Inventory Verification Service
What is an inventory verification or inventory audit?
An inventory verification process is one that aims at examining and validating the existence and location of various stocks in a main inventory control system.
The stock is a valuable asset for any business and also probably most susceptible to pilferage, damage, expiry, wastage or fraud. The objective of stock verification is to prove the existence, accuracy, ownership rights and ensure the realizable value of the items in Company’s inventory. Accurate accounting of inventory is also essential to a robust bookkeeping system and MIS reporting.
Since the inventory has many movements on business days, the process of routine physical verification becomes a difficult task for any organization. It needs proper planning, resource mobilization, and expertise.
Our team of experts can assist you to conduct the inventory verification and give more insights into your stock along with a proper reconciliation of existing stock records.
Better internal control on inventory counting process
Most of the business organizations, typically hold the inventory verification either yearly or half-yearly, to ensure that the physical inventory is matching with book stock and the differences and obsolescence are appropriately adjusted before the year-end financial audit.
Our Inventory verification and valuations services ensure the excess/shortage of materials in stock and identify the old/damaged inventory. It helps the management to have better internal control on inventory counting process without disturbing the current workflow and reduces the wastage and losses arising due to fraud or damage.
- Physical Verification of stock
- Physical status reporting
- Stock reconciliation
- Valuation of inventory
- Assistance with inventory coding and categorization.
- Inventory Accounting
- Our Inventory verification and valuations services team will check for any excess/shortage of materials in stock and also helps in identifying old/damaged inventory.
- Inventories are one of the most important assets of an organization and hence, proper measurement of these inventories is significant to get a genuine and reasonable picture of the financial position of the business.
- Experience in the region
- Trained, dedicated and experienced staff
- Efficient use of technology
- Timely reporting