Inventory

Proper inventory tracking, reduce and minimize theft and shrinkage. Proper inventory levels for cash-flow and tax purposes

Monitoring the supplies, raw materials, work-in-process, and finished goods by various accounting and reporting methods. Some controls are the maintenance of detailed stock records showing receipts and issuance; inventory ledger showing quantities and dollars; and written policies regarding purchasing, receiving, inspection, and handling. Periodic inventory counts should occur to verify that the inventory amounts per books physically exist. A good system of inventory control assists in reducing inventory ordering and carrying costs