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Stock Inventory Template
What Is Stock Inventory?
A Stock Inventory refers to a process of analyzing and documenting the goods an organization has at its disposal, usually at a warehouse the company owns or rents.
Alternate Name:
- Stock Inventory List.
It is obligatory to manually examine and write down the names of the items the company has on hand at the moment. Controlling the inventory is essential not only for warehouse optimization but also for production, sales, and deliveries - you will have an opportunity to detect problems like missing products and damaged goods and prioritize the inventory by putting the items into different categories.
Streamlined inventory management will help your business - the individual whose responsibility is to keep track of the stock will be able to draft a report for their supervisor and manager and express their opinion about the operation of the warehouse, current security measures, and potential overstocking or dead stock.
A Stock Inventory template can be downloaded via the link below.
How to Take Stock Inventory?
Here are the guidelines for an inventory control specialist assigned with the duty to manage available inventory:
- Prepare the tools you will require to take inventory properly in advance . It is recommended to use clipboards, pens, and calculators and later transfer information in a spreadsheet created on the computer. You do not have to download expensive software - a simple application designed to organize and calculate data will be enough. Note, however, that you will take inventory more efficiently if you invest in a barcode scanner and create barcode labels for every item.
- Conduct the Inventory Stock check every few weeks or months, depending on the needs of your entity and the size of the warehouse area . Schedule it after business hours or on the day the warehouse has no visitors, no shipments planned, and no stock delivered.
- Make sure the records are accurate - to avoid estimations and guesses, the person in charge of taking inventory has to check every box and container to see if the items they hold correspond to the details written on the label attached to it.
- Fill out a Stock Inventory template - the table you draw can reflect the information collected regularly which allows the business to compare the numbers and figure out whether it is possible to meet the customers' expectations and reduce expenses. The spreadsheet in question includes the details the company considers important; in most instances, this instrument indicates the name of the item, the category it belongs to, its serial number, the size and cost of the item, the quantity of the product, and the total value computed after you add all the items up.
- Sign the spreadsheet and write down the date the stock was personally checked by you . Ask your manager to assess the data you have recorded in the spreadsheet and acknowledge the findings are true and accurate. You will have to update the document after every single inventory so address all the inconsistencies you have noticed during the inventory control promptly.
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