Importance of Stock-taking

Definition of Stock:

Stock refers to the supply of goods available for sale or distribution. Stock-taking is the physical counting and verification of items, a business has in its store, warehouse, or outlet.

Stock-taking can be done daily, weekly, monthly, quarterly, or even yearly, depending on many factors, like the size of the organization, manpower available, location of the store, etc.

Importance of Stock-taking:

The practice of stock-taking has become a standard business control procedure, and here are some reasons why;