Physical Inventory Entry 10 – Deliverables

The primary deliverable of a physical inventory engagement typically consist of an electronic inventory database, a project summary report, and often asset tags are affixed to all equipment.

The report summarizes the project procedures and findings. The database contains the information gathered during the physical inventory and also serves as an audit trail of the physical inventory activities. The asset tags serve to help identify assets and help to automate asset tracking efforts going forward.

It is important to note here that inventory results are valid for varying periods of time based upon the client, their environment, and asset life cycle.

Accordingly, Verasset also offers consulting services designed to automate as much of the asset life cycle as possible with the objective of lessening reliance on periodic physical inventory taking in order to obtain reliable information.

The deliverable would expand assuming that the physical inventory activity was dovetailed with a reconciliation effort.

In this regard, Verasset would also provide reconciliation worksheets, a series of reconciliation reports and a summary of reconciliation findings and recommendations.

As a final thought it is important to stress that taking a physical inventory should not be taken lightly. It is not a simple task and does require planning and experience.

Avoiding errors, delays and interruption to operations are key elements.

Timing is paramount to success. Experience matters as through experience, one learns how to optimize, how to be efficient while maintaining accuracy, and how to minimize interruption.

Verasset has 10 years of experience having conducted physical inventory engagements of all sizes, for many businesses across diverse industries, and has successfully completed project ins over 50 countries on 6 continents.

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