Disease, obsolete or tainted stock sourced from workplace practices is avoidable. A good ESG policy when deployed throughout the business combines all aspects of accounting for slow and obsolete stock with advertising and sales campaigns.
Reducing taints is a training cost that is readily shareable by knowledge transfer. Accounting for obsolescence is a speciality that professional accountants utilise. Various techniques to value inventory to benefit the business and community are available.
Source training for procurement staff is another educational technique that rapidly eliminates the issue. Treating obsolescence and taints has an expansive community cost as the source is identified and progressively halted. Sharing the story of taint reduction in its various forms in ESG reporting is a supportable measurement of interest to investors and management alike.
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We hope you’re enjoying our Illum jottings, just a note though. The information provided here is intended for general informational and educational purposes only. While we aim for accuracy, we can’t guarantee that this content will apply to your specific situation—everyone’s circumstances are unique.
Illum’s is not a substitute for personalized advice from a qualified accountant, tax advisor, or any other professional. If you have questions specific to your individual circumstances, we strongly recommend consulting a professional for tailored advice.