What is Stocktaking?

Stocktaking (Definition)

Stocktaking is also referred to as stock counting or inventory checking. It is the process of physically validating the quantities of your products and equipment while examining their quality. Many companies are required to complete a stocktake to provide an audit of existing inventory or to identify any stock discrepancy. During stocktaking, all your company's currently available goods and services are manually counted and documented in a computerised database (or in a book with a pen if you work old-school). It includes everything you use to manufacture and sell your products, as well as the products themselves, and it allows you to ensure you have enough products available for future sales.