A Guide on How to Conduct a Smooth Inventory Audit
The reason why inventory management is very important is because it helps to keep the business is on track when it comes to knowing how much is in stock, how much to order and at what time. 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. However, inventory audit process is not an easy one and requires want to be very diligent and informed on how to do it successful. The good thing is that there are many guidelines you can follow to ensure that your audit is flawless. Below are some helpful tips on how to conduct a smooth inventory audit.
Always ensure that you have an accurate inventory count to begin with. This includes having an account of the new items that have been added from the last inventory. Having accurate inventory numbers is always necessary for a successful inventory audit and that is why this is the most important thing to do. The only key thing to focus on is paying attention to details to avoid mistakes that can throw you off balance. 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.
It is also important to investigate any discrepancies which is important for quality control. The process is very important because you are able to identify whether it was a minor mistake or complex issues that might need resolving. As you have reserved the inconsistencies, it is important to have it your records to reflect the accurate current level of inventory. Doing that will ensure that you are effectively managing your inventory.
Regularly review the 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. As you train them, also ensure that the unless and the importance of a regular inventory audit.
Also ensure that you invest in systems for managing 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.