An Inventory Audit or Stock Audit is a process of accounting for the inventory/stock level of a company. It maintains the record of stock stored by the company while keeping track of the company’s current supply. Companies claim inventory as an asset in their books and claim valuation for it every year. Stock / Inventory audit is very beneficial to justify the claim valuation. Stock audits also help retailers in controlling several cost components. They help to check the level of opening stock and closing stock from previous periods, and thus help the company to account for short supply, damages, expired items, quality and quantity.

Stock Audit can be done as frequently as a business wants to keep an accurate track on its inventory. If the transaction is huge or the quantity is huge, it is advisable to do the audit on every month. Whereas in other cases, an audit can be conducted quarterly basis or every couple of month depending on the size of the business.

Warehouse workers doing physical inventory count have got some relief through stock audit automation. Because of automation the accuracy and speed of the entire operation have increased.

Managing a Stock Audit Plan effectively is now easy in Ginesys Web.

Physical stock count and updating the books are also easy to execute.

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