I have just setup an accounting practice and most of my clients are in the cash and carry business(OFF LICENCE, etc). I want to prepare their Financial statements but since they have a lot items on stock most of which are very small and diverse it is proving to be very tedious to calculate the true value of the stock. I am thinking of asking them to use a stock valuation company but that is just going to add cost. How do I value their stock and get a true valuation ?
Strategic123
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When I were a lad 2
£17.50 ? big money in my time!
However, Stategic123 you must get your client to provide an opening stock analysis and value.
This can be done by an outside agency, you yourself (at a fee of course) or by the owners themselves.
At the year end they will have to produce a seff certified stock list anyway
When I were a lad
When I was an accountant in short trousers, I used to do CTN stocktakes to augment my meager wages. I used to charge £25 for a stock take, when my weekly wage was £17.50!
think about it
Its far more cost effective to ask your client to use an experienced stocktaker. They have all the experience required to distinguish between various stock types and pricing. Of course you wilol need a starting point.
Which part of the country is your client in?
If in the London area Please request a contact which I can give you on Monday.