Director of Marketing, SortlyShahzad Karachiwala
An inventory audit is an analytical procedure that compares the actual quantity of goods in stock with your financial records. Although counting all your stock items might sound overwhelming, with the right tools, an inventory audit can be efficient and valuable—not stressful. But what is the purpose of an audit? And how can you simplify the process?
The purpose of an inventory audit is to ensure accuracy between actual stock quantity and your financial records. Regular inventory audits increase understanding of your stock flow, help you calculate profits and losses accurately, and keep your business running smoothly.
Although you can audit inventory manually, the time commitment can discourage you from doing it regularly—or at all. But you don’t have to miss out on the benefits. You can automate the process and increase accuracy with inventory management software. Inventory software minimizes time spent on auditing so you can establish a regular schedule that you won’t dread.
Three benefits of an inventory audit include identifying what’s missing, assessing overall status, and improving your budget.
You can audit inventory quickly by making a checklist of items, counting them, and comparing quantities to your financial records. Take note of stock shortages and obsolete items. Consider scheduling audits of smaller groups of supplies or products instead of your full inventory. If you automate the process using QR codes or barcodes and inventory management software, you can get a real-time status of your inventory and speed up the audit.
Inventory management software helps you keep inventory current and manage audit findings more efficiently. Custom categories in Sortly’s inventory control software make it easy to audit groups of items, see if they are sold, in use, or on loan, and view their storage location.
When you barcode or QR code your stock and add it to inventory software, the software will display item quantity with just a single scan. No physical counting is required. And you can set minimum quantities for low stock alerts and date reminders for ordering more supplies. Your audit will help you determine which items you use the least so you can avoid overstocking them.
Many companies that perform audits might close for a limited time to physically count stock. It doesn’t have to be this way. If you keep your inventory management software current, then you can scan items, see the quantity and types of shingles in stock, and compare them to invoices or other records. The efficiency can help you quickly address issues with missing items and identify which products are consistently lost, damaged, or stolen.
Sortly inventory management software is easy to learn and use. With the inventory app, you can:
Simplify inventory auditing with Sortly. Start your free, 14-day trial today.