Includes
Customer Support
BEST PRACTICES IN STOCK TAKING, RECONCILIATION AND VALUATION
Date: 3 days, May.7 - May.9, 2025
Workshop Fee:
205000
Location: 13, John Olugbo Street, Off Toyin Street, Ikeja - Lagos, NG
Website: http://www.avantgardenigeria.com
Avant-Garde Resources Center (ARC)
Course Description:
Objective
As a business owner, your inventory is in a constant state of flux. It’s virtually guaranteed that for the most part your latest inventory records don’t match your actual physical inventory with 100 percent accuracy. That is why you have to periodically take stock, reconcile and value your inventory records against physical stock. Doing so helps you identify the source of discrepancies improve your procedures and prevent loss due to theft. This workshop is designed to teach the best practices and process of matching your stock records with what you physically have in your store. Upon completion of this workshop, participants will be able to:
- Provide accurate stock records of which products are performing well and which are not
- Monitor real time stock levels-identify shrinkages, damage and theft
- Review pricing strategies, keep up to date with your current purchase prices
Content
Stock Reconciliation
· Counting the Physical Products
· Checking (and Re-Checking) your Records
· Addressing the Missing Items
· Misappropriating Stock (Discrepancies)
· Stock Reconciliation Policy and Procedures
Inventory Valuation Methods
· First In First Out (FIFO)
· Last In First Out (LIFO)
· Weighted Average Cost (WAC)
Stock Control and Warehouse Processes
· Setting Order Levels
· Stock Rotation and Adjustments
· Meeting Customers’ Orders
· Housekeeping
Stock Taking
· Verification of Stock
· Financial Information
· Monitoring Stock Activities
· Stock Documentation
Cycle Counting Methods
· ABC Methods
· Seasonal Methods
· Arbitrary Methods
Cost Accounting Approaches
· Standard Cost Accounting
· Lean Accounting
· Activity-Based Costing
· Resource Consumption Accounting
· Throughput Accounting
· Marginal Costing/Cost-Volume Profit Analysis
Using Technology to Avoid Human Errors
· Barcodes and Scanners
· Counting App
· POS/Retail Management System
· Software for Tracking Inventory
FOR WHOM: Storekeepers, Warehouse Managers/Supervisors, Accountants, Auditors, Purchasing/Stores Officers, Heads of Departments, Directors and others who wish to enhance their current skills in stock reconciliation and valuation.