Inventory is a substantial part of assets of any trading and manufacturing business and so it is also important to maintain proper control on inventory by ensuring correct records. But keeping correct inventory records which are reconciled with physical inventory quantities is always a challenge for many Small and Medium Sized Businesses.
We at VA, have expertise in stock count and reconciliation of accounting records. We have assisted many clients especially supermarkets to reconcile system records with physical inventory. Following are our steps to reconcile the inventory.
• Physical count of inventory mostly using PDT devices.
• Comparing physical inventory count with MIS/System report.
• Identification of differences.
• Reconciliation of differences based on documents.
• Adjusting records based on above reconciliation.
• Providing report to client as how the inventory management can be improved.