Inventory Verification
Effective inventory accounting can significantly impact a company’s financial outcomes, often determining whether it reports a profit or faces a loss. Accurate inventory records are essential for a business’s success, as discrepancies between physical stock and book quantities can lead to incorrect financial reporting.
Periodic physical inventory reviews are crucial in identifying variances between the actual stock on hand and the figures recorded in the books. These reviews also provide an opportunity to assess internal controls related to inventory movement, accounting, and safeguarding. Regular checks give business owners and stakeholders confidence that the inventory reported in financial records closely matches the physical stock. Additionally, these practices serve as a deterrent against potential issues like theft, damage, and unauthorized write-offs.
We can assist with inventory verification at regular intervals to ensure accuracy. Our verification process includes tasks such as marking physically verified stock, identifying damaged, slow-moving, or obsolete items, and more. This helps maintain control over inventory and supports better decision-making for your business.
