Stock Company Management is the process of managing stocks, i.e. items that must be stored and tracked. They can comprise work in progress (partly finished materials and goods) or finished goods, as well as consumables such as photocopier and stationery. Stock control is essential for www.boardtime.blog/flexible-working-hours-with-the-virtual-data-room/ cash flow and profit.

The methods for managing stock are diverse and the one that is most suitable for your business is dependent on the type of products you sell and the industry. For instance, some businesses use a computer program to keep track of inventory and record costs. These programs are usually coupled with point-of sale machines and freight tracking systems. These programs are more expensive than manual records, but they can reduce mistakes and increase accuracy.

Other companies use a process known as Just In Time or JIT, which reduces the cost of storage and inventory by cutting stock to the minimum. This method requires accurate forecasting and an efficient supply network and can also reduce customer service issues like out-of stock. Some companies use a formula known as Economic Order Quantity (EoQ) to determine how much security stock they can keep. This formula weighs the need to order and store extra stock, as well as the cost of ordering and store it.

It’s important to set up procedures for keeping accurate records of stock and examining them on a regular basis by conducting a regular audit or a complete stocktake. It’s also a good idea to separate the employees who are in charge of the administration of the stock control from those who are responsible for finance and accounting, to avoid corruption and fraud.