Inventory Verification Service in UAE
"Inventory is money sitting around in another form," - Rhonda Adam
What is Stock Taking or Inventory Verification?
Goals of Inventory Verification
- Confirm the accuracy of store records.
- Prepare the organization’s final financial statements.
- Disclose instances of fraud, theft, and stock loss.
- Identify any flaws in the system of storage and inventory management.
Purpose of Conducting Inventory Verification
- Inventory Storage
- General Physical Inventory Management
Types of Inventories
The firm’s unsold inventory is referred to as stock. Opening stock / opening inventory refers to the number of unsold goods at the beginning of the period, whereas closing stock / closing inventory refers to the amount of unsold inventory at the end of the period.