What is stock control?
Stock control, also known as inventory control, is the process of maintaining the appropriate quantity of stock, so a business can meet customer demand without delay while keeping the costs of holding stock to a minimum. Businesses dealing with physical products need stock to sell.
How to get the stock ordering process right?
Getting the stock ordering process right is an important part of effective stock control. When reviewing your stock ordering it’s recommended that you: 1. Stick to a single inventory control system It is important to ascertain from the beginning what type of inventory system would best suit your business.
What is the best way to manage stock control?
There is no perfect state that can be attained in the stock control area. Instead, the planning staff is always balancing the demands of different parts of the business to attain a reasonably optimal solution - which may change the next day. Using a just-in-time production system that only builds goods when there is specific demand for them.
Do I need an automated stock control system?
The most basic, manual system is writing it down in a stock book, on a stock card or using spreadsheets. While this works for a business just starting out, it cannot be sustained as a business grows. For that, you need an automated stock control system.
What does stock control include?
A stock control system, also known as an inventory control system, incorporates all the functions are associated with inventory management and maintenance. It should encompass everything from purchasing, product tracking, and product turnover, to storage inputs, shipping and receiving and re-ordering products.
What are the types of stock control?
Different methods for stock control managementStock reviews. ... Fixed-time/fixed-level reordering. ... Just in time (JIT) ... Economic Order Quantity (EOQ) ... First in, first out. ... Batch control. ... Vendor-managed inventory (VMI) ... Define processes and stock types.More items...
What is stock control documentation?
Stock control, otherwise known as inventory control, is used to show how much stock you have at any one time, and how you keep track of it. It applies to every item you use to produce a product or service, from raw materials to finished goods.
What is stock control process?
Stock control is a term for any and all procedures involved in monitoring and managing the amount of stock in your business at any given time. For almost all businesses which use stock, stock is their single largest investment. This makes efficient stock control vital to your company's success.
What are the forms of inventory?
There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.
What is stock control accounting?
Stock control includes tracking and accounting for the items you sell, use or manufacture. The stock control system you use will depend on the size of your business and the type of stock you have. In some cases stock is also referred to as inventory.
What is inventory document?
Introduction. The inventory documents are used for actions and transactions related to Inventory items, whether these transactions affect the quantity of the stock or the value thereof (transit, internal-transit, consumption, composition, production, inventory, destruction, shortage, surplus, etc.) .
What are stock records?
A stock record is a master list of the securities held by a brokerage firm on behalf of its customers. The list is updated with every transaction executed by the brokerage.
What are the main uses of stock control forms and cards?
The purpose of stock control is to make sure you always have enough stock for your customers, while limiting the amount spent on storing and buying in stock. On that level, stock control seems simple.
Which document will you use to control the issuing of stock?
A Stock Requisition (SR) document allows the user to reserve quantities of requested stock items from a particular Warehouse .
What are the types of stock records?
There are 3 main types of Inventory Records. Category Records, Vendor Records, and Item Records.
What are the two types of stock control system?
There are two key types of inventory control systems.Perpetual inventory system. A perpetual inventory control system tracks inventory in real-time. ... Periodic inventory system. A periodic inventory system is kept up to date by a physical count of goods on hand at specific intervals.
What is stock control?
Stock control, also known as inventory control, is the process of maintaining the appropriate quantity of stock, so a business can meet customer demand without delay while keeping the costs of holding stock to a minimum. Businesses dealing with physical products need stock to sell. The purpose of stock control is to make sure ...
Why is stock control important?
Stock control is important because it can be the difference between loss and profit.
How to control inventory?
1. Stick to a single inventory control system. It is important to ascertain from the beginning what type of inventory system would best suit your business. The two options are periodic systems or perpetual systems, of which the latter is highly recommended for accuracy and ease of use. 2.
What is the purpose of ordering raw materials?
Ordering the minimum amount of raw materials needed for specific production runs and reordering more frequently, in order to reduce the investment in raw materials. Creating cells in the production area, which are responsible for creating goods or sub-assemblies from start to finish.
Is there a perfect state in stock control?
There is no perfect state that can be attained in the stock control area. Instead, the planning staff is always balancing the demands of different parts of the business to attain a reasonably optimal solution - which may change the next day.
