{"id":4175,"date":"2019-11-12T11:33:14","date_gmt":"2019-11-12T11:33:14","guid":{"rendered":"https:\/\/www.mrpeasy.com\/blog\/?p=4175"},"modified":"2021-11-16T08:47:56","modified_gmt":"2021-11-16T08:47:56","slug":"how-stocktake-helps-prevent-and-detect-theft","status":"publish","type":"post","link":"https:\/\/www.mrpeasy.com\/blog\/how-stocktake-helps-prevent-and-detect-theft\/","title":{"rendered":"How Stocktake Helps Prevent and Detect Theft"},"content":{"rendered":"\n<p>High-quality stocktake (inventory checking) provides assurance to managers of all units of the company that the financial statements and software system information on inventory is accurate and fair. At the same time, occasional stocktake works quite well to prevent theft.<\/p>\n\n\n\n<!--more-->\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"334\" src=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2019\/11\/How-stocktake-helps-prevent-and-detect-theft.jpg\" alt=\"How-stocktake-helps-prevent-and-detect-theft\" class=\"wp-image-4179\" srcset=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2019\/11\/How-stocktake-helps-prevent-and-detect-theft.jpg 500w, https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2019\/11\/How-stocktake-helps-prevent-and-detect-theft-300x200.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/figure><\/div>\n\n\n\n<p>Therefore, stocktake is one of the most effective control\nprocedures in a company&#8217;s internal control and should be treated with care.<\/p>\n\n\n\n<p><em>You can also listen to this article:<\/em><\/p>\n\n\n\n<iframe loading=\"lazy\" title=\"How Stocktake Helps Prevent and Detect Theft\" height=\"122\" width=\"100%\" style=\"border: none;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/media\/player\/3dzuz-ca0139?from=pb6admin&amp;download=1&amp;version=1&amp;auto=0&amp;share=1&amp;download=1&amp;rtl=0&amp;fonts=Helvetica&amp;skin=1&amp;pfauth=&amp;btn-skin=103\"><\/iframe>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #343333;color:#343333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #343333;color:#343333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.mrpeasy.com\/blog\/how-stocktake-helps-prevent-and-detect-theft\/#Stocktake_can_reduce_the_risk_of_theft\" >Stocktake can reduce the risk of theft<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.mrpeasy.com\/blog\/how-stocktake-helps-prevent-and-detect-theft\/#Theft_usually_comes_out_with_stocktake\" >Theft\nusually comes out with stocktake<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.mrpeasy.com\/blog\/how-stocktake-helps-prevent-and-detect-theft\/#The_condition_of_the_assetsinventory_must_also_be_evaluated\" >The\ncondition of the assets\/inventory must also be evaluated<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.mrpeasy.com\/blog\/how-stocktake-helps-prevent-and-detect-theft\/#Proper_software_can_help_to_improve_results\" >Proper software can help to improve results<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stocktake_can_reduce_the_risk_of_theft\"><\/span>Stocktake can reduce the risk of theft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em font-size:=\"\" 80%;=\"\">What is stocktake?<br>Stock-taking also known as inventory checking or wall-to-wall is the verification of the quantities and condition of items held in a warehouse or inventory. This may be done to provide an audit of existing stock. It is also the source of stock discrepancy information.<\/em><\/p>\n\n\n\n<p>Stocktake can be successfully used as part of internal control on a rolling basis, not just once a year. Unexpected stocktakings are disciplining, and such stocktake records are likely to be of higher quality. It is also sometimes useful to use external partners to make stocktake to avoid conflicts of interest or to address inadequate resources.<\/p>\n\n\n\n<p>An automated process could minimize reading errors. Financial incentives may also be considered to ensure that stocktake results and quality are not only a concern for accountants and management. Material liability for deficiencies, or vice versa, can sometimes be very effective in rewarding minimal differences in emergency stocktaking. Continuous analysis of post-stocktake results and ongoing accounting also help detect fraud.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Theft_usually_comes_out_with_stocktake\"><\/span>Theft\nusually comes out with stocktake<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Differences are likely to be due to fraud in cases of professional stock management and high-quality stocktake. Differences can occur, for example, by the theft of goods (even in small quantities) and the display of deficiencies during the receipt of goods. Apparently, minimal differences can hide fraud if stocktake results are manipulated or counterfeited. For example, boxes may be empty or liquids may turn out to be ordinary tap water.<\/p>\n\n\n\n<p>Fraud may or may not occur during a stocktake. Therefore, it is not enough to rely solely on stocktake, and other internal control systems are needed to detect fraud.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_condition_of_the_assetsinventory_must_also_be_evaluated\"><\/span>The\ncondition of the assets\/inventory must also be evaluated<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The stocktake should also include an assessment of the\ncondition of the stored inventory. If this is an overdue commodity that is not\nnoticed at the time of the stocktake, and about which, for some reason, the\ncompany&#8217;s logistics unit does not have information, it is likely that these\ngoods have been reported at an incorrect cost on the balance sheet.<\/p>\n\n\n\n<p>Another major risk in production is the lack of quality raw materials, although the balance indicates stocks. This situation may lead to production stoppages. Also keep in mind that rodents, water, etc., may have contributed to the depreciation or even destruction of goods in stock. If the condition of the goods is not carefully assessed during the stocktake, such cases may go unnoticed. There is also a useful practice \u2013 unused assets must be written down and\/or written off. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Proper_software_can_help_to_improve_results\"><\/span>Proper software can help to improve results<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A stocktake can be performed with any Stock Management System, E-commerce Platform, <a href=\"https:\/\/www.mrpeasy.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"ERP\/MRP solution (opens in a new tab)\">ERP\/MRP solution<\/a> or Accounting Package. <\/p>\n\n\n\n<p>Modern systems are easy to use, provide powerful data analysis and reporting capabilities and can be accessed on-line from any location. Barcode scanning functionality provides fast, accurate and reliable inventory counts in a shorter time.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2019\/11\/MRPeasy-Inventory.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2019\/11\/MRPeasy-Inventory-1024x341.png\" alt=\"MRPeasy-Inventory\" class=\"wp-image-4190\" srcset=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2019\/11\/MRPeasy-Inventory-1024x341.png 1024w, https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2019\/11\/MRPeasy-Inventory-300x100.png 300w, https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2019\/11\/MRPeasy-Inventory-768x256.png 768w, https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2019\/11\/MRPeasy-Inventory.png 1904w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><em>You may also like: <a href=\"https:\/\/www.mrpeasy.com\/blog\/stocktake\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Stocktake - A Practical Guide to Inventory Counts (opens in a new tab)\">Stocktake &#8211; A Practical Guide to Inventory Counts<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>High-quality stocktake (inventory checking) provides assurance to managers of all units of the company that the financial statements and software system information on inventory is accurate and fair. At the same time, occasional stocktake works quite well to prevent theft.<\/p>\n","protected":false},"author":4,"featured_media":4179,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[96,94],"tags":[125,9,3,126,123,124],"class_list":["post-4175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inventory","category-tips","tag-audit","tag-inventory","tag-manufacturing","tag-stock","tag-stocktake","tag-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Stocktake Helps Prevent and Detect Theft - Blog for Manufacturers and Distributors<\/title>\n<meta name=\"description\" content=\"Stocktake is one of the most effective control procedures in a company&#039;s internal control and should be treated with care.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mrpeasy.com\/blog\/how-stocktake-helps-prevent-and-detect-theft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Stocktake Helps Prevent and Detect Theft - 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