In order to have batter control over the Inventory, periodic physical verification is requred to be conducted by the Management. It can be done daily (perpatual) , Weekly, Monthly, Quarterly and Annually.
In other words, stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this is to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries.
Direct impact on costs and bottom line
Prevent pilferage and fraud
Identifies slow moving stock, obsolete stock, dead stock and scrap
Third party independent opinion, especially for agent warehouses
Identifies gap in current inventory management process
Enable accurate valuation of inventory
Fair Accounting is one of the prominent fixed asset management companies in India. Deal with your fixed assets as usual and simply give us the inputs that will be reflected in the databases immediately. AKGVG’s fixed asset management service include but not limited to: