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Inventory Verification Service in UAE

"Inventory is money sitting around in another form," - Rhonda Adam

Inventory Verification significantly reduces the company’s inventory loss, assuring management that the inventory presented in the financial statements is reliable. Inventory is the most valuable asset of any business and the most vulnerable to extortion, fraud, waste, and damage.
In accordance with International Accounting Standards (IAS 2), inventory is the asset held for selling in the regular business course, in producing goods for resale and in the form of materials or supplies to be consumed in the process of producing goods or providing services. Per IAS 2, inventory is measured at lower of cost or net realizable value.

What is Stock Taking or Inventory Verification?

Inventory Verification or Stocktaking is the physical examination of a store’s stock or inventory at regular intervals. Inventory Verification or Stocktaking is performed periodically, typically when accounts are closed / financial statements are prepared for external purposes.

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

The primary objective of inventory verification is to determine the presence of the current stock and its realizable value. Inventory can be an asset with several day-to-day moves, so daily inventory verification is a tedious chore for any organization.
Stock management is essential to accomplishing overall business objectives. Stock management is the process of managing and maintaining an appropriate stock or inventory level in a firm and ensuring that stock is available when needed. Physical stock control describes:
  • Receiving
  • Movement
  • Inventory Storage
  • General Physical Inventory Management

Types of Inventories

Raw materials
The goods needed to create the company’s product are referred to as raw materials.
Work in progress
In a firm, semi-manufactured or semi-finished products are referred to as work in progress.
Finished goods
In a firm, semi-manufactured or semi-finished products are referred to as work in progress.
Stocks

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.

Stock Turnover
Internal audit identifies areas for process improvement, cost reduction, and operational efficiency. By analyzing business processes and controls, internal auditors provide valuable recommendations to enhance productivity, streamline operations, and optimize resource allocation.

Benefits of Inventory Verification

Assurances to Principals

Periodically checking your inventory is a great way to make sure everything is accounted for and where it should be. This process helps to identify any discrepancies between what’s physically on hand and what’s recorded in the accounting system.

Efficient Inventory Control

An accurate account of inventory is crucial for any business. Our system ensures that your working capital requirements and cash flows are well planned, minimizing the chances of ‘surprises’ down the road

Protect Your Investment

It’s important to have a system in place that safeguards your inventory. Physical verification helps reduce the chances of lost or stolen goods and keeps your assets secure.

frequently asked questions

Inventory verification is the process of ensuring that an organization's inventory accurately reflects the actual physical stock. This involves auditing an organization's existing records and comparing them to the physical stock in order to identify any discrepancies or inaccuracies.
It depends on various factors, such as the size of your organization, how many different types of products are being stocked, and how often new items arrive or leave your warehouse. Generally speaking; however, most organizations will perform an annual physical count as well as periodic spot checks throughout the year. Conducting regular stock takes helps maintain accurate records and prevents errors from accumulating over time due to incorrect data entry or erroneous assumptions about stock levels.
Effective inventory management requires careful planning, monitoring, and control over all aspects of your supply chain, from sourcing materials through production to delivery and customer service.
TESTIMONIALS

Testimony

“We have been working with Adepts for several years and have always been highly satisfied with their services. They are able to provide top-notch inventory verification, helping us identify damaged and slow-moving items, as well as establishing variances from book quantities. We found their comprehensive system to be essential in exercising control over our inventory and checking it regularly.”
Name Please
Business
Taxadepts helped our commerce business in ICV certification and audit services. Their expertise and dedication to our success is unmatched.
James Dawson
Amdocs Middle East
Thanks to Taxadepts, our petrochemical business has achieved significant cost savings and improved financial performance. Their team truly understands our industry and provides valuable insights and advice.
Danica Monroe
Rosetti Ali & Sons LLC

Why Choose ADEPTS

Inventory verification from adepts is a comprehensive process that can ensure you are in control of your stock. The process includes appropriate marking of physically verified stocks, identification of damaged and slow-moving or obsolete items, deriving variances from book quantities, and identifying the absence of adequate supporting documentation.
This process will help to identify any discrepancies between what you have in your inventory and what you have accounted for in your books. It is essential to maintain accurate records as this will help to avoid overstocking, unnecessary wastage, and unplanned expenses.
Adepts has a team of experienced professionals who understand the complexities of managing an inventory system through excel based inventory software and can provide tailored services to meet your needs.
This includes developing policies and processes for stock control, setting up effective tracking systems, exploring cost-saving opportunities, monitoring supplier performance and providing advice on how to reduce costs and improve productivity.
If you would like expert help with verifying your inventory, then contact Adepts today! Our team will work closely with you in order to develop effective strategies that work best for your business. We guarantee our clients high-quality results at competitive prices so get in touch now!

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