Inventory Counting Services
Inventory is a substantial part of assets of any trading and manufacturing business and it mostly constitute significant portion on the balance sheet of the business. Therefore, it is crucial to maintain proper control on inventory by ensuring correct record matching with the physical quantities of stock. However, keeping correct inventory records which is reconciled with physical inventory quantities is always a challenge for many Small and Medium Sized Businesses. Please note appropriate inventory records ensure time and cost savings resulting in better management of working capital.
We provide following types of services relevant to inventory/stock counting and inventory reconciliation. Details description for these is given below:
1. Inventory Counting Services
This involves physically counting of inventory items in a company store or warehouse. For many small and medium businesses, inventory count and physical verification is not a routine activity and accordingly they do not have extra human resources to carry out this one-off activity. Therefore, this activity is mostly outsourced to inventory counting company. In some situation, management of company would like to know the actual quantities of inventory lying at store, warehouse, supermarket. We can assist management with our expertise and our inventory counting services cost will be very economical.
2. Inventory Verification Services
Inventory verification is the process that matches company’s stock records with what company have in the store in physical form. It is also called as physical stock verification. During this verification process, stock present in store is counted and then matched with stock records from system and discrepancies are noted. The reasons for these discrepancies are analysed and reported to the management along with stock discrepancies. Inventory reconciliation is the next step after physical verification and purpose is to ensure improved stock management.
3. Inventory Management Services
Inventory management is very important part of any trading and manufacturing business. We provide advisory services regarding various aspect of inventory management. Ranging from software solutions, policies and SOPs for inventory handling, inventory tracking, stock levels, EOQs, stock reconciliation and design & implementation of internal control for inventory.
Benefits of Inventory Counting and Verification
For small and medium sized business, mostly there will be differences in inventory quantities as per system records and actual physical quantities because proper internal control system on inventory does not exist. Due to this reason, generally inventory counting, and verification have the following benefits:
• It helps in keeping up to date inventory records as physical quantities are matched with system all the time.
• It ensures proper tracking of inventory items is done so resulting in better controls and better inventory planning and management.
• It helps in improving working capital management resulting in overall efficiency for business and increased productivity.
• It provides company a consistent and precise data for better decision making and overall warehouse management is improved.
• Correct and up to date inventory record helps in ensuring all in demand item are available so this results in better customer satisfaction and increased revenue.
Inventory Services in UAE
We at VA, have expertise in stock count and reconciliation of accounting records. We as a inventory service company have assisted many clients especially supermarkets and convenience store inventory counting and reconciling. Following are our steps for complete inventory counting to inventory reconciliation:
• Planning and scheduling for stock counting and deciding about the approach whether complete counting or cycle counting.
• Labelling areas in warehouse or supermarket and labelling shelves depending on the situation.
• Making arrangement for stock in transit.
• Physical count of inventory mostly using PDT devices and inventory scanners.
• Comparing physical inventory count with MIS/System report.
• Identification of discrepancies and analysis of reasons for these.
• Reconciliation of differences based on documents.
• Adjusting records based on above reconciliation and updating final inventory in system.
• Providing comprehensive report to client as how the inventory management can be improved.
In case you need any inventory counting services or inventory physical verification services, please contact us and our experts will be willing to help you.