EOFY is simple.
- Save money, don’t use a stocktaker to do your stock take, use your software. Do a stock take through the year and spot stock takes for high volume items to ensure data integrity.
- Take a backup June 30 close of business and store in a safe place.
- Run a stock listing, save and a PDF and store somewhere safe online.
The broader opportunity is in the business: leverage EOFY interest and run a stock take sale to clear out dead stock – until mid July.
Doing a physical stoick take EOFY is essential this year in particular.
Most newsagency do NOT do stock takes every year.and by most I maen more than 50% more likely 90% of newsagents just adjust last years opening stock and closing stock by the mandatory under the radar 5-10% ATO annual variance.
Do a software repoertas well and compare The results are incredibly different in most. This is due to incorrectly data and Shrinkage (theft)
Once you have the pohysical stock take you can check the data reprt and see which one is accurate and the adjust the data entry to update the current holding.
This is essential as with COVIND Lockdown sales across the board especially newsagents have varied considerably. The lack of some sales especially the high margin sales (as the records with clients have shown) will mean a huge sell off
with the clearance of stock at discounted prices.
It’s important therefore to do both Those that have had greatly affected sales received compensation with COVID Jobkeeper allowance to do so . Apart from this it may well be an instruction from the ATO to produce a written stock sheet as they have paid allowances for huge reduction of turnover and therefore your stock take will reflect this. Be careful Big Brother is watching you.