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Stock Audit Quantity Analysis

Inventory Counting Root Cause Analysis

Inventory Counting

What you see is what you get

 We perform a thorough physical inventory count of all items in stock at different locations, such as warehouses, storage facilities, and retail outlets. This involves using automated scale technology for bulk stock piles and Lidar-based technology to obtain accurate mathematical data. 

Customization Automated scale Lidar based tool


Verify the accuracy of the physical inventory count by comparing it to the data recorded in the company's accounting system. Discrepancies can occur due to factors such as theft, shrinkage, recording errors, or damaged goods. Particularly in the case of stockpiles of coal or iron ores, measuring the stockpile involves physical observation, which may be influenced by geographical constraints that field valuers need to consider for precise volume adjustments. 


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Root Cause Analysis

Investigate the reasons behind any discrepancies found during the audit. This may involve reviewing internal processes, checking for outdated or inaccurate records, or identifying any issues with inventory management practices.

Professional  Documentation

Document all findings, including any discrepancies, their causes, and proposed solutions. This documentation serves as a reference for future audits and helps in implementing corrective actions.  

Adjustments Recommendations

Adjustments


Review the audit findings and make any necessary corrections to the inventory records to ensure an accurate reflection of the actual stock on hand. This will guarantee that the financial statements, which are based on physical measurements, present a true and reliable depiction of the company's assets.

Customization tool

Verify the accuracy of the physical inventory count by comparing it to the data recorded in the company's accounting system. Discrepancies can occur due to factors such as theft, shrinkage, recording errors, or damaged goods. Particularly in the case of stockpiles of coal or iron ores, measuring the stockpile involves physical observation, which may be influenced by geographical constraints that field valuers need to consider for precise volume adjustments. 

Recommendations

We Provide recommendations for improving inventory control processes and reducing the likelihood of future discrepancies. This may involve implementing tighter security measures by proven tech, enhancing record-keeping practices, or investing in inventory management technology. 

Overview 

 By conducting regular stock audits and analyzing inventory quantities meticulously, businesses can maintain accurate inventory records, minimize losses, and improve overall operational efficiency.