Inventory verification, often known as stocktaking, is the process of physically inspecting the stock and items at regular intervals. At the end of the fiscal year, when accounts are verified, an inventory verification report is generated. It has been completed to:
- Meet the legal inventory management criteria in a way that is consistent with the law of the land.
- Creating a chain of command to provide a correct hierarchical structure for how personnel do their jobs and report.
- Transferring the task is simple since the data has been correctly processed and the set of producers that the employees can use has already been generated.
This is especially true in today's environment, where many industries still rely on actual things to make a profit. Inventory verification is quite beneficial to such businesses. Inventory Verification is a service that protects a company's most valuable asset from wasting, damage, and, in the worst circumstances, fraud by maintaining the inventory and confirming what's physically present is correctly mentioned in the record books.
Inventory is a vital asset for a firm that should not be compromised at any cost, according to the International Accounting Standard.