Day-to-day management of the business and dealing with clients are all time consuming tasks for a business owner. Consequently to spend a full day counting stock and accessing inaccuracies is too much time to sacrifice.
Cyclic Stock Take has many advantages when compared to the traditional Annual Inventory Count. The method of stock checking is also dependent on the size of the organisation.
Annual Stock Take is the counting of all the inventory on-hand. Most companies are engaging in an annual audit at the end of the financial year. In some cases, businesses conduct this every 6 months.
Cyclic Stock Take is a method by which a category or set of SKUs of inventory is checked off periodically throughout any given year against the records in the system. This method offers minimal disruption to operational services. It doesn’t require a significant amount of time to complete, by simply incorporating it into the weekly routine. The focus of cyclic stock take can be on the high value and sale volume stock that is most significant to the businesses sales.
In conclusion, it is evident that the benefits of Cyclic Stock Take outweigh the dated method of the Annual Stock Take. There are many methods of Cyclic Stock Take. For example, a common method many warehouses are using is:
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