Stock Taking and Valuation Techniques: Enhancing Inventory Management Skills

Objectives:
• Develop proficiency in conducting accurate stocktaking procedures.
• Understand various techniques for valuing stock and inventory.
• Learn how to apply stock valuation methods effectively to optimize inventory management.
• Gain insights into the importance of maintaining accurate stock records for financial reporting.
• Explore best practices for inventory reconciliation and discrepancy resolution.
• Develop skills to identify and minimize stock shrinkage and losses.
• Acquire knowledge of inventory control measures to improve stock accuracy and reliability.
• Enhance decision-making abilities related to stock management and valuation.
Course Content:
Introduction to Stock Taking
• Importance of stocktaking in inventory management
• Objectives and benefits of stocktaking procedures
• Types of stocktaking methods: periodic vs. perpetual
Stock Taking Techniques
• Physical stock counting methods
• Use of technology in stocktaking (barcode scanners, RFID)
• Cycle counting and ABC analysis
Stock Valuation Methods
• FIFO (First-In-First-Out) method
• LIFO (Last-In-First-Out) method
• Weighted Average Cost method
Importance of Stock Valuation
• Impact of stock valuation on financial statements
• Valuation principles and accounting standards
• Link between stock valuation and inventory management decisions
Inventory Reconciliation
• Reconciliation of physical stock counts with book inventory
• Handling discrepancies and variances
• Root cause analysis of stock discrepancies
Minimizing Stock Shrinkage
• Understanding the causes of stock shrinkage
• Implementing loss prevention strategies
• Employee training and awareness programs
Inventory Control Measures
• Setting up stock control policies and procedures
• Implementing inventory control software systems
• Establishing stock security measures
Stock Record Management
• Importance of accurate stock records
• Electronic vs. manual stock record-keeping
• Data integrity and confidentiality considerations
Stock Audit and Compliance
• Conducting periodic stock audits
• Compliance with regulatory requirements
• Internal controls and risk management
Decision Making in Stock Management
• Using stock valuation data for decision making
• Stock level optimization strategies
• Forecasting and demand planning techniques for stock management

FOR WHOM:
Receiving Clerks, Inventory Clerk, Mailroom Clerk, Property Clerks and others who perform related functions 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:        11th – 14th Feb,  2025      

2ND BATCH:       15th – 18th July,2025