Accounting Services for Business

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Administrative Assistance for annual Inventory Procedure

Administrative Assistance for your company

In other words – to complete an annual inventory of all fixed assets. getsix® can efficiently and effectively assist such an inventory for you. We can assist departments with the execution of this annual audit requirement.

Inventory management is an important business function. Inventory is usually the second largest expense for a business, outside of payroll. Business owners create processes for managing their company’s inventory.

SME’s usually limit the number of individuals who review and order inventory. Ensuring proper amounts of inventory are on hand to meet specific sales goals.

getsix® will support the knowledge already in your business, for effective and financial control.

Possible objectives of such an audit:

  • Findings from previous audit corrected;
  • Goods received or issued were recorded in the inventory system;
  • Inventory records were reconciled to the General Ledger accounts accurately and timely;
  • Goods were valued correctly in the inventory system;
  • Delivered goods were inspected to ensure that they were in acceptable condition and actions were taken to remedy damaged goods;
  • Proper procedures for recording the removal of goods;
  • Inventory removed was charged to the correct receiving Department;
  • There are adequate quantities of goods on hand to support the operations;
  • Adequate security to safeguard goods; and
  • Compliant with government rules and regulations.

getsix® understands that failing to implement proper inventory controls procedures can increase a company’s cost of doing business. Let us assist you, with our knowledge, expertise and experience.

Last modified: May 19, 2022