Every business from the corner shop to large enterprises need inventory control. However inventory control is just the start for a productive business. Knowing your stock is obviously an important part of this. In order to be sure your stock orders are of the right quantity you need to know exactly what’s in stock already. All your stock are your assets. It stands to reason that you want to make sure these assets are tracked in your inventory control.

So you know your stock room like the back of your hand. Now you need to ensure you know how long it’s been there. Being able to track your non fixed and fixed assets will help your productivity. You need to understand what is selling and how quickly it’s selling too. Knowing this will help you business run and productivly as possible. You’ll know what doesn’t need to be ordered as frequently. If you have something that’s not selling you don’t want it sat around taking up space. If that stock is perishable you’re effectively throwing money away. On the other hand if you have something that’s selling very well you know you can increase the price.

Your fixed assets also need to be kept under close control too. This would be any items that you use every day but don’t acutally sell. These assets would include the food childlers and the tills. The easiest way to track these is with fixed asset accounting. These tools will help you monitor the costs and maintenance costs of the assets. One glance at the fixed asset register will tell you when it’s time to be replaced and the benefits to contributing to the business. it will also make the auditing process much simpler too as everything will be automated.

Tags

News and Tips