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 Stocktakes are essential to stock control and are the best way to keep track of your business's merchandise.  Implementing an ongoing system for tracking stock and items that have been bought and sold is also an efficient way to keep track of when you need to reorder stock. Performing a stocktake involves making a list or inventory of all the stock a business holds. A business should be able to track each item in its stock by: unique item numbers stored locations selling prices stock numbers and costs supply sources applicable tax point-of-sale details Stocktaking is a valuable practice that can identify lost, stolen or damaged items. Businesses may be able to write these items off as a loss, sometimes against the cost of goods sold, for accounting purposes. Depending on a business's stock and size, owners may be legally obligated to perform an annual stocktake. Manual stock management is best suited for businesses that carry a small amount of stock. A manual stock management