Stock management and inventory management are two sides of a coin

The ware houses are places where stocks are managed. The stocks are also known as inventories and therefore the management of stocks is also known as inventory management. There are a number of reasons that can be summed up to find out the necessity of stock management in the present day and age. In each and every ware house there ought to be a stock management team that can help the owner of the ware house to accurately know the number of stocks present in his or her ware house. The workers who work in the stock management ware house get his or her pay according to the hard work that he or she does in the ware house. The main definition of stock management can be given as the reason to calculate weather a product is required by a ware house or not because if a product is not required by a ware house then the stocks are known as over stocks which costs both money and space from the ware house.

The work of a stock management team is also to keep a record of the accounts. The department of accounts keeps all the data of stocks that are sold and bought in the ware house. The stock management team also manages the profit and loss rates of a ware house. There is no other department that keeps the record of the financial dealings of the ware house. The stock management team only deals with the financial as well as non financial transactions of the ware house. The non financial transactions are those which include the transportation of the products from one place to another. The workers who are appointed in the warehouse are very skilled and hard working and the owners rely on them for their efficiency.