Inventory Audit Services

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Inventory Accuracy Assessment

Inventory audit services are those services that every business owner shall adopt for running a warehouse and business efficiently. What's the point of having a stock in your warehouse if you have no clue about its existence and are not able to sell the same? These stocks will take up unnecessary space and cost money. Another scenario is if a company sells a product that is not available in the warehouse to a customer who has to wait for a week or more. In such a situation, there is a high chance for a company to lose potential customers. Therefore, to avoid such issues and situations, contact our enterslice professionals, who provide efficient inventory audit services to line up with the real-life situation in your warehouses.

Audits of any kind are time-consuming and require a professional to avoid discrepancies. Inventory audit services, like any other audit services, provide a company with deep insights into the business operations and approaches.

Inventory audit services are a method that measures the differences between warehouse stock records and real-life inventory. These inventory audit services maintain the company inventory accuracy for preventing various stockouts, shortages, shrinkage, maintaining a positive customer experience, etc. Our professional teams of inventory audit services shall help you and your company reduce the heap of troubles during the supply chain period. A company may face various situations if such inventory audit services are not adopted, such as a registered product that does not exist being sold, your records may show a multiple number of stock when, in actuality, you are down to your last unit.

How Does Enterslice Evaluate Your Inventory Accuracy?

Enterslice is a consultancy company comprised of various professionals such as lawyers, CA, CS, etc. We have a team with expertise in inventory audit services who have been serving various companies and individuals for a decade. If you are looking for professionals to measure your inventory accuracy, we are the right service provider as we go by the philosophy that we not only provide a solution to our client but also craft a solution. Here are the given below inventory audit services evaluation methods to check the accuracy of a company or an individual inventory accuracy

Cycle counting

It is a general method based on the periodic procedure for accounting or calculating the subset of companies' inventory items and comparing it with the records. Cycle counting is the most effective procedure to count the number of stocks of what currently is available in the warehouse. Our professionals shall efficiently save the time and efforts of the employees and staff of the respective company in maintaining the accuracy of inventory items. A company, through inventory audit services, shall have accurate counts on the inventory items by determining the same with the records in the system.

Inventory Audits

We at Enterslice have an audit and assurance team that has been providing various services, such as inventory audit services to multiple clients, achieving the highest satisfaction rate from the customers. The inventory records and procedures of a company are evaluated and examined to verify the metrics, accuracy, completeness, and various policies and regulations of inventory controls. However, this inventory audit service helps the company prevent and detect various illegal activities, fraud, waste mismanagement, etc., as well as comply with accounting standards and various other laws like tax laws.

Inventory Reports

Inventory reports are documents on the evaluation report on the inventory audit services. These inventory reports include data like stock levels, turnover, demand performance, etc. Our team of professionals in inventory audit services shall help the companies track and monitor the inventory performance or movement trends, patterns, and various other anomalies. There are various types of inventory reports, e.g. Status of inventory, inventory valuation, inventory ageing, etc. However, these inventory reports could be made available through software installation, thus reducing the manual work, and on the other hand, it improves the efficiency and effectiveness of inventory maintenance and also the customer experience.

Inventory KPIs

Inventory KPIs are metrics or systems that help the company measure and evaluate the performance and maintenance of the inventory of a company or an individual. KPI means key performance indicator. This KPI can be calculated using various data and formulas by installing software to automate the procedures. We shall help the company to seamlessly calculate the KPI of the company's inventory system, ensuring an alignment with the company's inventory strategy and goals of the organization and communicating the same to the respective stakeholders.

Inventory feedback

Inventory feedback is another very important aspect of inventory audit services. This feedback can be achieved by the company through customers, suppliers, employees, auditors, etc. After completing the audit of a company's inventory, our team shall provide feedback for improvement, such as gaps, errors, etc. This inventory feedback has various methods like surveys, reviews, ratings, comments, or various other suggestions.

Why should you have an Inventory Audit service?

Inventory audit services help the company evaluate and cross-check the financial records with the physical inventory and records. In simple terms, inventory audit services signify a physical calculation of stock numbers and inventory aligning with accounting records.

Independent inventory audit services like Enterslice shall help the company observe and evaluate the financial records of the company's inventory, aligning with the physical inventory carried out regularly. These inventory audit services are vital for collecting various pieces of evidence for businesses engaged in manufacturing or retail-based companies. It helps the company to maintain a balance of assets or capital.

This inventory audit service must assure not only the amount of an inventory of a company but also the quality and conditions to check if the inventory value is reasonably portrayed in the company's financial records and statements.

Enterslice's Simple and Effective Inventory Check-Up

With our professional teams in inventory audit services, we shall help the company evaluate and examine the inventory system and improve it with thorough analysis to contribute to the company's business growth. Given below are some of the common methods used by our expert team in inventory audit services

Cutoff Analysis

During the cutoff analysis, we shall ask the company to pause inventory operations such as shipping and receiving inventory items. The reason behind pausing the operations at the time of the physical count of the items is to ensure that the inventory audit services do not go mishandled and unaccounted for. Enterslice professionals will inform the respective company's stakeholders and customers if such cutoff analysis is conducted and if any delays occur in the supply and receiving of inventory items as a result of an inventory audit, and they know why.

Physical Inventory Count

Inventory audit services also include a method of physically counting the inventory items to check if the system numbers are aligning with the inventory physical stock. Our experts in inventory audit services shall be counting each unit of the inventory items. However, this method helps the company to improve customer demand forecasting, reduce stockouts, shrinkage, etc. Earlier, this physical inventory count was done manually, but with the advancement of technology, product barcodes were introduced for better accounting of the inventory items.

Analytical Procedures

Our approach also involves analytical procedures for comparing the inventory gross margins, turnover ratio, and units of inventory with the previous year. Such analytical procedures under the inventory audit services help the company understand inventory trends so that it is well aware of the demands and supply of items.

ABC Analysis

ABC analysis is one of the common methods under inventory audit services. In this procedure, inventory items are categorized systematically so that no single items are missed and for easy access. We shall help the company to group the inventory items accordingly, such as A for high-value items, b for middle-value items, and C for lower-value items. However, this analysis helps the company to make an informed decision on the inventory stock items.

Freight Cost Analysis

This is an evaluation procedure on the cost incurred in the shipping of inventory items from one place to another, such as the cost and period of tracking between the shipment date and receipt date. Our team of inventory audit services professionals assists the company in having accounts on the units of inventory items in transit so that informed decisions are made, overspending is prevented, and clarity about the freight shipments is gained.

Finished Goods Analysis

We shall also help the company to decide the price of the finished goods for the respective current accounting period. This finished goods analysis under the inventory audit services helps the company to have accurate financial statements. A company with a regular analysis of finished goods assists the company in having better pricing, raw material orders, minimizing the costs of inventory storage, etc.

Overhead Analysis

Overhead analysis is a method to understand the company’s business inventory and ongoing expenses. These inventory audit services assist the company in evaluating and analyzing hidden expenses like rent, utilities, insurance, and administrative costs of doing business.

Reconciling Items

Suppose any discrepancies are found during a company's inventory audit services. In that case, our inventory audit team shall help the company reconcile the inventory items by detecting the root cause behind it, such as by checking or verifying the inventory counts, comparing physical counts with the company’s inventory records, evaluating the details of the shipment, delivery info, sales record, etc. Once the root cause of discrepancies is detected, we shall state a stock inventory reconciliation statement that overrides the earlier inventory audit records to a respective company.

Match invoices to the shipping Log.

Inventory audit services by enterslice experts shall also assist the company in cross-checking the purchase orders or invoices against the shipping log. To avoid any discrepancies in the amount received by the company from the items shipped, a complete double check has to be conducted by the auditor, such as if the number of items is matched with the amount received by the company. This method ensures that the company doesn't make any shipping mistakes or duplicate charges and that the customer receives the items they have ordered.

Improve Inventory Audit Efficiency with Enterslice

Inventory audit services are indeed tedious, but Enterslice expert professionals shall help you and your company with the easiest and most transparent way of dealing with such a complex company inventory audit.

  • Our inventory audit services help the company identify and understand the current counts of inventory items by using such data records to make informed future business decisions while meeting the expectations of the customers.
  • We shall also improve the company's inventory management system by optimizing the inventory storage system. This means that we shall analyze the history records on inventory storage and accordingly assist the company in deciding the location for the inventory storage. Some of the advantages of this service are minimizing the cost of shipping and transit time, being closer to potential customers, etc.
  • With Enterslice professionals, the company will keep track of the inventory items' status and know when to refill the inventory items in stock. Our inventory auditors shall assist the company by sending a statement to send more inventory to prevent stockouts.

Three Key Hurdles to Face In Inventory Audit

In these complex business operations across the globe, inventory audits can be complex and challenging to perform at the same time. The bigger the business operations, the more complex it is to conduct the inventory audit. Given below are some of the common challenges you may face while conducting an inventory audit

  • Inventory audits or calculations are indeed time-consuming and, at the same time, can be disruptive since the business may shut down or pause for several days or months during the period of inventory audit.
  • Poor inventory management is another addition to the complexity of an inventory audit. Poor labelling, inventory controls, poor locations, etc., make it more complex for an auditor to evaluate.
  • An outdated or inaccurate price testing on inventory items assigned by the company makes it complex for an auditor to evaluate the same. With this constant fluctuation in the market price, an incorrect costing standard leads to undervalued and overvalued inventory standards, making it hard to test.

Why choose Enterslice for Inventory Audit Services?

We at Enterslice understand every bit of query clients bring to us; we live by a philosophy that not only provides a solution but crafts a solution for our customers. Our team comprises lawyers, CS, CA, Accountants, and various other supporting staff to ensure the best services a company or an individual can obtain. With 10+ years of experience, our professional experts use flexible and customized solutions to provide a seamless service to any organization.

We understand the privacy and confidentiality of our customers. Thus, we ensure the guardianship of any organization's data privacy by not sharing any confidential information or data with any third party unless consent is obtained from our respective customers. Your information is safe with us.

Enterslice is the best inventory audit services consultancy company, and our clients are spread across the globe. Our professional experts continuously engage themselves in improving and modifying the existing procedure, with the help of our inventory audit experts, and try to figure out a new method for doing the same tasks for a better experience. We also value the amount of time and money; thus, we provide our best services to ensure a minimum time taken to process any task and provide a seamless experience to our customers or clients.

Frequently Asked Questions

The purpose of an inventory audit is to help the company align the inventory item counts with the records and maintain accuracy, detect shrinkage, and have a record of inventory items to meet customer demands, etc.

No, an inventory audit is not mandatory as per the laws and regulations, but it is indeed recommended that a company conduct such an audit at least once a year for the smooth functioning of the company's warehouse operations.

Yes, inventory auditing is indeed difficult because of its fluctuation rates in the market. It is often time-consuming and tedious and requires an unbiased evaluation of the inventory operations.

Physical inventory counts are a method of evaluating and calculating the on-hand inventory items in the warehouse; this is usually conducted at the end of the year, whereas an inventory audit is an addition to the physical inventory calculation to check if any theft, obsolescence, damage or misplacement has occurred.

Inventory auditors examine by comparing the physical inventory with inventory records to ensure that they get aligned. The responsibility of an inventory auditor is to calculate the company's current stock quantities, review inventory records, and report if any discrepancies occur between the two.

A stock audit service refers to the verification and examination of a company's physical inventory and stock to ensure its reliability and accuracy, with the records detecting discrepancies and reporting the same to the company's stakeholders.

Audit services refer to an assessment of the business operations, checking if the operations are aligning with the compliance requirements such as financial assessment, compliance and regulations, performance, etc.

The audit procedure for inventory is a method where the company double-checks its financial records against the inventory records so that the company is not left out with the demands of customers.

Inventory audits are conducted by professionals who assist the manufacturing industry in balancing the inventory records. Their primary responsibility is to verify and review the inventory counts aligning with the financial documents' records.

Inventory audit reports are those reports that are prepared by the auditor after evaluating the company's inventory records, ensuring the company has knowledge and idea of various changes in the warehouse operations. However, this report helps the company to track the various changes in the inventory items, location, etc.

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