Business training and support

Stock Auditing

Only from accurate stocktaking can a true trading picture of the business be seen. In these days of high levels of legislation it is vital that people are in control of their business. If there are shortages or low levels of gross profit, it is likely that both the Inland Revenue and Customs and Excise will want to investigate affairs to recover lost revenue which could result in substantial fines, penalties and further payments of tax, plus interest.

Stock Auditing is a useful tool in finding out:

How much stock is being carried, over stocked or under stocked and what is the correct stock required
What gross profit is being made, and advising on how to maximise it
If you are buying from the best sources
If the staff are using the till correctly. If the staff are charging the correct prices for products
If the staff are giving the correct measure of product
If a particular promotion is working and how much it is costing the business
What should be charged for each product after a price increase
Is the wastage reasonable or could money be saved.

Our Stock Auditing Service

Practical stocktaking
Stock valuations and change overs
Spirit testing
Producing and interpreting stock results
Cellar control and multi-bar results
Food and retail stocktaking
Trading accounts and extended reports
Advise on stock control systems and stock management.

Four main reasons for having a stock:

To monitor costs and ensure that the budgeted profit margins are being achieved;
To verify purchases through delivery notes and up date costs from latest invoices;
To ensure staff are acting within the interests of the company and that losses are not occurring through poor or dishonest practices; and
To aid senior management in the supervision and control of the business.

We advise a proactive approach to stock auditing, if only after a major problem is noticed that a stock auditor is called in much stock or cash may have been lost.