Each financial year, business owners are expected to complete their stock take. A stock take refers to the count of business inventory on hand at the end of the financial year (or more regularly if preferred), in order to provide an accurate representation of the total value of a business’ assets. Stock take can also highlight variances between physical stock and inventory records, as well as identify any issues with stock management and control.
As this presents a difficult and tedious task by business owners, many seek the experienced and knowledgeable assistance of a licensed accountant to make the stock take process easier.
As a registered taxation and accounting agent, Southside Accounting possesses the knowledge, expertise and experience to support business owners during stock take, from initial data capture through to the final checking and reporting stages.