Stocktaking Services Ireland
At Finance Control, we offer stocktaking services Ireland to assist Hospitality Business Owners increase their profit margins through efficient stocktaking solutions. Throughout this page we will discuss the definition of stocktaking, the benefits of stocktaking and why is stocktaking essential in any business.
What is the importance of Stocktaking?
So why is our Stocktaking Services Ireland Service so important? The importance of stocktaking should never be undervalued! Correct stocktakes help you to increase gross profit, reduce waste, losses and improve the controls of allowances.
At Finance Control, we help you to keep an accurate track of the physical stock performance against the expected numbers. Our stocktaking services assist business owners in increasing profit margins through efficient stocktaking solutions
If we can get access to your product list with barcodes, we can count it and export it back into your inventory system, ensuring that absolutely everything is accounted for.
What is Stocktaking?
Stocktaking is a control mechanism used to check the quantities and condition of items held in a business’s storeroom. This is done to provide an audit of existing stock. It is also the most valuable method for a business to spot stock discrepancies.
Benefits of Stocktaking
There are so many benefits of stocktaking. We have compiled a list below of some of the best benefits of stocktaking:
Stocktaking will ensure that businesses do not have a shortage or an excess of stock!
If stocktakes are performed on a regular basis, you will know what items are about to run out and what items are not selling. This means that you would be able to save money by only purchasing stock that you need. You would be able to balance the stock and ensure that there would be no excess or shortage of it.
Stocktaking helps avoid being forced to reduce prices
Naturally, most stock has an expiration date. In order to minimize losses, businesses are often left with no other choice but to sell their stock at a lower price before it all turns into waste. However, with proper stocktakes, businesses can minimize their expired stock, which helps avoid a financial loss.
Stocktaking highlights the most profitable stock
Every business needs to be provided with accurate stock figures. These figures enable the business to understand the most profitable stock. Therefore, they would be able to invest more on that stock and have a higher return on investment.
Stocktaking helps in determining discrepancies fast
We would all love to assume that our stock is safe and secure. But this is not always the case. For example, if a business owner notices discrepancies in their sales, stocktaking would be able to determine if sales figures match up with the stock ordered by the business. If these figures do not match, then stock has likely gone missing.
Food and Beverage Stocktaking Services Ireland
Food and beverage stocktaking is an essential part of every hospitality business’ operations.
At Finance Control, we offer food and beverage stocktaking services to assist hospitality business owners increase profit margins through efficient stocktaking solutions. We also analyse your purchases in-depth and report on them if you’re being overcharged, ensuring that you’re getting the best price possible for your stock.
Many businesses only perform a stocktake once a year, thinking the job requires too many work hours. However, regular stocktaking could stop losses escalating year on year, in turn positively affecting cash flow and continued profitability.
Contact Us Today and we’ll be happy to discuss our stocktaking services!
Modern Methods for Stocktaking Services Ireland
We use the latest technology in the stocktaking field. For example, we use a handheld stocktake scanner in accordance with Android devices. This has allowed us more accuracy when completing any type of stocktakes, while also ensuring that we minimise errors and reduce the time required on site.
This modern solution has benefits such as:
- quick and accurate cash-to-stock reconciliation.
- easy to use interface integrates both food and beverage components.
- comprehensive suite of tailorable stocktaking reports focused on product as well as overall business performance.
- links to most till systems for variance reporting.
- extensive analytical and group reports offering financial and sales trend analysis.
- single and multi-bar operation.
- connectivity to third party in-house systems on an individually tailored basis to fit specific business needs.
- remote communications facility for data transfer between systems.
- easy export of data to Microsoft Excel.
Stocktake Reports
At Finance Control, we have systems and reports in place to balance monthly purchases, credits, and takings during stocktaking periods. These accurate figures for month end are a must for your Monthly Management Account Reporting.
Here’s a list of the various Stocktaking Reports that we provide:
- Food & Beverage Summary Report
- Gross Profit % / Adjusted Gross Profit %
- Food & Beverage Trading Account Stocktake Period
- Food & Beverage Adjusted Trading Account (Calendar Month)
- Beverage Estimate/ Actual Bar Report
- Beverage Surplus/Deficit Totals
- Food & Beverage Stock Valuation Report
- Food & Beverage Valuation Certificate
- Food & Beverage Adjusted Valuation Certificate (Adjusted Closing Stocks for Month End)
- Food & Beverage Deliveries in Detail/Summary/By Product, Supplier for Stocktake Period
- Food & Beverage Deliveries in Detail for Calendar Month
- Food & Beverage Transfers and Credit’s
- Beverage Line by Line till Variance Report
Just get in touch with us today and we’ll be happy to walk you through the packages that we have available for your business, big or small.
Furniture Store Cycle Counts
Your stock or inventory is the lifeblood of your company – no inventory means empty spaces and lost revenue.
Cycle Counts are a tool you can use to detect shrinkage and prevent lost revenue by physically counting your inventory on a regular cycle – weeks, months, etc.
At Finance Control, we can help you to keep track of your inventory by performing this complete physical count of your inventory, even down to the very smallest item – reducing errors and preventing common inventory inaccuracies from affecting your bottom line.
Regularly scheduled Cycle Counts can:
- improve accuracy.
- bring better management of stock.
- help stores to reduce and fix any errors in the POS.
- help to ensure that you don’t run out of a particular product.
- guard against stock shrinkage and errors.
- flush out bad stock practices before they create costly errors.
Just get in touch with us now and we’ll be happy to discuss.
Why work with us for Stocktaking Services Ireland?
Efficiency
Here at Finance Control, we pride ourselves on an accurate and efficient service. We have years of experience counting stock and we can ensure our customers that throughout that time we have managed to perfect efficient stocktaking solutions.
Quality Service
A happy customer means a returning customer. Customers are always at the forefront of what we do. We can ensure that you will receive nothing but an excellent service when working with Finance Control.
Wealth of knowledge
Our stocktaking services are backed up by years of experience in the industry. We use proven methods and efficient stocktaking solutions that have been fine tuned throughout years of providing stocktaking services in Ireland.
Combined Services with Our Stocktaking Services Ireland
Combined with our Stocktaking and Accessories Cycle Counts services, we can also provide combined service solutions for your business such as:
Equip your business with high-quality Bookkeeping Services from Finance Control. We have a passion for helping our clients understand where their money is going and ensure that their accountant can easily perform legal and tax management in a timely manner.
Access a wealth of knowledge from our procurement and purchasing service. Finance Control can help you turn your purchasing into profit by setting up internal purchasing controls and policies that will remain in place for a long time.
In our modern, competitive, and vigorous restaurant industry, it is vital to have accurate and up to date recipe costing in order for your business to survive. Finance Control can help you optimise your recipe costing and boost your profits.
Looking for a service that you don’t see listed?
Just contact us today with any queries, or for a quote on our services, on 087 767 0816, or simply drop us on email to enquiries@financecontrol.ie.
Want to learn more?
Schedule a discovery call with Edward to discuss your stocktaking or stock auditing requirements.
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Book a Consultation with Edward to discuss your stocktaking & stock auditing requirements.
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Stocktaking Services Ireland FAQs
Did we answer you question below? Send us a message and let us know what other questions you have!
Stocktaking involves counting and checking all products, goods, or inventory in your business in order to make sure that your records are accurate and correct for your accounting purposes. All businesses must account for the value of their trading stock at the end of each income Month/Year. If your accountant puts a figure in for your closing stock valuation without auditing the stock, your financial reports are wrong.
Stocktaking helps you to increase gross profit, reduce losses and improve the controls of allowances.
There is no standard to how regular you should perform stocktakes or an inventory audit. However, from experience, we recommend that a stock audit be carried out at least once a month. The benefit of performing regular stocktakes will stop any losses escalating, which in turn positively affects cash flow and continued profitability.
It’s extremely hard to put a price on a stocktake without knowing more about your business. We always make an appointment with the owner or manager for a specified date in order to walk through the business and talk about what problems they’re experiencing, as well as the reason required for a stocktaker.
Any stocktaker will be an expense to your business, but a great stock auditor will be a safeguard to protect the heartbeat of your business by allowing you to move forward through regular reporting.
The accessories cycle counts for furniture stores can be carried out with the help of internal staff to keep costs down. We train your staff in Finance Control’s systems and checks procedures, in order to have an accurate live result, visible to the owner or manager on the same day.
Want to see examples?
Have more questions first?
Call us today for an estimate of cost for conducting a stocktake at your business
We can provide services at any time of day or night.
- Invoice your customers on time
- Send out monthly statements
- Check your bank statements regularly
- Review monthly reports by getting regular reporting
- Prepare a simple budget as a starting point going forward