Auto news on Youtube Sep 30 2018

Today I want to talk about the difference between food stocktaking, sometimes known

as dry stocktaking and wet stocktaking. Let's start with wet stocktaking. Wet

stocktaking is as it suggests, it's all your wet stock,

it's everything that comes through the bar, so it's your spirits, your bottle beers, your

soft drinks, your draft beers, lagers, wine. But we also include in that your bar

snacks, so your chocolate, your crisps, your quavers and all those sort of things.

Where as the food stocktaking... with wet stocktaking we produce

a fully extended report, so it shows line by line what you paid, what you pay

for that at cost price, what your opening position was, what you purchased,

any credits going back, your closing stock, your selling price, your average day

stock holding, your gross profit for that line and your average sales. It then

takes that down through section by section, it summarizes by section, so you'll have a

section for draft beer, bottle beer, minerals, spirits, liqueurs, vamouth,

fortified wine, wine and then snacks. So you can see line by line, item by

item, exactly what money you're making on each item, and how much

you've sold. Whereas food stocktaking we produce a trading account, because you

might buy in 10 kilos of mince and you might use some for lasagne, some

for chile, say. Or you're buying in large jars of pepper, which you are gonna

use a little bit in this dish, a little bit in that dish, so it has to be a trading

account. So what does that mean? Means we count all your stock, we put

all your purchases on, so that we can value that accurately, we take away any

credits you've got. We've got an opening and a closing stock, so we can tell

you exactly what gross profit you've made, because you've given us your income.

It means you can measure, again what you've made, GP wise, against your target,

if there's a variance we can look at that and decide is a buying issue, is a

theft issue, is it a pricing issue. When we sit down with both the wet and

the food at the end of a stocktake and discuss it with you, so you can make

informed decisions in your business to push your business forward.