The importance of stocktaking
Stocktaking is an essential task for any type of business, regardless of your sector of activity. It allows you to have a precise vision of the quantity and value of products, raw materials, finished goods, and all items stored in the warehouse or on the shelves.
This process also allows you to quickly detect discrepancies between theoretical and real stocks, and thus prevent losses, and possible thefts and optimize stocktaking management.
How to carry out the stocktaking?
Stocktaking as such consists of counting the stocks, which makes it important to do it regularly for efficient inventory management. To ensure the success of this task, here are the steps to follow:
Planning is the first essential step in stocktaking. Before beginning the physical count, it is important to plan the process. This involves determining when the stocktaking will be done, suspending inventory movement during that time, deciding where to start, and making sure everything you need is on hand.
Planning can help minimize disruptions in the day-to-day operations of the business and ensure that all necessary resources are available to conduct an effective stocktaking. It is also important to communicate the dates of the stocktaking to all relevant personnel in advance to minimize scheduling conflicts.
2. Choosing the appropriate method of taking an ivory sample
The periodic method
The periodic method consists of performing a complete inventory count at a pre-determined time, usually at the end of a month, quarter, or year. This method is simple and suitable for companies with relatively stable or small inventories.
The partial method
The partial method involves counting inventory at a point in time when you are about to place an order with your supplier. This allows you to order the exact number of goods you need so that you don’t run out and have to deal with an overstock, or order less and run out of product later on.
The method by product category
The product category method consists of counting products according to their category, such as raw materials, finished goods, office supplies, corporate clothing, etc. This method is useful for companies that have a large variety of products in their inventory and therefore wish to spread the inventory taking over several days, for example, so as not to interfere with current operations.