Streamline your stocktake with 6 simple steps
The end of the financial year (EOFY) is looming near, bringing with it the inevitable list of major chores that most retailers are frantically preparing to conquer. And one of the mightiest foes on that list is the dreaded annual stocktake. Like most EOFY preparations, your annual stocktake plays a critical part in the effective financial management of your business. Stocktakes let you: update your stock levels to reflect your actual stock on hand update your current stock value for your financial statements highlight variances and investigate stock control issues account for breakages, losses, and obsolescence identify slow-moving items that need to be cleared make informed decisions for future procurement. Stocktakes involve a physical count of every item in each product line. So while they’re essential, they can also be tedious or downright painful if you don’t have good inventory management procedures in place. Some businesses are even forced to close down their...