Inventory explained simply
As the central basis of the balance sheet, an inventory must be compiled in a comprehensible, structured and legally compliant manner. This requires a complete inventory record, comprehensible valuation principles and audit-proof processes.
OMS Retail supports companies with standardized processes, tested procedures and experienced inventory teams to provide reliable inventory data - as the basis for creating a legally compliant and economically viable inventory.
What is an inventory?
The inventory is the result of an inventory and represents a complete, detailed inventory of all of a company's assets and liabilities on a specific reporting date. It includes both physical items - such as raw materials, finished goods, machinery or office equipment - and intangible items such as receivables, liabilities or rights.
In the inventory, the individual items are listed systematically according to type, quantity and value, sometimes supplemented by information on their condition. This provides a transparent overview of the company's existing assets and liabilities. The inventory is also the basis for the balance sheet and serves to monitor economic developments and ensure compliance with the Principles of proper inventories.
Legal requirements and storage
The preparation of an inventory is regulated in the German Commercial Code (HGB) and the German Fiscal Code (AO). According to § 240 HGB, commercially managed companies must draw up an inventory at the beginning of their business activities and at the end of each financial year. It documents the results of the inventory and forms the basis for the balance sheet.
In accordance with § 257 HGB and § 147 AO, the inventory must be kept for ten years. During this period, it must be complete, traceable and accessible - either in paper form or digitally, provided that immutability and legibility are ensured. These requirements serve to ensure transparency and auditable documentation of the assets and liabilities situation.
By using experienced inventory teams, structured processes and proven recording methods, OMS Retail provides reliable inventory data that serves as the basis for an audit-proof and economically viable inventory.
Difference between stocktaking and inventory
In the context of stocktaking in a company, it is important to distinguish between the process of recording and the result of this recording. While both terms are closely linked, they have different functions:
FAQ about the inventory
The inventory is the central result of an inventory and forms the basis for a reliable presentation of stock and assets. The following questions explain key aspects of how an inventory is created and the significance of the underlying inventory data:
When is an inventory created in the stocktaking process?
The inventory is drawn up after the inventory has been completed. As part of an item or asset inventory, all of a company's assets are fully recorded, valued and assigned to the appropriate categories. Only from this is an inventory created as a structured inventory on a defined key date. In the case of an article inventory, this relates to current assets such as goods or stock, while in the case of an asset inventory, it relates to fixed assets such as machinery, factory equipment or technical devices.
What is the business significance of the inventory?
A correctly prepared inventory provides a transparent overview of the asset situation and enables a well-founded assessment of capital commitment. In the area of article inventory, stock differences, shrinkage or incorrect stock movements can be identified at an early stage. As part of the asset inventory, the inventory shows the current condition and stock of property, plant and equipment and thus creates the basis for strategic investment planning and the optimization of depreciation and usage cycles.
What advantages does an external inventory service provider offer?
For many companies, the independent collection of inventories involves considerable personnel costsorganizational tasks and risks in terms of data accuracy. OMS Retail supports this process with experienced specialists, standardized processes and professional inventory software to provide precise and audit-proof inventory data. On this basis, the inventory can be created in a legally compliant manner and evaluated in an economically reliable manner.
What differences are there in the inventory depending on the inventory type?
In the case of an article inventory, the inventory takes the form of a detailed list of all current asset stocks, including allocation by article number, quantity and value. In an asset inventory, long-term assets such as machines, IT equipment or operating facilities are inventoried and identified with inventory numbers. The result is an inventory that can also contain information on location, condition assessment and, if applicable, useful life.
What role does software play in inventory creation?
Modern inventory software - such as that used by OMS - enables end-to-end digital data collection, automated reconciliation with merchandise management systems and audit-proof preparation of the inventory list. Mobile data collection devices (MDC) and integration via WLAN can speed up work processes, reduce errors and process inventory data in real time. The resulting inventory is then available in an immediately analyzable form and can be integrated directly into operational systems.
An inventory only has a reliable effect as a basis for decision-making and valuation if the underlying inventory data is correctly collected and comprehensibly documented.
A reliably carried out inventory helps to ensure this basis and safeguard business decisions in the long term.
Reliable inventory data for an audit-proof inventory
An inventory only works reliably as the basis for a balance sheet if the underlying inventory data is correctly collected, comprehensibly structured and documented in accordance with the law. The complete recording of all assets and liabilities is the prerequisite for a reliable valuation of current and fixed assets and the derivation of economically sound equity.
OMS Retail supports companies in this process with standardized processes, tested recording procedures and experienced inventory teams. On this basis, precise and audit-proof inventory data is created, which can be converted into a legally compliant and economically sound inventory - tailored to operational requirements and geared towards transparency, planning security and economic stability.
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