What is stocktaking?
Stocktaking (or stock counting) is when you manually check and record all the inventory that your business currently has on hand. It’s a vital part of your inventory control, but will also affect your purchasing, production and sales. Much like any aspect of inventory, the process of stocktaking will vary hugely from company to company.
Despite the name, a stocktake is about more than just stock management. Any inventory that your business needs should be included. If you’re a manufacturer, for example, then you’ll want to record products that you use to create your finished goods — because running out of these would be just as disastrous as running out of stock.
Independent Stocktaking Services in kenya
We provide comprehensive independent stocktaking services in Kenya to the Hospitality, Retail, Automotive and Real Estate industries among others.
Stocktaking Services Delivered
♦ Periodic Stocktakes for Year-End, Quarterly, Monthly or Daily Cycles
♦ Property Inventory for Real Estate Companies & Owners
♦ Stocktake Service for Business Valuations
♦ Fixed Asset Recording, Labeling, and Tracking
With Manual Counts or Barcode Scan Counts!! We have flexible stocktaking systems and expertise to cater to all types of businesses from large warehouses to the local corner shop. Our experienced staff are thoroughly trained in all aspects of stocktaking.
Why are stocktakes important?
Any product-based business will need to ensure that their levels are 100% accurate from time to time as a part of their inventory control. In some countries, it’s even a legal requirement.
1. See how well you’re tracking inventory
Relying entirely on your system for accurate stock levels is usually a bad idea. By comparing the figures from a stocktaking to what you thought you had on hand, you can identify discrepancies and fix them before they become problematic.
If you aren’t tracking your goods as well as you thought, then it may be a sign that you have poor inventory control. It’s worth fixing issues sooner rather than later before they lead to bigger problems such as:
- Stockouts (when you run out of products to sell)
- Overstocking (when you have too many products on hand)
- Dead stock (when your products become obsolete before they can be sold)
2. Discover stock issues
Cloud software enables you to easily track your product levels and location, but it can’t do everything. Your system might not highlight a transit problem, for example, whereas a manual check will.
Use a stocktake to identify problems that your inventory management system might have missed: such as damaged products, missing orders, poor control or theft. Sometimes these are one-offs that don’t cause too much trouble, but they can also be symptomatic of a deeper flaw.
3. Ensure your business is meeting targets
When it comes to monitoring the performance of your business, you don’t want to leave anything to chance. Calculating key metrics such as inventory turnover, for instance, requires 100% accurate figures.
Once you know exactly how your inventory control is performing, you can start refine your procedures and plans to increase efficiency and grow margins. For example, you might:
- Reduce the amount of safety stock you keep on hand in case of an emergency or surge in demand
- Change up your pricing to ensure all your products are selling quickly
Companies Avail the Following Benefits by Outsourcing to Us
- Unbiased and accurate information and verifies the validity of third-party market research data
- Offers timely and cost-effective primary research services that enable companies of all sizes to use original research data
- Latest research tools, techniques, and skillsets to provide market research results that based on modern data analytics processes
- Comply with current industry-specific regulatory and legal reports and guarantee that your compliance departments are always aware of the latest legal changes in both existing and new markets
- Economic valuation experts provide fast turnarounds whenever you need taxation or accounting support for new market areas
- Media research and advertising experts to help you optimize marketing expenditures for new products and markets
- Independent product research services that facilitate a prudent preview of consumer reactions and buying decisions before making final strategic choices