Stock control is tracking the levels of goods/raw materials in the business
Stock Control is concerned with keeping optimum stock levels so that a firm doesn’t have too much stock or too little stock.
Effective stock control means that you have the optimum level of stock/adequate stocks in your business to meet the needs of your consumers, while at the same time keeping them to a minimum.
Optimum stock levels lead to efficiencies because you have the right stock, in the right place, at the right time to meet production requirements and satisfy consumer demand
Quality control is concerned with checking/reviewing/inspecting work done to ensure it meets the required quality standards of the business.
It could involve physical inspections, quality circles etc. As part of a quality control system Effective Quality control leads to efficiencies in business because consistently high-qualitys products are being sold, resulting in repeat purchasing, consumer loyalty and the ability to charge higher prices.
This eliminates rejects as early as possible in the production process e.g. if a fault is found in the flour it should not carry through to the finished loaf of bread stage.
It reduces waste
Credit Control means controlling the amount of credit given to customers and the payment period given to customers.
Good credit control ensures that payments are made in full and on time.
It involves checking credit worthiness of customers, setting credit limit, credit periods and deciding on penalties for late payments.
It seeks to minimise bad debts.