A Guide on How to Conduct a Smooth Inventory Audit
Inventory management is very helpful for businesses as it helps to keep track of how much is in stock, how much to order and at what time. The inventory audit process therefore should be conducted regularly to ensure that the company is able to meet the customer orders, but more so to ensure no shortages which can be inconveniencing for the business. However, inventory audit process is not an easy one and requires want to be very diligent and informed on how to do it successful. The good thing is that there are many guidelines you can follow to ensure that your audit is flawless. The following are some guidelines to follow for a flawless inventory audit.
You can start by ensuring that are consistent in keeping accurate inventory count. This includes having an account of the new items that have been added from the last inventory. This is the most important thing to do because having accurate inventory numbers guarantees that you will have a successful inventory audit. You need to be very to avoid making small mistakes. When you are doing this, you might be intentional about conducting a physical count of inventory because it helps to improve the accuracy of the numbers. When you discover that there are some details left out of the actual record, you can always make changes which means you compare your records with your physical counts.
It is also your mortgage to ensure that you investigate any inconsistencies for the sake of quality control. This is an important process because the mistakes can happen because this minor, or because of complex issues like different methodologies used. Another important thing you want to do is ensure that after correcting the inconsistencies, you are able to update the records to ensure that it is reflecting the current inventory levels. Doing that will ensure that you are effectively managing your inventory.
Regularly review the inventory count procedures. By doing this you are able to avoid understocking or overstocking items. As you do that, invest in yourself by ensuring that they know the proper inventory management techniques. Also inform them the importance having regular inventory audit.
Have systems in place to manage different inventory levels. To protect your inventory from theft and damages, ensure that they are stored in a secure and safe location. You also want to use the necessary inventory management solutions such as barcodes to track the inventory. You can also rely on professional inventory management services and inventory management software systems.