Stocktaking is the process of counting and verifying the inventory of goods a business has on hand. This practice helps ensure that the records of what is available match the actual physical stock. It is typically done at regular intervals, such as monthly or annually, to maintain accurate financial records and manage resources effectively. During stocktaking, businesses may use various methods, including manual counting or technology like barcode scanners. This process is essential for identifying discrepancies, preventing theft, and making informed decisions about purchasing and sales. Accurate stocktaking contributes to better overall management of a business's assets and operations.