Best Bookkeeping Services in King's Lynn

Do you remember the scandal with Patisserie Valerie? One of the discrepancies found to have contributed to the poor financial position was that 3-month-old gateau cakes were being listed in the accounts as valuable assets. How is this possible? Cakes, particularly fresh ones, are not like casks of whiskey; they don’t appreciate with age. Selling an aged gateau cake to a customer is more likely to land you in deep trouble with the Food Standards Agency than it is to make a tidy profit! Does your business hold any stock? How do you value it? Is there a business rule/procedure in place? Do you post provisions for any inventory greater than 3, 6, 12 months and older? For the FMCG, consumer staples and discretionary, hospitality, healthcare, materials/industrials, and IT sectors aged stock is a very relevant matter. Most clients that we have helped in those sectors have had some or many problems in this area, for example: * No real system/process in place for stock management. * Stock being counted monthly, but no checks carried out for aged stock – this happens a lot in the hospitality industry, resulting in losses at year-end when out of date stock is found in the storeroom. * All stock being valued at purchase price, neglecting its age. If you need help reviewing your procedures around stock, or just to ask a question, drop us a message. #BusinessAdvice #Management #Stock...