Reporting date inventory: the key to successful annual financial statements
The closing date inventory is a central method for the complete recording of inventories at the end of the financial year. It provides precise figures for the annual financial statements, fulfills legal requirements and enables reliable inventory control.
Find out how the closing date inventory works, what advantages it offers and how you can organize the process efficiently.
What is a key date inventory?
An inventory as at the balance sheet date records all inventories as at a specified date, usually the last day of the financial year (December 31). Alternatively, it is also possible to carry out a near-real-time inventory, which can be performed up to ten days before or after the balance sheet date.
It provides precise inventory figures and forms a reliable basis for the annual financial statements. Deviations between target and actual stock levels are recognized immediately and corrected in the accounts. In practice, employees - and additional stocktaking staff if necessary - count all items in the warehouse and salesrooms at the end of the year, measure or weigh them and document the results in stocktaking lists.
Legal basis for the balance sheet date inventory?
In Germany, the performance of an inventory, in particular the balance sheet date inventory, is required by law (Section 241 HGB). Merchants must record all assets and liabilities at the beginning of their trading business and at the end of each financial year. In addition, Section 240 HGB prescribes a proper and complete inventory in order to comply with the accounting principles of truth and completeness.
A verifiable physical count, for example using inventory lists, is required unless a permissible method such as perpetual inventory is used. Violations can have accounting problems, tax corrections or legal consequences. The physical inventory as at the reporting date forms a reliable basis for legally compliant annual financial statements.
The inventory as of the reporting date provides reliable inventory figures, fulfills legal requirements and forms the basis for correct annual financial statements.
Advantages of the key date inventory at a glance
The key date inventory is an established method of stocktaking. This overview shows which characteristics make it a reliable method for companies:
Tips for a smooth inventory as of the reporting date
A proper inventory requires a complete and correct recording of all assets. Careful planning is crucial, especially when it comes to the key date inventory. With professional support from OMS Retail, you benefit from a structured process, digital efficiency and minimal disruption to your day-to-day business:
1. clear time planning
The duration of an inventory depends on the size and structure of the company. As a rule, a business closure is necessary to ensure a trouble-free count - delivery deadlines must also be taken into account. OMS Retail offers flexible scheduling, including assignments outside regular business hours to reduce downtime.
2. structured surface preparation
Storage and sales areas should be prepared for efficient stocktaking: Group items, sort out damaged goods, ensure labeling and mark zones. On request, OMS Retail can take on this preparatory work so that the stocktaking is optimally organized.
3. modern technology and support
Record stock with pen and paper or digitally - depending on your needs. OMS Retail supplies its own scanning technology, inventory software and mobile devices for fast, error-free, real-time stocktaking.
4. audit-proof documents and clear processes
Smooth implementation requires inventory instructions, numbered logs and feedback forms to be prepared. OMS Retail provides all the necessary documents and ensures clear processes and training for the teams.
5. precise implementation by a trained team
Systematic counting (from left to right, top to bottom) with correct rounding and marking avoids double counting. OMS Retail employs experienced staff who count and record reliably.
6. final quality controls
After the count, legible, complete logs are checked - including signatures, time stamps and area verification. OMS Retail carries out inspections and fully verifies each zone.
With OMS Retail as your external partner, you benefit from efficient full-service processing of your stocktaking, state-of-the-art technology for digital data capture and clear, legally compliant processes from planning to follow-up. Thanks to over 20 years of experience in retail, we offer you a proven solution that saves time and provides security. This allows you to concentrate fully on your core business - we provide you with the verified inventory data for direct further processing.
Conclusion: Inventory with professional support
The key date inventory requires maximum accuracy and legally compliant implementation. With over 20 years of experience, state-of-the-art technology and a Europe-wide presence, OMS Retail is the right partner to implement this process efficiently and error-free.
State-of-the-art scanning technology and audit-proof recording methods ensure precise inventory data in the shortest possible time. Structured workflows - from planning to follow-up - ensure a smooth process with minimal disruption to your business operations.
Thanks to cross-industry expertise and flexible scheduling, we adapt to your individual requirements and deliver verified inventory data that can be processed immediately.
Do not hesitate to contact us
Book your full-service inventory now and gain a reliable partner who will take the pressure off you in the long term. Give us a call or use our contact form for a personalized offer and you and your store network will benefit from our full service for a fast and efficient inventory in the future.
Your direct contact to us!
E-Mail: info@oms-retail.com
Phone: +49 (0)511 / 515 283-0