Stock-take In Retail And Wholesale Trade Industry

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Stock-taking is the physical confirmation of the quantities and condition of items held by certain business entity.

Stock-taking may be done to provide an audit of existing stock to know the source of stock discrepancy information termed as ‘Inventory Shrinkage’.

Stock-take Categories

  • Annual stocktaking– Done last month of the financial year.
  • Periodic stocktaking– Happens on set periodic basis for inventory verification.
  • Spot checks– Scheduled or random checks to verify discrepancies.
  • Stock-out validation – Done when stock levels become alarming

Major Stock-take purpose

The main purpose of stocktaking is to determine the profitability of the business and in doing so achieving the following important information:

  1. Ascertain stockholding levels.
  2. Reconcile System inventory with physical stock.
  3. Determine Inventory shrinkage status.
  4. Ascertain gross profit margin.
  5. Check for dead stock to determine markup/markdown.
  6. Improve efficiency on ordering and forecasting.

NOTE: To achieve the above Stock-take objectives it is crucial the process should be planned and prepared accordingly.  The best suitable Stock-take method is the one that provide reports and real-time information during stock-take count progress and at completion of the process.

We have developed an application that makes stock count and reconcile easy and cost effective with real-time reports upon completion.

In addition on  getting auto generated customized reports, the system is designed to challenge integrity of the personnel counting stock, therefore achieving accuracy required throughout the stock-take process.

Systech Stock-take deliverables

Barcode are numeric digits that are uniquely assigned to each product.

Using a Barcode scanner our Stock-take application is primarily designed to use Product barcode during stock count process.

The system is intelligent to give product category, packaging and description when barcode is scanned.

With a hand held barcode scanner, the stock-take officer is just required to scan an item and input count quantity or scan every item where product knowledge is challenged.

Therefore at Stock-take completion we easily give a summary and detailed report on:

  • Item total count and cost.
  • Variance on reconciled system inventory and physical stock
  • Items with wrong code and description
  • Items wrongly posted in the system
  • Damaged items