Importance of Stock Taking, Stock Checking and Stock Audit

1. Uncover theft and identify stock shrinkage issues
Reality in the store is that theft happens and will always impact your stocktake numbers and cause discrepancies. You may never be able to stop pilferage completely but by having a regular stocktake you can highlight if a security review is required and could discourage rogue employees from stealing. A stocktake undertaken regularly will also show problems with damaged stock, unprocessed or missing orders and poor stock control practices.

2. Ensure business targets are achieved
If you identify discrepancies within your stock numbers this will equate to discrepancies inmfinancial figures that are required to hit your business targets. It is much better to find these anomalies sooner rather than at the end of a financial year and you do not have time to put a plan together.

3. Determine product performance
It is important to be aware of the turnover rate of products. A stocktake will put this in focus for you – if you have large numbers of stock of one product that have been on the shelves a while this could be a good indication it has a low turnover. This also works if you have less stock than expected of a product the reason this could be is because it has a high turnover rate.

4. Maximise stock ordering process
Stocktaking as previously stated will highlight stock shortages you may not have been aware of and this will prompt you to reorder the products that have a high turnover

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