How to Audit Inventory

Inventory reports help to run any business without interruption or breaking the bank and reduce the risk of running out of stock. Check the details of Inventory reports with example.

A purchase order is a contract between the buyer and the seller and it gives specific information like product or services to be delivered, delivery date, and any other terms and conditions.

Inventory control is an activity of checking a shop’s stock and to maintain the inventory at desired levels, keeping in view the best economic interest of an organization.

Learn the importance and benefits of inventory management since inventory is one of the most crucial aspects of any business model.

While a few business owners do understand the significance and cruciality of tracking inventory on a regular basis, some fail to realise its importance making their business fall through unseen cracks

Inventory turnover ratio is an accounting ratio that establishes a relationship between the revenue cost, more commonly known as the cost of goods sold.

Inventory valuation is a process to determine the cost associated with an entity's inventory at the end of a reporting period

Closing Stock is an amount of unsold stock lying in your business on a given date. In simple words, it’s the inventory which is still in your business waiting to be sold for a given period.

The cost of goods sold (COGS) is any direct cost related to the production of goods that are sold or the cost of inventory you acquire to sell to consumers.