Stock control involves planning, organizing and controlling the procurement, storage and usage of material for achieving the objective of efficiency and economy. Many use smartphone-based bar code scanning or radio frequency identification to speed up your picking and packing. 11. Clerk have carried out stock control as on element of this noble profession in a routine manager and business are facing a continuity of  sequence of profits, it is on this note that topic for this  project work,  has been chosen to critically examine stock control to PHCN Kaduna central store. Most of the organizations have a separate department or job function called inventory planners who continuously monitor, control and review inventory and interface with production, procurement and finance departments.

Victoria Duff specializes in entrepreneurial subjects, drawing on her experience as an acclaimed start-up facilitator, venture catalyst and investor relations manager.

9. When a company has tighter stock control, they’re able to meet customer demand in a timely manner and decrease any cost that’s associated with holding stock. IMPORTANCE OF STOCK CONTROL TO BUSINESS ORGANIZATIONS.

If you’re selling products across multiple channels such as Amazon, eBay, over the phone or in store, staying on top of and tracking these orders from all channels manually can become a minefield. prof.ITplus minimises the risk of losing money on missing returned stock and allows you to keep on top of your stock control and sales order process. This is approved for students in accountancy, business, computer science, economics, engineering, arts. 2. proper authorization and recording of stock issue for cost  centre absorption. Methods. The rationale behind the research work includes first fulfilling one of the requirement for the work of National Diploma in Department of cooperative, economic and management, the study will make the researcher to have an insight into the practice aspect of stock control or management in a public utility agency such as PHCN central Kaduna research is usually made to identify problems and come up with solution to problem on the area of study or prove upon what has been in essence. This lets you see what the inventory count is for an item at any point in time.

What Does SKU Mean in the Grocery Business? She practiced in various “Big Law” firms before launching a career as a business writer. The fully integrated, Making Tax Digital Compatible Accounting module takes care of all your financial processes within one central system, making sure your data is always accurate.

19. March 2005, witnessed major milestone in the electricity  power sector reform process with the signing  into  law  of the (EPSR) act in March, 2005 and the mergence of Power Holding Company of Nigeria Plc in place of National Electric Power Authority as well as the subsequent Electricity Regulatory Commission (NERC) on  31st  October, 2005. – Are stock control importance to the profitability of organization? Running out of stock not only damages the reputation of a business, it can create large financial losses due to the lack of sales.

Retail inventory consists of what products are on the store shelves plus the products in boxes in the storage room. Companies use stock control to maintain an appropriate level of materials on hand to meet customer demand. But most organization does not consider the necessity of some basis consideration for keeping such items. Stock: materials or good kept in the store. Must be protected against fraud, theft and also high storage costs because  stock have  to be stored in certain conditions depending on the items involved e.g. IMPORTANCE OF STOCK CONTROL TO BUSINESS ORGANIZATIONS, IMPORTANCE OF PRODUCT DEVELOPMENT IN THE MARKETING OF A FIRM’S PRODUCT, INDUSTRIAL RELATIONS AS A STRATEGY FOR ENHANCING ORGANIZATIONAL PERFORMANCE, The Impact of Motivation on Employee Productivity in Business Organization, An Investigation into the Perception and Attitude of Nigerians Towards Prepaid Electric Meters, The Role of Small Scale Industries in Selected Small Businesses, Impacts of Manpower Training and Development on Productivity of Workers in an Organization, Business Administration and Management Research Project Topics, 100 Business Administration and Management Research Project Topics, Trade Unionism and Organisational Effectiveness, The Impact of Conflict Management on Organisational Effectiveness, CHALLENGES OF POLICY IMPLEMENTATION IN NIGERIA, THE INFLUENCE OF FINANCIAL MANAGEMENT ON THE GROWTH OF SMALL AND MEDIUM SCALE INDUSTRIES, THE IMPACT OF STAFF WELFARE ON THE PRODUCTIVITY OF WORKERS, A COMPREHENSIVE REVIEW OF THE FACTORS THAT IMPROVE THE ADVANCEMENT OF SECRETARIES IN BUSINESS ORGANIZATIONS. Material control ensures proper functioning of the following operations;1. Many people have the believe even among the elite that store managers or controlled only stay in the store, without any contribution to the overall company’s objective the function of stock control include receiving, inspection and proper storage of equipment, issue material to user department at the right time and place notifying the procurement department of stock mentioned function are properly co-ordinated and carried out the cost involved in operating the store will be surpassed. control of receipt issues and the general custody of all the stock items in order to prevent theft and pilferage and sometimes equipment for loading and off loading such materials have to be bought all these costs must be taken into consideration. Sometimes, there is less inventory than expected, which normally means goods have been stolen or misplaced. Get free Research Paper on Importance of stock control to business organization project topics and materials in Nigeria. in Law and Business Administration from the University of Birmingham and an LL.M. Storage: It is a means of holding and protecting commodities for future use and the system by which such commodity are held and controlled for efficient retrieval. The priority or importance is graded using three classes: A-B-C with A having the most value, B having the second-highest value, and C having the least value. Constant checking by its store keeper of all documents and ensure correct completion and authorization before issuing, receiving or up dating stores. As a source for ideas for your own research work (if properly referenced). An Explanation of What an Extended Supply Chain in Management Means, Jack Hollingsworth/Photodisc/Getty Images. Stock checking: is any   others checking on physical quantity balance of the entire range of items held in stock. Lend time: is a period of time between ordering and replenishment when the goods are available for use. Keeping track of goods on order allows a retailer to verify that replacement stock has been ordered. Since 1995 she has written many articles for e-zines and was a regular columnist for "Digital Coast Reporter" and "Developments Magazine."

Infact a slide percentages increase in efficiency a stock control will amplifies the profitability level. With a fully integrated software, your stock control will be managed from each channel so that stock levels are kept up to date and customers are kept happy. Good inventory control helps you provide better customer service. Inventory management or control is crucial to a successful brand and business. Don’t Overlook the Importance of Inventory Management. Off-the-peg inventory management systems provide an affordable way to cover all the bases, and usually allow you to track inventory levels, set automatic reorder points, transfer items between different locations, create sales and purchase orders and integrate with your accounting software for accurate financial reporting. Maintaining a … If you’re planning to expand your product lines you need a connected, reliable stock management to support you and automate processes for maximum efficiency etc. 5. Disclaimer: Using our service/resources is LEGAL and IS NOT prohibited. Good inventory control can give you a real-time understanding of what's selling and what is not so you can manage quantities in the warehouse in conjunction with lead times and customer demands. Wholesale distributors can radically improve their productivity and efficiency in their warehouse when they implement stock management software. The prof.ITplus CRM will enable you to deliver quality customer service and maximise sales efforts. INTRODUCTION. A good system will tell you exactly how much inventory is on hand on a specific day so that the year-end balance sheet reflects the correct quantities.

5. Worcestershire, DY13 9AT University of California Santa Cruz: Separation of Duties Guide, The Institute of Chartered Accountants in England and Wales: Internal Control; September 1999. Businesses should always have a ‘safe’ amount of stock so that they’re able to react and cover any unforeseen issues. Salvaging: this is a process of saving materials for advantageous use or disposal of a company’s property which is no longer economically useful to its owner in it present condition.