Stock Taking and Reconciliation Techniques

Objectives:
• Understand the importance of accurate stock taking and reconciliation in inventory management.
• Learn various methods and techniques for conducting stock taking efficiently.
• Develop skills to identify discrepancies and reconcile inventory records effectively.
• Explore best practices for maintaining accurate stock records and minimizing errors.
• Gain insights into the role of technology in stock taking and reconciliation processes.
• Understand the significance of stock accuracy in financial reporting and decision making.
• Learn how to implement preventive measures to minimize stock discrepancies and losses.
Course Content:
Introduction to Stock Taking
• Importance of stock taking in inventory management
• Types of stock taking methods: periodic vs. perpetual
• Planning and preparation for stock taking activities
Stock Taking Techniques
• Manual stock taking methods: physical count, tally sheets, and tick sheets
• Automated stock taking methods: barcode scanning, RFID technology, and inventory management software
• Cycle counting and continuous stock taking approaches
Identifying Discrepancies
• Causes of stock discrepancies: shrinkage, errors in recording, theft, and damage
• Spotting irregularities during stock taking
• Root cause analysis techniques for identifying discrepancies
Stock Reconciliation Process
• Matching physical stock counts with recorded inventory levels
• Investigating and resolving discrepancies
• Documentation and record-keeping in the reconciliation process
Best Practices for Stock Reconciliation
• Regular reconciliation schedules and frequency
• Segregation of duties and internal controls
• Cross-training staff for accurate stock counting and reconciliation
Technology in Stock Reconciliation
• Use of inventory management systems for real-time tracking
• Automated reconciliation tools and software solutions
• Integration of stock taking data with accounting systems
Financial Implications of Stock Accuracy
• Impact of stock discrepancies on financial statements
• Importance of accurate stock valuation for financial reporting
• Strategies for improving stock accuracy to enhance financial performance
Preventive Measures
• Implementing robust stock control policies and procedures
• Training staff on proper stock handling and recording practices
• Conducting regular audits and reviews to identify potential issues

FOR WHOM:
Stores, Purchasing and Logistics Personnel in the Public and Private Sectors.
Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.

DATE:

1ST BATCH:        25th – 28th Feb, 2025     

2ND BATCH:       5th – 8th Aug, 2025