What are the advantages and disadvantages of annual stocktaking?

Answer 1

Advantage;

Will account for all assists for the company and provide part of the companies annual profit and loss report.

Gives a single chance to account for all inventory and data can be used to correct shortfall/over inventory of items held.

provides Procurement data for the business to buyers to work on.

Disadvantages; Very labour intensive, can slow the business deals in down as staff are deployed to take stock

costly to the business as often additional expertise is required in the process

Gives only a one a year hit to correct inventory levels if section counts are not used and therefore inventory can be considerably out of sync with expected product holding