Inventory procedures explained clearly
Inventory procedures determine how inventories are recorded, evaluated and documented in the company.
They create the basis for transparent inventory results, support accounting and ensure audit-proof inventory management - tailored to the asset structure, company size and process requirements.
What are inventory procedures?
Inventory procedures describe the methods used by companies to record their inventories and enter them in an inventory into an inventory. They define how assets and liabilities are recorded, valued and documented in order to ensure a traceable inventory. They support the efficient and consistent collection of inventory data for the subsequent inventory process.
As part of the inventory process, inventory procedures help to fulfill legal requirements and enable correct accounting. A structured approach creates a reliable basis for the inventory and annual financial statements.
Overview of inventory procedures
Inventory procedures determine how stocks are recorded and valued, thus forming the basis for an audit-proof inventory. They help companies to record assets in a structured manner and reliably meet legal requirements:
With physical inventories from OMS Retail, companies receive reliable inventory data as the basis for an audit-proof inventory without having to invest their own personnel or time.
Selection of the appropriate inventory procedure
The choice of inventory method depends on the asset structure, company size and process requirements. Trading and logistics companies often rely on key date inventories with physical stocktaking. In capital-intensive industries with long-lived assets, asset inventories are a good choice, while service companies are increasingly turning to book inventories if values are accounted for.
A clearly defined procedure facilitates planning, reduces organizational effort and creates consistent results - especially in the case of multiple locations or recurring inventory cycles. This results in transparent processes that promote economic efficiency and create a reliable database for creating inventories.
FAQ on inventory procedures
Inventory procedures differ depending on the type of inventory and asset structure of a company. The following questions provide an overview of the practical application of the procedures and show how OMS Retail supports companies in carrying them out:
When is a physical inventory useful?
The physical inventory is used when stocks are physically present and can be recorded directly, for example for warehouse goods, raw materials or operating resources. It is particularly suitable when a direct quantity check is required or audit-proof documentation of inventory values is needed. In retail, logistics and production environments, it is the preferred method for ensuring transparency of current assets.
Which legal principles apply?
Inventory procedures determine how inventories are properly recorded and valued in accordance with Section 240 HGB. Incorrect application can lead to inadmissible inventories, incorrect balance sheet values and rejection by tax authorities or auditors. Only procedures that comply with the principles of proper inventory (GoB) guarantee legal certainty and comprehensible documentation.
At the same time, legally recognized inventory procedures support compliance with the GoB, reduce liability risks and create a reliable basis for the balance sheet and annual financial statements. They help, avoid inventory differences and make decisions on a legally sound basis. A compliant choice of procedure strengthens transparency, reliability and long-term compliance.
What special features apply to the asset inventory?
The asset inventory focuses on long-lived assets such as machinery, vehicles or office equipment. In addition to being recorded on the basis of an asset register, objects are often visually inspected and compared with existing data records. This creates an up-to-date and reliable inventorywhich is relevant for accounting as well as for investment and depreciation decisions.
In which cases is the book inventory used?
The book inventory is used when assets or liabilities cannot be physically recorded, such as receivables, liabilities or bank balances. It is based on properly kept accounting records and requires comprehensible, audit-proof documentation. In practice, it often supplements the physical or fixed asset inventory in order to create a complete inventory.
How does modern software support the stocktaking process?
Digital inventory software enables structured recording, live monitoring and automated evaluation of stock data. At OMS Retail, stocktaking is carried out using specially developed Windows-based software that offers interfaces to common merchandise management systems. In combination with MDE devices and Wi-Fi technology, it ensures real-time data transfer, minimizes manual errors and speeds up the entire stocktaking process.
What are the advantages of an inventory with OMS Retail?
Through the experienced inventory teamsmodern technology and firmly established processes, stocktaking is efficient, traceable and audit-proof. Companies reduce internal personnel costs, avoid business interruptions and receive a transparent data basis for accounting and inventory control. OMS Retail offers a turnkey solution - from planning and implementation to audit-proof documentation.
A reliable physical inventory is not only a statutory component of the annual financial statements, but also an important factor for transparency, cost control and reliable decision-making. Precise and efficiently organized implementation plays a central role, especially in the case of physical inventories.
OMS Retail supports companies with experienced inventory teams, technically supported recording and clearly structured processes. This produces audit-proof results without tying up too much internal capacity or impairing operational processes.
Structured inventory processes from a single source
A reliable inventory is the basis for correctly depicting the asset situation and comprehensibly documenting values relevant to the balance sheet. Only a structured inventory procedure enables a legally compliant valuation of current and fixed assets and thus creates a reliable basis for the annual financial statements.
Experienced inventory teams, standardized processes and digitally supported data collection produce results that can be checked, used in an audit-proof manner and are reliable for business decisions. At the same time, companies benefit from transparency, planning security and operational relief.
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