What inventory format will you need?
Take into consideration your inventory goals. What type of data and information do you need and why are you taking it? Please give us a call if you are uncertain of your needs or see examples of each format under Sample Reports.
SKU (stock keeping unit), UPC ( universal product code) and NDC (national drug code) inventories provide item-level totals per brandname. The amount of information you receive is more voluminous, detailed and precise. By downloading your price book the inventory can be counted directly at cost value instead of at retail by margin. This information can help with marketing, shrinkage, purchasing, customer usage & history, lead times, order points, product cycles and statistical information useful in managing a business. This format keeps Point of sale system quantities and records updated and accurate. An itemized count is needed in a baseline audit where a product inventory file has to be created from scratch. Owners transitioning from a traditional cash register to a Point of sale system will need such a count to populate new software. Its also useful when a bulk liquor transfer of the inventory is required. Since only a daily margin of error greater than 3% can distort POS data and render it useless, inaccuracy can confuse and negatively affect your management decisions! Data entry by barcode scanning provides better accuracy than a manual entry count. Item-level inventories give all the benefits received in a financial plus much more!
Financials are the simplest and least expensive format used to count your merchandise. These inventories are generally quick and the results immediate. The totals are often used to determine cost of goods sold and gross profit margins. The inventory is categorized (not itemized) and counted by department, at retail value. It can be used to monitor shrinkage, maintain inventory control as well as provide ROI information and statistics. Financials are typically used by retail businesses for tax reporting, profit & loss calculations and change of ownership/management purposes. We compute and convert by margin retail totals to cost for no additional charge.
Home & personal property inventories & listings
These inventories help you to know how much insurance coverage to purchase in order to replace personal property items that have been lost or damaged in a fire, burglary or other tragic event. Its important to have accurate documentation to get your insurance claims settled fast and accurately. It can also substantiate losses for income tax returns. Schedule your next inventory with us and improve your bottom line & sense of security! Professional insured well-trained auditors with state of the art equipment are more accurate and proficient than inexperienced family members or employees. We offer you both a hardcopy report and softcopy electronic record of the inventory and store secure copies if needed in the future. We also provide asset photo & videography services which can help legitimize asset claims when you have little or no original documentation ie invoices, receipts, purchase orders etc...
Fixed & Capital asset inventories
This is an itemized count by barcode or manual entry of personal property to account for and reconcile physical assets with a business or agencies property and financial records. A thorough and accurate fixed asset audit can reduce your property tax burden, validate your fixed asset ledger and provide a clean audit opinion of your financial statements as required by law. In some cases 65% of corporate fixed asset data is incomplete or inaccurate and 10% to 30% of all recorded assets for a business or agency are no longer owned .