STOCK COUNTING | STOCK AUDIT | INVENTORY MANAGEMENT | DATA ANALYSIS
For Smart Importers, Warehouse, Stock Holders That Want To Solve The Problems Of Inaccurate Stock Records, Stock outs, Poor Inventory Visibility, Lack Of Real-time Tracking, Manual Inventory Processing & Lack of Sales Data Insights To Increase Profitability
Are you a business that handles a lot of physical stock of goods either in your shop front or warehouse?
How are you able to monitor the level of stock on a daily basis, when you do not have a stock management and audit strategy in place?
You have also hired an in-house Accountant or a contract store keeper to oversee your stocks and inventory; the question is, how are you able to ensure the staff is doing what is right, knowing you have a very busy schedule to truly oversee and audit what the person is doing or not?
Research has shown, one of the major challenges of keeping physical stock, aside from damage is THEFT & PILFERAGE. It is common knowledge that members of staff collude to steal company stock of items and properties. This is a fact.
Most of all, how do you know which of your products sell the most or which products are your customers are actually demanding more. Do all of these manually can drin and weigh you out. There are scientific ways of determining these things in minutes that will save you time, so you dont keep selling products that would occupy your storage for a long period. The whole idea of holding stock is to sell them as fast as possible and replish the stock, then profitability is guranteed.
Not being able to understand your stock and inventory is dangrous to your business, because this would affect the business in the long run, which would affect profitability. These are the ways your business will be hurt.
Stockouts (Running Out of Products)
This is a problem that occurs when products become unavailable and customers need them. This results in lost sales, angry customers, damaged business reputation, emergency and unplanned procurement costs
Overstocking
Too much inventory sitting in the warehouse for long periods results in capital tied down, increased storage costs, product expiration or obsolescence and cash flow problems and in some cases theft may occur
Poor Cashflow Management
Without knowing the full inventory breakdown, you may underestimate capital requirements, run into liquidity problems, or cashflow exposures.
Inventory Shrinkage
This occurs where this is loss of inventory due to theft, damage, fraud, or administrative errors etc., which eventually lead to revenue leakages, reduced profitability and audit discrepancies
Inaccurate Stock Records
What happens when your physical stocks do not match system records? Usually this would occurr from manual entry errors, poor counting processes unrecorded movements and all of these would bring about stock confusion, fulfillment errors and financial reporting issues
Expired or Obsolete Products
Commonly, products expire or become outdated before being sold. This is common in food businesses, pharmaceuticals, cosmetics, electronics and the eEffects are Wastes, losses and Compliance risks issues
Slow Order Fulfillment
When this occurs, the warehouse teams take too long to locate, pick, pack, and dispatch products and the result of these are customer dissatisfaction, delayed deliveries and reduced operational efficiency
Lack of Real-Time Tracking
When inventory movements are not updated instantly, it brings about delayed decision-making, inaccurate replenishment planning and operational confusion
Manual Inventory Processes
Organizations that still rely heavily on paper records would have to deal with human error problems, slow operations and poor scalability in the long run
Our Company, Total Infotech & Telecoms Limited is an Information Technology Company based in Lagos, Nigeria. We use Data Analytics techniques and technology tools in assisting our clients with stock Audit, inventory management services for business insights to enhance their profitability across Africa. In our organization, we have a team of seasoned Accountants, Data Analysts with a combined 25 Years of work experience. We have experience with cost accounting, inventory management, stock audit in the Hotels, Bar businesses, Cosmetics Businesses, Telecoms, Supermarkets, FMCG, electronic retailers businesses etc. With our combined wealth of experience, we have all it takes to help track, manage your inventory, detect thefts and pilferages. Most importantly, we ensure that we help set up the required structure to ensure that you are able to monitor your stock operations on a daily basis through the use of technology.
- Stock Counting & Recording
- Stock Audit & Inventory Management
- Preparation of Accounts
- Store Inventory Management Setup
- Data Analysis and Visualization
- Accounting and Auditing Services
Our responsibility to you is to listen to you and first of all understand your needs and requirements in careful details. Like we had mentioned earlier, our services include Stock Count, Audit, Inventory Management, Preparation of Accounts, Setting up of Stock Management & Control Systems, Business Accounting & Auditing Services. Once we understand your requirements, you will be given a questionnaire to fill, which will give us a general overview of the required task we are expected to engage in with your business. Upon review of your response, we would come up quote which will be submitted to you. Upon agreement of the financial terms, we would submit a draft agreement which would contain all the terms and the timeline for completion and the execution of the required tasks by both parties, before we commence the project.
Stock audits and inventory management work together to keep a business profitable, organized, and efficient
Prevents Stockouts
Keeps high-demand products available for customers as at when needed
Reduces Waste
Minimizes losses from spoiled and obsolete or expired items
Lowers Holding Costs
Cuts expenses on unnecessary warehouse storage space
Detects Non-existent Inventory
Spots discrepancies caused by theft or damage of goods in the inventory
Improves Cash Flow
Frees up capital tied in unsold stock and you would have a good understanding of what products are in high demand
Optimizes Warehouse Space
Organizes layouts based on item sales speed
Provides Accurate Data
Delivers reliable financial reports for business planning
Boosts Order Accuracy
Ensures customers receive the exact items ordered
Tracking
We help keep track of your inventory and you will be offered a centralized view of all your stock from your mobile devices.
Cost Control
This would help control your costs by making stock reports for analysis of your inventory.
Output Management
This would help improve your delivery time by managing stock-outputs and meeting and surpassing customer expectations at all times.
Time Management
Managing your stock inventory will reduce the time for managing inventory by keeping records in place.
- Importers
- Warehouses & Inventory holding companies
- Supermarkets
- Pharmaceutical stores
- E-commerce companies
- FMCG distributors
- Manufacturing companies
- Food processing companies
- Fashion businesses
- Cosmetics companies
- Mobile Phones & Accessories companies
- Electronics retailers
- Export businesses
