More and more businesses that handle food and drink are becoming more aware that a robust stocktaking routine can make a significant difference to their profit margins. Some of the benefits is to determine early wastage and to reduce levels significantly. In addition, stocktaking will enable businesses to acquire effective operations with expected profit and meeting excellence in its service.

There are different types of stocktaking which are used at different times, some less, some more. These types occur on difference cases. Therefore, you must understand when every type must be done.

When does Stocktaking happen?

Every business has its own unique requirement and each varies from one another. Stocktaking occurs in a different way among others. Listed below are the several types of stocktaking that could b utilized:

1. Weekly Stocktaking
This can provide precise results. It is done on a weekly basis in order to determine the troubles linked along with your products and resolve issues ahead of time.

2. Daily of End-of-Shift stocktaking
This type is considered to be the most accurate means to see the changes, which happen with your stocks. It could also be the choice if you want to determine ay issues on your products.

3. Monthly stocktaking
When you need a good track record of suitable wastage levels, similar to any small business acquires, and then this kind type stocktaking could be more suitable for you. This could present you general overview of how your product is performing. Furthermore, this type of method is perfect for those small size businesses out there in the market.

4. Quarterly or Annual stocktaking
It needs to be done if you are preparing an accurate loss statement or profits. This is the type of requirement for all kinds of business that are able to identify the gained profit for the whole year. In addition, this will also aid you identify whether you have effective management of stocks. Once the result is unsatisfactory then, you need to change you methods in stock managements or handle the issues, which could have caused it.

5. Line checks
After you have search the problem along with certain products, throughout the weekly or daily stocktaking, line checks are utilized to verify stock levels of the certain product in order to overcome problems. It could be done for a group or single products before, during and after the business hours.

6. End of lease valuation
When you sell your business, the end of lease valuation would be done through the external auditors, to identify the monies applicable among the two parties.

Knowing the perfect time to do stocktaking could improve the operations of your business into a higher level. You can now pick from the different types of stocktaking discussed above. However, be sure that you pick one that actually covers the needs of your business. Also, it is still best to practice two or more types of those methods. Keep in mind that combination of these stocktaking methods enables you to control and monitor your own stocks much better.

If you are interested in our proven stocktaking services then call Synergy Stocktaking today and we will be happy to schedule a call to discuss your requirements.