Stock Audit is an imperative auditing term referring to the physical verification of the inventory with computed stock maintained by the company. The major purpose to conduct this activity is to rule out the discrepancies in the book stock and physical stock by passing adjustment entries.
Even though this statutory process needs to be performed at least once in a financial year by the business institutions, stock audit also known as inventory audit has become a particularly important practice especially for expanding businesses where being on multi-locations, dealing through vendors and dealers is a general pattern. To run the business swimmingly and have an uncanny presence, one needs to keep an unerring track for inventory, being tangible or intangible. And, it is always important to keep into consideration the purpose for which audit is being conducted because of different approaches being used in discrete audit procedures. You can read more about about importance of Stock Audit in an Organisation
Stock audit services will disclose any failure due to lack of security which results in loss, theft, or misappropriation. It is also crucial to any sort of inventory losses resulting from wastages, pilferage, dormant and obsolete stock. It also helps in finding out any discrepancies in the packaging and warehouse procedures.
Stock audit enables the true picture of the financial position of the company as the stock that requires replacement or repairment can be worked on efficiently thereby saving the company from any kind of financial loss.
An accurate valuation of the inventory and gap identification in the current inventory management process can be done with the help of professional firm: Stock Audit helps in cross verifications of the stock of the company having multiple business locations
Stock audit is necessary to reduce unnecessary investments on stocks and to ensure that you have a proper line balancing in the process. It helps to keep a track of the inventory to avoid any shortage and overstocking of the material. Also, the process of inventory management becomes easier in case the company is dealing with various vendors.
✔ Any business house or individual can get its stock audit/verfication for taking better decision making
✔ Stock audit can be done under statutory requirement of banks etc.
This involves detailed discussion with our Touch Millions expert to understand your your business, frequency of stock-audit, scope of stock audit,, location, man-days. This step will help us to understand your requirement and set the processes accordingly
After having the detailed discussion, our Touch Millions expert will have brainstorm internally to design a proper process keeping in mind the your requirements. Touch Millions expert will share the scope and quotation with you for approval. This will help to bridge any communication gap.
Once scope and quotation is agreed; all information will be collected like bank statement, invoices in order start the accounting, set-up software Like tally, Zoho , GST login credentials. . Touch Millions expert will analyse the information and communicate with you expected day for next communication.
Touch Millions field staff will execute the stock audit as per planat different locations.
All observations will be presented in the required format to the client.
Data is new fuel which make it most important asset for the business house. Strict policy within our organisation is to ensure no compromise on data confidentiality and data is not shared with the third party. Your information is safe with us.
Our team consists of CA's, Lawyers, CS, IIM, graduate, Actuaries and other supporting staff to make sure you get best services. With 10+ years of experience, our experts uses flexible and customized solutions to provide hassle-free services to any industries.
Touch Millions has ISO 9001:2015 certifcation in place. We continuously improve our existing process and try to find new ways for doing the same tasks. We are committed to reduce the time taken to process any task and give unquie experience to our customers.
Stock Audit that can help positive evolution of business course with Prevents fraud and pilferage, Calculation of comparative profitability and inventory turnover ratio, Independent third party opinion for better management, An accurate valuation of the inventory and gap identification in the current inventory management process, Identification of slow-moving and obsolete stock, scrap and deadstock Contact us Now.
Delay in supplying the information or information shared is not in line with required information may cause delay in execution.
Atleast, 50% of payment for stock audit has to be made in advance.
Stock audit charges varies with location to be covered, complexity involved, manday required, kind of stock.
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