Are you ready for year-end inventory counts?

Does your business have inventory? A year-end physical count of raw materials, work-in-progress and finished goods is essential to accurately report on your balance sheet and income statement. Before the counting starts, management generally should: 1) order (or create) prenumbered inventory tags, 2) preview inventory for potential roadblocks that can be fixed before counting begins, 3) assign workers in two-person teams to specific count zones, 4) write off any defective or obsolete inventory items, and 5) pre-count and separate slow-moving items into sealed containers. Contact us for guidance on how to perform a physical inventory count and manage your inventory more efficiently.