Stock is an important business assets which should be checked on a regular basis as it allow you to ensure the value of your inventory is accurate. It can also help you to know what you need to buy, what your stock turn is and are there any anomalies that need investigate.
AUTHOR IS ANDREW SHINN – AAT APPRENTICE
In this blog we will be talking about six important things in a pub stock check and why are they so important.
Have you separated wet and dry?
The first important thing to remember is to split your wet stock from your dry stock. Dry stock is anything that comes from the kitchen and wet stock is anything that’s sold behind the bar. It is really important to make sure you split them, mainly because kitchen items have a shorter shelf life than most drinks and it is worth treating the bar and kitchen as two different stock checks.
Have you checked the quantities?
When doing a stock check, it is important to count the items in the quantity that they were purchased. For example, if you buy a crate of orange juice in a pack of ten, each individual orange juice has to be counted as 0.1. This is so that you can easily replace and work out the value of the stock, rather than try and work out the value of the item as an individual.
How do I count the Spirits?
Because spirits are a high value item, it important to get the measurements right. If your doing a stocktake and you get to half a bottle of vodka, what do you do? The measurements of spirit bottles can only be broken down in quarters. This means that you use your own judgement and If it’s between the two, then normally it’s best to round down rather than up. This is because you do not want it to appear you are missing items on the next stocktake.
Is the stock in date?
Its always important to check that the stock is in date, especially in the kitchen. If you come across anything that is past its sell by date, this could be explained by either you are buying too much, or it will prompt you to review your menu as the item is not selling.
When doing a stock check it is very often easier if two people are involved as one can count, and other will record. By using two people it means you’re less likely to make a mistake so your stocktake will be a more accurate.
Have you forgotten anything?
Before finishing your stocktake it is important to make sure you’ve counted everything. Check nothing is hiding away and it would normally be something that you don’t really think about. Things like crisps, peanuts, lemons and limes and most importantly ice(if bought in bags). Although they may seem like small and low value items, every single item makes a difference to your business.
I really hope this has been useful to you. The most important thing to remember after you’ve finished your stock check…………….. RELAX AND HAVE A DRINK!!!!!!
If you need any advice then contact the team at Tax and Financial Solutions, we will be more than happy to answer any queries. #TAFS