Guides ยท Business
Inventory Auditing Basics
Verify stock accuracy
Performing inventory audits involves cycle counts or full counts, reconciling discrepancies, checking controls, and adjusting processes to reduce shrink and improve accuracy.
- inventory audit
- cycle count
- shrinkage
- reconciliation
- stock
Plan Counts
Schedule cycle/full counts; segregate duties.
Reconcile
Compare to records; investigate variances; adjust books.
Improve Controls
Tighten receiving, storage, and access to prevent shrink.
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