Here at Associated Stocktaking, we promise to have a dynamic team of experienced and trained professionals who have been in the industry for a long time. With that said, we have a dedicated liquor staff that cater to clients in the hospitality industry. We understand that liquor businesses have specific needs and requirements, and rest assured that we can cater to all of them.
The working procedure at Associated Stocktaking is designed to ensure a high level of accuracy in all stocktaking processes. Our liquor stocktaking staff are led by experienced managers who are equipped with the knowledge needed about variance reports and point of sale systems. This helps ensure that accuracy is delivered regardless of the nature of business and venue. With proper stocktaking and inventory management, business owners and managers are able to track stocks in order to avoid issues such as shrinkage.
What Is Shrinkage?
Shrinkage is one of the most common issues faced in a hospitality type of business. Basically, it refers to the difference between actual and recorded inventory. There are times when stocks “disappear” due to different reasons such as over-pouring, short deliveries, damage, theft, and other related issues. In the hospitality industry, studies show that the lack of proper stocktaking systems result in inventory losses up to 10-20%, with a big part of it linked to theft and business employees.
Why should you use both internal and external stocktaking resources?
To avoid issues like this one, it is vital to invest time and money into a company that specialize in stocktaking and inventory management, especially those that offer stocktaking in the hospitality industry — a company like Associated Stocktaking. We understand that setting up the necessary systems to keep tabs on stock numbers and movement is a main priority that affects all other aspects of the business.
Many other businesses already have their own procedures for stocktaking, delivery tracking, data recording, etc., but most of the are still unable to produce an accurate stocktake record and useful variance reports necessary for identifying missing or damaged stock. Accurate information is relevant, not only for the business itself but also for any substantial investigations that needs to be done.
Dealing with all these areas and issues isn’t an easy task, which is why Associated Stocktaking highlights the importance of using both internal and external stocktaking resources.
Should you be having any doubts on the accuracy of your internal stocktaking procedures, getting a second opinion from an independent company to check on your inventory might put you at ease!
Associated Stocktaking works with a step-by-step procedure that shines a light on important details to make sure that nothing is overlooked.
- We begin by checking the baseline stock count, which should match the numbers reported by the Point of Sale system.
- Next, another stocktake is done to help us come up with a variance report. It will show how the business’s internal stocktaking processes are doing. At this point, our team has already identified the stock inaccuracies that are present in your business. Doing a 3rd stocktake is possible. This usually depends on the extent of stock discrepancies identified in the first and second stocktake.
By this time, we now have an accurate stock count figure and it is up to the client to decide whether they need our services further.
Reduce Shrinkage Figures
The key to reducing shrinkage figures is accurate and proper stocktaking, as well as having a tight administrative procedure. With this, you will be able to identify missing stocks and shady inventory management so that investigations can be done immediately to address these issues. Any stock that is not accounted for must be settled. Possible reasons for missing inventory could be incorrect barcode scanning, forgotten transfers and missed deliveries or missed invoices.
With good internal stocking procedures combined with accurate stocktakes done by an external party will surely reduce shrinkage figures. Our clients have very low shrinkage figures, usually less than 2%! You could be one of those clients too, just give us a call and let’s talk about the stocktaking issues that your business may be having. Our team here at Associated Stocktaking Services South Australia will be more than happy to accommodate you!