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Frequently Asked Questions 1. What types of business do you stocktake? 2. Why do traders and clubs need stocktakes? 3. How accurate is a valuation? 4. What if the stocktake is carried out whilst the business is operating? 5. Must a year end stocktake be carried out on the exact day? - We are usually very busy that day. 6. What qualifications should a stocktaker have? 8. Why can't my staff do it themselves? 9. How can you get an accurate valuation if prices are not standard?
Q 1. What types of business do you stocktake? We carry out stocktakes for most retail trades -
Q 2. Why do traders and clubs need stocktakes? Nearly everyone has the need for an annual stocktake valuation for working out profits and tax liabilities. In addition, with management or Stewards in charge, an ongoing stock control gives reassurance on profit levels and stock carried. Regular stocktaking can deter theft and fraud or bring it to light before damage to profits becomes so serious as to cause business collapse. Other needs are when Partnerships form or dissolve, when Finance is sought, or sometimes upon Divorce. The other important need is when businesses are bought or sold. An independent stocktaker is often mandatory in contracts, and takes away worry on that important day by preventing disputes between buyer and vendor. Q 3. How accurate is a valuation? That depends a little on how well presented the stock is. By that I mean if it is in a heap, it can only be counted by the shovel! However, if you run a successful business, your stock will be tidy, organised, well priced and in good condition - then we can get a 99.99% accurate count and valuation. Q 4. What if the stocktake is carried out whilst the business is operating? No problem, using sales figures covering the stocktake work means we can make accurate adjustments - especially if your till gives a breakdown of sales. Systematic counting ensures all stock is thoroughly examined, and enables a complete valuation. Q 5. Must a year end stocktake be carried out on the exact day? - We are usually very busy that day. Well, the certificate of valuation must be for that day, but adjustments are easily calculated from a stocktake several days before or after - to suit you. All that is required is a takings figure and goods received quantities together with a GP%. Our software for Licensed trades does just that. A fair price! Well actually, a reasonable price - taking into account the time required, the distance traveled, the day of week or month and the experience required to do it properly. Q 7. What qualifications should a stocktaker have? All professional stocktakers will have the best qualification of all - Experience! There are various other accounting and audit qualifications, but the best stocktakers will have sat and passed Institute examinations, and have letters to prove it! Q 8. Why can't my staff do it themselves? Can you afford to pay them the extra for their overtime? Can they count accurately? Do they have something to hide? Will your customers wait whilst they search through drawers counting? Can you afford to shut shop? Will they be distracted by what they find, or the other tasks needed that day? Can they put an accurate valuation on damaged goods, unfashionable goods, out of date goods? Will your company auditors believe your own figures? An independent professional stocktaker will carry out the work without fuss or disruption, and provide a credible certificate of valuation. Q 9. How can you get an accurate valuation if prices are not standard? We count at nominal retail prices and then apply trade discounts to suit your pricing structure. In retail outlets, numerous categories are used for differing products to enable appropriate discounts are applied. Well, phone or Email us as soon as you can - the more notice we get, the closer to your required day we can arrange. We can also offer advice to make things go simply.
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