STOCK MANAGEMENT
Businesses that handle stock are often prone to inefficiencies leading to decreased profits, poor customer satisfaction and large amounts of cash tied up in stock.
It is therefore important to understand the optimal level of stock required for your business operations:
• what moves quickly?
• what is seasonal?
• what ages/perishes?
• what generates the greatest profit for your business?
Once you understand your stock requirements you will be able to implement effective stock management with a focus on having the right level of stock to satisfy customer needs.
Remember excess and slow moving stock have increased holding costs (storage, insurance etc) and can be a financial burden on a business.
If your business holds large quantities of stock, you may find stock management software an effective way to keep track of your stock levels.
Implementing physical controls such as regular stocktakes will minimise the risk of theft.
If you would like to discuss your stock management process make an appointment to see one of our accountants today.
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