In this article I will look at the two common Stock Accounting options for Stock Tracking, Issuance and advantages of Stock Accounting Software over a manual system of Stock cards.
The use of computers today provides stock Accounting options for small to medium scale business from the traditional manual stock record keeping methods.
The two preferred Stock Accounting methods are both designed with an intention to provide the information needed for daily Business decisions about Stock Management in your business.
The choice of the Stock Management System to choose depends on the size of your Business and the amount of stock maintained.
Stock Cards-Kardex Files
If you just started your business and you haven’t got any computer yet, you do not need to worry you can still manage your stocks effectively using the manual stock records maintained on kardex files as follows.
1. Open a stock card for every stock item in you Inventory.
2. Record all the opening balances of stock if any on the stock cards.
3. Record every stock movement such as Purchases, sales and returns as shown in the image.
From my experience of working with manual systems, the accuracy and discipline of the recording system is very critical or it may defeat the whole purpose of improving stock management.
If you are going to decide to maintain manual records in your business you should put in strict controls to ensure records are more accurate. However, as the number of items, supplies and general demand of the business increases, the manual record keeping system becomes difficult to maintain accurately.
Computerised Stock Accounting System.
This will be the time to consider a computerised system for Inventory control, but in order for you to get the right stock management system for your small business you need to identify your Inventory needs such as stock tracking, Invoicing, stock pricing, Issuing stock, storage of customer and vendor information, sales and other reports.
Lastly, various Manufactures of stock management systems have an assortment of retail stock management systems as well as other stock accounting software to choose from depending on your needs. If you have questions feel free to ask.
About the Author:
Fixed Asset Consultant at Prosperity Agencies Limited with over 10 years practical experience in physical verification, bar-coding of assets and fixed asset software implementation +260 211 239859
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