearly even though the shape is simple, then you will be helped to do a successful stock take.
6. Carmatic stock updates
If you are sure to calculate entirely correctly, then at this time is the time for you to update the stock level in all records or databases. This will be the basis for new truth that can be considered by various best decisions based on what is available in the warehouse.
Thus the explanation of our Stock Take, complete with the advantages and tips for successful stock takes. You should know that Stock Take doesn’t have to be glued to a variety of specific procedures, but it develops from time to time so that the process can be more efficient.
In order for your business to grow and increase the number of customers you don’t forget to advertise through the Froggy Ads service, you can start by advertising your product, so that later you can improve visitors in your online business portal. FROGGY ADS is an online advertising service that can help you control all your product campaigns. Helps you target the targeting target you want and give you many choices to market your product.