Inventory Audit
Inventory Audit
Inventory audit, is the process of verifying whether the physical stocks are available at your store’s warehouse that match the results available at the stock register.
The Inventory audit process is necessary to reduce the avoidable investment on inventory to ensure proper balance in the process. High levels of stock result in overstocking which may result in the poor value of cash flows and financial losses.
Benefits of doing Inventory Audit
01.
Inventory audits can help you to maintain the adequate inventory level which improve the financial health of your business.
02.
Inventory Audits helps you prevent or identify fraud and/or theft.
03.
Inventory values are directly related to your profit calculation and evaluating the right inventory values will provide correct financial position of the company.
04.
Inventory Audits helps in Identifying slow-moving and obsolete stocks.
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