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Stock Company Management is the management of stocks – things that need to be stored and tracked. Stocks may include work in progress (partly completed materials and items) and finished products and consumables like photocopier cartridges and stationery. The cost of managing these stocks can eat up a large percentage of the capital invested in a business, so effective stock control is vital for cash flow and profitability.

There are a variety of methods of managing stock that can be used, and the most appropriate one for your company will depend on your particular industry and the type of product you are selling. Certain companies, for example utilize computer software to monitor stock and record costs. These programs are often integrated with point of sale machines as well as freight tracking systems. These programs are more expensive than manual records, however they can reduce the chance of mistakes and improve accuracy.

Some companies employ a technique known as Just In Time or JIT, which reduces storage and inventory costs by cutting stock to the minimum. This method requires accurate forecasting and an efficient supply network, and can help reduce customer service issues like out-of stock. Certain companies also employ the formula known as Economic Order Quantity to determine the amount of stock to keep and balances the need for security stock with the cost of ordering and storing extra.

It is vital to establish procedures for keeping accurate stock records, and regularly reviewing them. This can be accomplished through periodic reviews or a complete stocktake. To prevent corruption and fraud it is recommended to separate the employees who manage stock control from those who do accounting and finance.