Tips to Help You Conduct a Successful Inventory Audit
Inventory management is very helpful for businesses as it helps to keep track of 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. Learning on how to conduct a flawless inventory audit is very important and there are always tips on how to do it. 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. This is the most important thing to do because having accurate inventory numbers guarantees that you will have a successful inventory audit. 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. When you discover that there are some details left out of the actual record, you can always make changes which means you compare your records with your physical counts.
Another important thing you need to do for quality control, is investigate any differences. The primary reason for conducting this quality control is because it helps you to identify whether the differences are as a result of minor mistakes or complex issues that might require attention. 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. Irregularity in such procedures can lead to under or overstocking of product which is bad for your company. That will also demand that you train your staff on how to proper inventory management. Also inform them the importance having regular inventory audit.
Have systems in place to manage different 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.