What is stocktaking and why is it important?
Stocktaking is the process of checking and recording your inventory. It plays a major part in your business’ workflow as the insights you gain from it allow you to make sound business decisions in terms of purchasing, production, and sales. If you’re a manufacturer, stocktake reports tell you when to purchase the goods needed to make your products. Similarly, retail business owners can use the stocktake records to identify dead stock and stockouts, resulting in bigger revenue. Businesses that sell consumable goods like restaurants and pharmacies also need to do regular stock control to avoid spoilage. By throwing away almost expired goods, it will be easier for you to ensure consumers’ safety and maintain your inventory’s health. Besides helping you discover stock issues, a stocktake also ensures that your business meets its targets. For example, as you identify that some stocks are about to expire, you can reduce their prices to avoid revenue loss. In short, any business owner...