What is a Stocktaking Template and why is it important?
A stocktaking template is a document used to track inventory levels, typically on a regular basis.
The stocktaking template is used in conjunction with your stocktaking process and ensures that you are correctly checking and recording how much of each inventory item you have and the condition it is in.
It is important to maintain accurate stock levels in order to avoid stock outs and disruptions to operations.
Stocktaking templates can be used to track inventory manually or with the help of software.
Many stocktaking templates are available for free online, including ours below. Our PDF form makes it easy to download and print out a stocktaking template for use in your business.
If you are struggling to develop your stocktaking process itself, why not check out our free workflow template which we recommend using in conjunction with this stocktaking template.
Stocktakes are not a legally required process but are an invaluable tool for inventory management, therefore it is completely up to your business how many times a year you will want to take stock.
An effective stocktaking process template can create many benefits for your business, these include:
- Successfully and accurately track your inventory whilst monitoring how effectively you are doing so.
- Ensuring that you are meeting your sales targets and allowing you to decide on effective action if you are not.
- Reducing problems you may have with overstocking or stockouts.
- Uncovering underlying issues you may not have identified previously, such as supplier issues or theft.
- Effectively managing stock control especially if you sell perishable goods.
- Reduce the need for manual stock counts with a thorough stocktaking template and process.
- Simplify your inventory management process.
How to create your own Stocktaking Template.
When creating your own stocktaking form, you need to determine the information you must record about each different item you have in your inventory to ensure you have effectively checked and recorded their quantity and condition.
You should also consider the frequency with which you will be conducting stocktakes, as well as the level of detail that is required. If you only need a general overview of inventory levels, then a less detailed template may be adequate.
Once you have determined all the information you want to collect you can now begin designing your stocktaking template.
You can use more traditional methods like a word processing document to create your stocktaking template, or you could use software like Jomo247 with built in customisable forms that are immediately stored in the Cloud.
In our free stocktaking template which you can download below, we opted to use a table format as it is an effective way to clearly present lots of important data at once.
You need to record information about each individual inventory item so you know exactly which item is being referenced to, therefore your first two columns should be used to capture the stock code and name.
We decided to include a location column so you can record where each item is kept, for example whether it is out on the shop floor, in the stockroom or both.
Then you’ll want to include columns to collect information regarding the inventory levels of each item of stock, such as the expected quantity and the quantity counted during the stocktake.
Remember to consider whether it would be appropriate to include a unit of measure within your stocktaking template, based on the inventory you carry.
You may also wish to include a section where you can record important notes about each stock item.
Finally, you should also include a section where you can collect the signature of the person who entered the data into the form to ensure accountability and traceability.
Using Jomo247 to manage your stocktaking template & process.
The stocktaking template often requires the use of lots of paper as you need to record information for every item of stock you have. This can create a heavy paper load that then has to be physically stored.
Jomo247 can help your stocktaking template become paperless with our customisable form builder, in turn helping to reduce your impact on the environment and cut costs.
Once your stocktaking template has been completed it is then automatically stored in your system on the cloud and can be access whenever it is needed, wherever you may be helping to eliminate the risk of lost information.
Jomo247’s timeline feature allows you to clearly track who has entered data into your form, therefore if stock is counted incorrectly or another issue arises you can quickly ascertain who was responsible helping to establish accountability.
For more of our free compliance templates, click here.
A well-run stocktaking process is critical to the success of any business. The stocktaking template we’ve provided can help you get started with your own process, ensuring that you have accurate and up-to-date information on your inventory levels. If you need more help or would like to automate your stocktaking process using software, please contact us for assistance.