Stock valuation is a crucial part of doing business and this not an overstatement. If not done properly, stock valuation can affect a business’ ability to meet objectives, and may result in serious consequences for the business. Another reason to perform stock valuation such retail stocktaking and food & beverage stocktaking is fulfilling legal […]
Company News
Independent Stocktaker Vs Stocktaking Software
Most businesses realize the importance of performing regular stocktakes but they’re often confused about whether to use a stocktaking software or an independent software for it. While wise business owners and managers realize the importance of actively managing stock levels, it can often be a challenge to take time out from a busy schedule for […]
Why is Stocktaking Important?
Is Stocktaking important? Is Stocktaking necessary? Do I need a Stocktake at all? Should I put it off for later? If you’ve been thinking like this lately, then you’ve come to the right place To answer the first question, stocktaking isn’t important for your business, it is essential for it. Stocktaking is an important […]
Stocktaking. Why Bother?
Is Stocktaking necessary? If there’s plenty of cash in the drawer that’s all that matters right? Well of course. Folk like your product, you can buy in plenty of stock, and sell it at a price that puts money in your pockets. Great! No issues right! The daily routine keeps going, you open the […]
Stocktaking, Cost Savings & the 87/13 Rule
Stocktaking, Cost Saving and the 87/13 Rule Stocktaking, when done correctly, and combined with purchasing and accounts payable can be a powerful tool for making strategic decisions in hospitality. It was noted from a Failte Ireland study published in 2012, that in the hospitality sector, there are no profiteers. The margins are so tight, […]
Purchasing, Cost Savings and Supplier Negotiations
“Purchasing should be a proactive main management function” Irish Institute of Purchasing and Materials Management Dempsey O, (editor) (2005), Purchasing and the Commercial Environment, IIPMM Reach your organisations full potential by reviewing your everyday costs. • Costing and Comparisons You will be amazed when you sit down and sift through dockets, how much money […]
Food Profitability, Food Waste & the 13.5% Vat Increase
It’s absolutely paramount that any food business knows their food gross percentage margin GP% at least once a month. But it’s even more important what action is taken with the result. It’s also very important that the result is calculated by an independent Stocktaking Business. It’s not recommended that a staff member produce your stocktaking […]
How To Minimize Stock Losses In Your Business
Understanding Stock Losses The loss of physical inventory, stock losses affect the revenue of every business—including those in the retail sector. In fact, retailers realize well that stock loss or inventory shrinkage is a real problem that can hurt the bottom line, causing sizeable loss of profits each year. To put simply, stock loss […]
How Often Should You Have a Stocktake Performed
Generally, hospitality businesses in Ireland and even abroad complete and record a stocktake at the end of each month. However, some businesses may perform stocktake more than once a month. Regardless of the frequency, performing stocktaking during the month is essential for maintaining healthy stock levels and minimizing stock losses in the business. This […]
How to Ensure a Problem Free Stocktake
Knowledge is power and the more you know about your stock, the better you will be able to manage it. By conducting regular stocktakes, you can gain valuable insights that enable you to make stock decisions proactively and more importantly, help to increase your bottom line. By revealing discrepancies between inventory records and the […]
