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Five Methods Of Stocktaking

Stocktaking Wine Cellar

Sterling Stock Auditors offers your hotel or catering business the benefit of an independent stocktaker. This frees up your time to focus on the business and gives you the reassurance that the stock is being counted, checked and recorded in the correct way.

However, alongside a visit from an independent stocktaker, you may want to complete stocktakes yourself. In this blog post we have put together 5 different stocktaking methods that you may want to consider for your business.

We know that every business is different and different methods work for different businesses. Have a look at these stocktaking methods and you may find one that will work for you.

  1. Periodic Stocktaking

Periodic stocktaking is an inventory method. It will happen on a set periodic basis which in many cases is the accounting period. The periodic method of stocktaking will help you keep up to date with records of your stock and costs of goods sold, effortlessly.

  1. Spot Checks/Line Check

A spot check stocktake will often be scheduled, but will sometimes be random. It is a manual check on stock in the premises, or cash in the till. Spot check stocktakes enable you to ensure that there are no discrepancies between what your software and reports think you have and what you actually have. A random spot check stocktake is a good idea if you think theft may be occurring within your business.

  1. Continuous, Perpetual Stocktaking

As the name suggests, continuous perpetual stocktaking is done numerous times throughout the year. This could be different areas of the business at different times, or the whole business premises at set times throughout the year.

  1. Stock Out Validation

A stock out validation stocktake will happen when stock levels have become dangerously low. There should never be need for a stock out validation stocktake if good stocktaking processes are managed throughout the year on a regular basis.

  1. Annual Stocktaking

Some businesses choose to have an annual stocktake during the last month of the financial year. While an annual stocktake is a good idea, we would recommend monthly or weekly stocktakes alongside this. This means is issues or errors arise they can be dealt with at the time, so you are more prepared for the annual stocktake.

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