Stock Company Management – Managing the Inventory of Goods Your Business Plans to Sell

Stock Company Management is the management of the goods that your company plans to sell. It includes storing, purchasing and tracking inventory as well as keeping track of changes. It also involves forecasting demand and reducing costs by having the appropriate quantity of each product available in the warehouse to be able to meet sales forecasts.

Tracking inventory and knowing when to purchase more is vital to ensure cash flow, but the ideal system will differ depending on your business size and the type of inventory you hold. Smaller businesses typically keep track of their inventory by hand using spreadsheet formulas and points for reorders, while larger companies might employ more sophisticated enterprise resource planning (ERP) software.

Costs of holding stock may include the cost of purchase, storage charges, labour to pack, pick and store the stock before it is sold, and spoilage or waste. Reduce structural costs by using a reliable stock control system that includes regular stocktakes so you are aware of the inventory available at any time. A stocktake compares the records of inventory sold and purchased to the inventory on the hands of the seller. It identifies dirty, stolen, or lost items or damaged items that you can write off or subtract from the price of the merchandise sold.

The right amount of inventory can help you determine profitable prices, but excessive quantities will bind funds and increase the cost of storage and disposal. One important measure is stock turnover which is the amount of times stock is bought and sold in a period. This ensures that there is always less stock on hand than sales, avoiding the need to purchase and store dead stock.

Stock Company Management

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