Tips for stocktaking

This weekend for many of you will be the big day for doing your stocktake.

Firstly the question that comes up every year is "Do I need to do a stocktake?"

The following is the ATO requirements about stocktaking which states "If your business buys or sells stock, you usually need to do a stocktake to value your stock at the end of each income year if: your business turnover is greater than $2 million, or the difference between your stock level at the beginning and end of year is more than $5,000 (you can make a reasonable estimate to determine this)." Another requirement is that to get out of a stocktake; you need to show that you have a reliable stock control system if questioned

So I would say the answer to almost every client I have is YES.

Now here are some tips to help you plan the stocktake.

Before you start

) Now making a stocktake sale makes a lot of sense. Why have the added cost of counting? Plus you can lock in the losses to the ATO on the stock this financial year you have to sell at a loss.

) Make sure that on this day, your point-of-sale system is up to date with the stock receiving and sales.

) Prepare - Set an actual date for the stocktake.

) Go over the shop and make some order, so all the stock is tidy and together.

)Make logical divisions for each section of the shop.

) Decide how you will handle damaged stock?

) Decide the order you will use to count it. eg commonly it is top to bottom and left to right. Make sure everyone follows this order.

) Run over the procedure in advance, even if you have done it a few times, the odds are you need a refresher course. Do a test run to get a feel of what is involved before the day? If you do not then on the day, you could have extra staff all waiting while you work it out.

) Make two sections where goods for return and products for a stocktake sale will go. Put as much as you can before the day of stocktake in the return section, so you do not need to count it.

Stocktake day

) Do a backup at the start just in case, then keep doing backups during the day. If something goes wrong, it is better if you have to start halfway or three-quarters of the way in rather than from the beginning.

) Make sure that you have enough staff when the stocktake is required.

) Put place markers for each staff member, so it is marked where they start, where they are up too and where they are expected to finish.

) Have someone do the cleaning. While items are being removed and counted, it is a great chance to clean too.

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