Stock Company Management is a process to manage stocks, which are things that need to be kept track of and stored. They can comprise work in progress (partly finished materials and products) or finished products, and consumables such as stationery and photocopier toner. Controlling stock is vital for cash flow and profit.
Techniques for managing stock vary, and which one is most suitable for your business is dependent on the type of products you sell and your industry. Certain companies, for example utilize computer software to track inventory and keep track of cost. These programs are often integrated with point-of-sale machines and freight tracking systems. These programs are more expensive than manual records, however they can help eliminate errors and improve accuracy.
Some companies use a technique called Just In Time (JIT) which can reduce storage and inventory costs by reducing inventory to a minimum. This requires accurate forecasting and a solid supply chain, but can www.boardtime.blog/nasdaq-board-portal-advantages/ alleviate customer service issues such as out-of-stocks. Some companies also utilize a formula called Economic Order Quantity to determine how much stock to store, which balances the need for security stock with the cost of storing and ordering additional.
It is crucial to establish procedures to keep accurate records of stock and checking them regularly, either through a periodic audit or a complete stocktake. It is also a good idea to separate staff handling administration of the stock control from those who are responsible for accounting and finance, to stop corruption and fraud.
