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Stock Company Management is a method for managing stocks, which are things that need to be monitored and stored. Stocks may include work in progress (partly finished materials and products), finished products, and consumables such as photocopier cartridges and stationery. Controlling stock is vital for cash flow and profit.
There are a myriad of ways to manage stock that www.boardtime.blog/what-is-a-companys-duty-to-its-shareholders/ can be used, and the most appropriate one for your company will depend on your particular industry and the type of product you are selling. For instance, some businesses use a computer program to track stock and record costs. These programs often integrate with point of sale machines as well as freight tracking systems. They can be more expensive than manual stock records, but they can reduce mistakes and improve accuracy.
Other companies use a process known as Just In Time or JIT which reduces storage and inventory costs by cutting stock to the minimum. This method requires accurate forecasting and an efficient supply network, and can reduce customer service issues such as out-of stock. Some companies use a formula called Economic Order Quantity (EoQ) to determine how much security stocks to keep. This formula weighs the need to order and store extra with the cost of ordering and store it.
It is essential to establish procedures for keeping accurate stock records and regularly reviewing them. This can be accomplished by periodic reviews or a full stocktake. To prevent corruption and fraud it is a good idea to separate the employees who manage stock control from those who do accounting and finance.
