A Guide on How to Conduct a Smooth Inventory Audit
One of the crucial tasks every business should conduct always is inventory audit because it is the best way to know how much is in stock, how much to order and when to avoid finding yourself in a fixed sport. 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. To have a smooth inventory management or audit is very important for businesses now that it is always a complex process for many. 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.
The starting point for a flawless inventory audit is having an accurate inventory count. It is important for example to ensure that you have an account of the new items that you have added to your stock since the last audit. 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. Make changes accordingly in case there’s anything missing in the records by comparing the physical count tool records.
Another important thing you need to do for quality control, is investigate any differences. This is an important process because the mistakes can happen because this minor, or because of complex issues like different methodologies used. As you have reserved the inconsistencies, it is important to have it your records to reflect the accurate current level of inventory. It is the perfect way of inventory management and therefore you should not ignore it.
You also need to ensure that you review 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. Keep your inventory in a safe and secure location to prevent theft and damages. Inventory tracking solution such as barcodes are also necessary. You can also rely on professional inventory management services and inventory management software systems.