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Stocktaking, Inventories, Balance Sheet – Definition of Terms
The term stocktaking (inventory) has – depending on the context – a slightly different meaning. Colloquially, it refers to the totality of objects that can be assigned to a person or a company. In companies, this includes furniture, work equipment, but also permanently installed components and consumables.
According to the law, the inventories include all types of fixed and current assets, outstanding receivables as well as the cash assets and debts of a company. It indicates the available values of a business. Since these fluctuate, every businessman is obliged to survey the current status of his assets as well as long-term debts and short-term debts once a year on an inventories balance sheet, at the end of the business year. This must be done by counting, measuring or weighing as part of the stocktaking process.
The stocktaking describes the process of drawing up the inventories by bringing the list of assets and debts up to date. Conversely, this means that the permanent recording of a company’s assets in an inventory software greatly simplifies the inventories or even makes it superfluous in parts.
Inventories, Inventory – Difference and Similarities
There is a difference between inventories and inventory (stocktaking) stocktaking in terms of content. Nevertheless, the terms cannot be separated from each other. Merchants are obliged by law to regularly draw up their inventories, insofar as they are not allowed to determine their surplus by means of a simple profit and loss account. For this purpose, a physical inventory must be taken in the form of a stocktaking to determine the assets and liabilities.
The inventory software from Timly consequently does not separate these two areas. Its claim is rather to be able to reflect the current inventory of all assets of a company at any time. In addition, it is possible to manage locations and allocations.
Ultimately, Timly’s stocktaking software package serves as the basis for storing any information relevant to a company about its work equipment, inventory items and articles intended for sale. This means that it is always possible to see where inventories are and what condition they are in. During a stocktaking, the time-consuming process of creating lists and searching for recorded assets is eliminated.
In addition, Timly offers convenience functions in its inventory software to simplify the stocktaking process. These include the inventory mode, which allows items to be ticked off by simply scanning a QR code, and the practical self-inventory. This is a feature that allows employees in the home office or on assembly to carry out independent inventories of the work equipment left to them in a legally compliant manner.
Inventories: Use Software for Management
For the comprehensive management of inventories to be possible with a software, it must be able to map the most diverse assets in a meaningful way. This can be easily implemented in Timly’s inventory management through customisable categories. These can be designed according to a company’s needs.
Simple inventories such as furniture only need a few entries, for example manufacturer, condition and location. For complex work equipment, on the other hand, it makes sense to store detailed information such as operating instructions, maintenance instructions and inspection records. Flexible, personal allocation also often makes sense in this case. In practice, personal responsibility ensures more careful handling of assigned work equipment. In order to keep the administrative effort for this manageable, further prerequisites are necessary.
Central storage space for inventory management is essential. Timly uses a cloud solution. This is designed to be GDPR-compliant and has an authorisation concept with which employees are only granted the necessary access rights. For the easy identification of an asset, they are provided with a QR code when they are first recorded, which is attached in the form of a space-saving sticker. Afterwards, the profile of each inventory item can be accessed by scanning the QR code.
An app optimised for smartphones and tablets ensures better usability. Employees can access the database of inventories from almost any location. All that is required is an internet connection. Updating information becomes very easy. Work equipment can be allocated in real time via the app. The same applies to reporting defects or logging maintenance.
Experience has shown that simple handling increases acceptance among employees and thus improves the quality of the data stock. In addition, the use of a cloud-based solution with a smartphone app simplifies every form of stocktaking. Once switched to inventory mode, every asset can be recorded with the smartphone – no matter where it is.
Special Case IT – High Flexibility Required for Recording
A not inconsiderable amount of IT work equipment is given to employees to take with them to the home office or other external workplaces. Managing the locations and licence periods for these hardware and software components is a real challenge. Timly has created the container property for objects for this purpose. This allows virtual workstations to be created to which other objects are permanently assigned. This way it is always clear which licence is linked to which hardware and which inventories are in the personal possession of an employee.
The same applies to permanently installed hardware, such as components of the network infrastructure. This can be recorded per room with Timly. This way, there is no risk of hardware or software being overlooked.
For example, SodaStream Germany, the well-known manufacturer of sparkling water makers, has greatly minimised its administrative effort through the innovative self-inventory function. Now, employees in the home office can also easily scan their IT inventory and thus accelerate the inventory processes.
Holistic Inventory Management: Maintenance Planner, Deadline Management & Co.
The collected data of an inventory management can be used beneficially in many ways in companies. For example, Timly’s inventory software offers a maintenance panner for maintenance management in which those responsible can see all upcoming appointments clearly summarised. This reduces the risk of forgetting maintenance or inspection dates. The same applies to licence expirations. A practical e-mail reminder function is available for upcoming appointments.
In addition, a digital file is created for each unit. All relevant documents such as test reports and maintenance documentation can be brought together in this file. In the case of upcoming audits, the required evidence is available on a daily basis at the respective location.
Professional Inventory Management Pays Off
The planning of the use of resources and the economic consideration of profitability require the availability of comprehensive information about the assets used.
With professional inventory software from Timly, up-to-date overviews can be extracted at any time. Whether stocktaking, sharing and collecting information about the inventories or the overall consideration of the profitability of work resources – with Timly, only one tool is needed for this.
Intuitive Management of Your Inventories
Manage your inventory smartly with Timly: You get access to a wide range of sophisticated features that allow you to easily digitise your inventories.
Manage All Assets
Mobile Available Everywhere
Localise your assets with the integrated barcode scanner for smartphones & tablets.
Easily assign assets to people, projects, rooms, locations or external service providers.
Digital File Management
Save the exact GPS location of your assets with one scan. All GPS data historically verifiable.
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