The end of the financial year is quickly approaching, which means it’s time for hair and beauty businesses to prepare for their annual stock take!
To help you get ready, we’ve put together a short guide that shows you how to easily complete a stock take using Kitomba Salon and Spa Software.
Why do I need to complete an end of financial year stock take?
As hair and beauty businesses purchase, use and sell a lot of stock throughout the year, a stock take will need to be completed at the end of financial year for tax purposes, as well as to account for your opening stock at the start of the next financial year.
This needs to be completed as close to the end of the financial year as possible to ensure your numbers are accurate, which is 31 March for New Zealand and the United Kingdom, and 30 June for Australia.
How do I perform a stock take?
When performing your stock take, you need to count each item of stock and its value, and update your stock and financial records to match what you have on hand.
The best part is you can use Kitomba Salon and Spa Software to automate this process to save time, reduce errors and make updating your records and reporting a breeze.
The Stock Value Report in Kitomba and Kitomba 1 will tell you the value of the stock you have on hand, and completing stock takes regularly will ensure you’re correctly reporting the value of the stock you have.
To learn how to perform a stocktake in Kitomba, watch the short instructional video below.
Get ready for the financial year’s end with Kitomba
Performing a stock take isn’t the only task you’ll need to complete for the end of the financial year, and Kitomba makes preparations easier with reports that help you collect the information you need. Read how to prepare for the end of the financial year with Kitomba to find out how to get ready.
If you’re not a Kitomba customer and you’re in need of software designed specifically for the hair and beauty industry to streamline this process, book your free demo to find out how Kitomba can help you manage your business day-to-day, automate processes and grow your business.
Discover more tips for managing your business
For more expert tips and information about managing your salon, spa or clinic that you can action right away – from managing your team to understanding your finances – check out our business management guide. It covers everything you need to know about running a successful hair and beauty business.