Physical verification and valuation of inventory is a good business practice, and it is a statutory requirement as well.

Inventory is a major utilization of cash – a sort of virtual money that is tangible. And just like money, it also needs to be properly accounted for. This is where inventory verification comes in – by systematically assessing the monetary value of items lying in stock, as well as items that are under transaction in different stores.

It is also important that the process is done regularly and periodically, so that accountability is maintained at all times with respect to the storage records. In case of any discrepancies and mismatch, it may also be necessary to undertake stock reconciliation.

How frequently stock verification is done depends on the nature and value of items under consideration – higher value, or items prone to pilferage need to verified more frequently.

Inventory verification is, therefore, one of the standard activities undertaken at the time of audit – and is done at least once a year. It is necessary for all business types – whether they are selling any physical products, or rendering any services

For businesses that deal in tangible products – by way of manufacturing, or selling on their own or through franchises or dealerships, the process of inventory valuation is extremely important. The process covers the entire spectrum of product – right from the stage of raw materials, to the stage where finished products are stored in warehouses, sales points, or even in the POS windows.

For inventory verification, we adopt a robust approach that matches not only the numbers of the products, but also their values. This provides a more effective and efficient way to check leakages and shrinkages in inventory

We also assess inventory for adherence to standard operating procedures (SOP), and possess a rich experience of handling organizations of all sizes and across different industries.

Our inventory verification services help your business to mitigate risks, promote transparency, enhance business processes and controls, and help in effective management of channel partners.