Keeping track of the stock is an essential part of the day-to-day activities of any business. Running out of stock and not being aware of it can create lots of problems for a business. Therefore, companies use different techniques to make sure that they are always aware of the stock count in their inventory. Inventory management is one of the most complicated tasks in a business, and there is one complete department that deals with the workload of inventory management.
What is a stock count sheet?
As it has been stated earlier, counting inventory items is an important process, and many tools are used to count the stock. The stock count sheet is one of them. It is a form-type document in which numerous empty columns are filled with the details of the stock.
It is not easy to remember each and every item that a company has kept in its warehouse since there are so many of them. Therefore, keeping the database that has all the details of the warehouse stored in it is inevitable. This is where the use of a count sheet kicks in.
Why is a record sheet needed to update the record?
The inventory document keeps the numerical data of the warehouse stock at any particular instance. As and when a product leaves the warehouse or is brought to it, those who are responsible for maintaining it make an entry for it, and this is how they update the record sheet. It is very easy to keep the data updated as changes in the stock are rapid and frequent, and the record sheet helps with it to a great extent.
What are the benefits of the inventory item sheet?
There are many benefits, due to which every business uses them. Some of the benefits are discussed below:
It helps maintain accurate inventory
To ensure the successful working of every department of a company, it is essential to keep an eye on the warehouse and everything in it. This is possible only when a business knows the exact amount of each item in the warehouse. The stock sheet keeps the data saved in it for an indefinite time period, and a business also remains informed about the accurate details.
It never lets a business go out of stock
If a business goes out of stock, it loses so many of its customers. In addition, many operations that are run by it also stop, which leads to many types of losses, including financial losses. Therefore, no company ever wants to run out of stock. The sheet helps a business know when stock is going to run out, and it replenishes it before it runs out of stock. This way, it does not lose its customers.
It helps spot discrepancies
Sometimes, the staff you have hired to take care of your stock is not honest, and therefore, some discrepancies are not easy to find out. However, using a tool that can help you see the inflow and outflow of the items in the inventory, you will quickly learn where the discrepancy is and how much it has affected your business.
You can make accurate financial reports
A financial report is made at the end of every fiscal year, and it is usually based on sales and purchases of different products. The information about sales and purchases is obtained from the stock sheet because it is updated every time a product is sold or purchased from a supplier. This sheet also contains so many details that a person who has recently joined the warehouse will also be able to know where to start.
It helps control theft
Inventory management is not just about knowing when the stock comes and goes. It is also necessary to prevent all cases of theft from happening. Sometimes, there is very expensive stock in the warehouse, and it can be stolen if proper measures are not taken. Theft can happen to the staff of the company as well.
So, if there is an incident of theft and a store owner wants to know about the loss incurred due to it, he can match the stock count with the count mentioned in the sheet. This way, the gravity of the case can be checked.
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