Need to physically verify your Assets

  • Physical Verification of Inventory (Stock Audit)
  • Physical Verificatio of Fixed Assets
  • Other Physical Verification

Physical Verification of Inventory (STOCK AUDIT)

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.

Here are the reasons why one should look forward for the stock audit :

  • To update the opening stock details in shoper.
  • To identify the discrepancy between book stocks also known as computed stock and physical stock.
  • To update the actual physical stock as book stock.
  • To ensure proper preservation and handling of stocks.

key benefits of stock audit :

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

Fixed Asset Management

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:

  • Physical Verification of fixed assets
  • Capitalization & Valuation
  • Barcode numbering including location, type of product, tag ID, value and other necessary information
  • RFID tagging where required
  • Software support and training
  • Maintaining database and updating these with reports