An Absolute Must Before Year-End: Inventory Taking

04.12.2024

Holiday planning, gift`s shopping, baking and cooking: however amidst all the season`s excitement it is important to remember that there are still crucial tasks businesswise that need to be completed before the end of the year. One of them is inventory taking:

  • Knowing exactly what you have on stock and the condition of these items will boost the accuracy of your financial statements. This is crucial for calculating cost of goods and creation of provision on obsolete items.
  • A physical inventory count may reveal discrepancies between accounting and actual data and help to identify issues such as damage, miscount or loss, allowing you to address them promptly
  • Having comprehensive information on your inventory levels helps you making informed decisions about purchasing, storage, enforce a better planning and inventory management and can lead to cost savings.

Sometimes counting inventory can feel like a huge task, and among all other year-end issues and upcoming holidays it is difficult to spare enough time to it. That’s where outsourcing comes in handy.

Your contacts at SCHNEIDER GROUP: 

How we can help

  • Provide employees to act as counters, coordinate stocktaking and even organize video broadcasts from storage areas.
  • Give independent judgement and recommendations based on observation of the stocktaking process.
  • Analyze business processes, develop procedures and instructions for conducting the stocktaking process.
  • Develop, implement and provide training on procedures and instructions for the entire life cycle of assets.
  • Check the correctness of the calculation of the amount of provisions for replacement, repair of equipment and impairment of assets in accounting and reporting.