What Services do we cover in Inventory Verification & Management?

• Inventory Valuation:
  a. Determining the cost of inventory using methods such as FIFO (First In, First Out), LIFO (Last In, First Out), or weighted average.
  b. Regularly assessing and updating the valuation of inventory to reflect market conditions and changes in cost.
• Cost of Goods Sold (COGS) Calculation: Accurately calculating the cost of goods sold by considering the cost of inventory items sold during a specific period.
• Financial Reporting: Including inventory values in financial statements, such as balance sheets and income statements.
• Inventory Turnover Analysis: Calculating and analyzing inventory turnover ratios to assess how quickly inventory is sold and replaced.
• Budgeting and Forecasting: Assisting in the development of budgets and forecasts related to inventory levels and costs.
• Supplier and Vendor Reconciliation: Reconciling inventory records with supplier and vendor statements to ensure accuracy and resolve discrepancies.
• Obsolete Inventory Management: Identifying and accounting for obsolete or slow-moving inventory to prevent overvaluation and potential losses.
• Internal Controls: Implementing and monitoring internal controls to prevent inventory theft, mismanagement, or inaccuracies.
• Asset Tracking: Tracking and recording the movement of inventory items within the business, including transfers between locations or departments.
• Inventory Reserves: Establishing and managing inventory reserves to account for potential losses, such as shrinkage or damaged goods.
• Financial Analysis: Conducting financial analysis related to inventory, such as assessing the impact of inventory changes on working capital and financial performance