Stock Control at KCC

What is Stock Control?

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.

Overview

The purpose of stock control is to reduce the costs of holding stock while ensuring you can meet customer demand and making sure that there’s enough material for production. Businesses should always have a ‘safe’ amount of stock so that they’re able to react and cover any unforeseen issues.

Frequently Asked Questions

What is the process of stock control?

Identify stock you always need and make sure you have sufficient supply. Tighten the process of buying stock – knowing the volume sales per stock item will help you buy the right amount. Keep accurate stock records and match them to a regular physical count, at least once a year.

What is stock controller job?

A Stock Controller is responsible for ensuring that the company’s stock levels meet business needs. They do this by overseeing purchases and pricing reports, replenishing levels when necessary, and monitoring shipments or internal transfers between departments within one business enterprise.

How often should stock be controlled?

To ensure that every stock of your business is counted at least once a year, you need to perform stocktaking at least once every year. However, depending on the needs of your business, you may perform stocktaking more than once a year including performing it on a daily, weekly, monthly or quarterly basis.

What is the golden rule of stock control?

In short, stock control can be the difference between making a profit or a loss. If you get it just right, it can help make your business run smoother, keep costs down and, most importantly, increase your profitability and growth.

What is minimum stock level?

A minimum stock level is a threshold value that indicates the level below which actual material stock items should not normally be allowed to fall. In other words, a minimum stock level is a minimum quantity of a particular item of material that must be kept at all times.

Who is responsible for stock taking?

A store master is responsible for stocktaking at a provisioning store, while the accounting functionary is responsible for the stocktaking of assets, equipment and animals at accounting unit level.

How do you monitor stock levels?

An inventory review can be done using one of two common methods. One is a “cycle count.” This means physically counting a small sample of your inventory to make sure the information in your system is accurate. This is typically done daily or weekly. A second, more time-consuming approach is a physical count.

Why do we need to hire you?

Explain how your experience, skills and attributes make you the best fit for the job as it pertains to the company and position for which you’re applying. You should address each of the requirements listed in the job posting, as well as any additional qualities that make you a great fit.

What is difference between stock and stock taking?

While stocktaking is the physical process of verifying the quantity and quality of the inventory on hand, stock checking is the process that ensures that the stock levels are sufficient to meet the demands of the customers without a delay in the delivery.

What happens to the results of a stock count?

When the number of stock recorded in your business’ records do not match up to your physical number of stock counted, this results in stock discrepancies. This is one of the main reasons stocktake is so important as it reveals if any such discrepancies exist.

What is poor stock rotation?

Stock loss is part of working with perishable goods, but if it happens too often, it could be because of poor stock rotation or improper ordering. If you’re a retailer, your stock rotation policies are a very important component to how you stock your shelves, organize your store, and reduce losses.

What happens if inventory is not managed correctly?

Beyond having too little or too much inventory, poor inventory management causes inefficiencies because you don’t have accurate real-time information on how much inventory you have. This increases the risk of mistakes in reordering inventory from suppliers or of selling nonexistent inventory.

Who does an inventory controller report to?

Traditionally, inventory planning, forecasting and management functions have reported to the Merchants.

What is the role of a stock manager?

A stock manager oversees an organization’s inventory. It’s their job to track and monitor inventory and develop processes to maximize efficiency. As a stock manager, your typical duties include creating inventory plans, organizing distribution, and negotiating new contracts with suppliers.

What should be included in a stock take?

A stock take is the process of checking your inventory – how much you have in stock, as well as the condition of goods – and recording the results in a report.