What services do we cover in Inventory Management?

• Inventory Valuation:
  - Determining the cost of inventory using methods such as FIFO (First In, First Out), LIFO (Last In, First Out), or weighted average.
  - Regularly assessing and updating the valuation of inventory to reflect market conditions and changes in cost.
• Cost of Goods Sold (COGS) Calculation: Accurately calculating the cost of goods sold by considering the cost of inventory items sold during a specific period.
• Financial Reporting: Including inventory values in financial statements, such as balance sheets and income statements.
• Inventory Turnover Analysis: Calculating and analyzing inventory turnover ratios to assess how quickly inventory is sold and replaced.
• Budgeting and Forecasting: Assisting in the development of budgets and forecasts related to inventory levels and costs.
• Supplier and Vendor Reconciliation: Reconciling inventory records with supplier and vendor statements to ensure accuracy and resolve discrepancies.
• Obsolete Inventory Management: Identifying and accounting for obsolete or slow-moving inventory to prevent overvaluation and potential losses.
• Internal Controls: Implementing and monitoring internal controls to prevent inventory theft, mismanagement, or inaccuracies.
• Asset Tracking: Tracking and recording the movement of inventory items within the business, including transfers between locations or departments.
• Inventory Reserves: Establishing and managing inventory reserves to account for potential losses, such as shrinkage or damaged goods.
• Financial Analysis: Conducting financial analysis related to inventory, such as assessing the impact of inventory changes on working capital and financial performance.