Stocktaking is really important to all businesses as it allows you to check that your business is performing to its maximum potential. By not stocktaking regularly your business could be operating at a loss without you knowing.
If, for example you only stocktake at the end of the financial year it is then too late to make changes and you could have potentially lost thousands of euros unnecessarily. So it is in your best interest to keep on top of the situation at all times to guarantee maximum profitability.
It also highlights any problems with stock loss, for instance theft, and determines whether the pricing and ordering of stock is accurate.
If the stocktake doesn´t show any inconsistancies, then at least you have peace of mind. So stocktaking should actually be viewed as an investment and an essential part of your business.
Stocktaking is counting all the stock that a business is holding at any given time to gain an accurate record of stock levels. Stocktaking is essential for understanding profitability as well as identifying theft or stock loss through waste etc.
This depends on the type of business you have and whether you have been experiencing difficulties such as stock loss or theft. The more often you have a stocktake done the better chance you have of knowing what your profit margin is at all times giving you the chance to rectify the situation. So for your own benefit we would recommend stocktaking four times a year.