A stock take, also known as inventory count or stock audit, is the process of physically counting and verifying the quantity of goods or materials held in stock by a business. It is a crucial aspect of inventory management that helps ensure accurate records of available stock and identify any discrepancies between the recorded stock levels and the actual physical count.
Conducting stock takes helps club/ branches in several ways. It ensures accurate financial reporting by providing reliable inventory valuation data. It helps in identifying shrinkage, theft, or inefficiencies in stock management processes. It enables clubs/ branches to plan for replenishment, avoid stockouts or overstocks and equipment issues.
During a stock take, all items in the inventory are typically counted, recorded, and compared to the stock records in the system. Discrepancies, such as shortages, overages, or damaged goods, are identified and investigated to determine the cause and take appropriate corrective actions.
Clubs and branches are required to complete this on their assets twice a year, one after the season has concluded and once prior to the season commencing.
Information on how to complete these stocktakes refer to AOM
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