The value of the inventory used for the production is beneficial to calculate the total cost of the product and total gain on the sale of that product. Similarly, there is a need to know the level of inventory for non manufacturing units also to help them take several business decisions.
There is necessity to record all the receipts and disposal of the inventory used in the production or business process. And at the end of any specific period we need to calculate exact value and quantity of the inventory we have.
This is not an easy task for any business and needs to be handled by a skilled professional who has knowledge about the methodology to be adopted for handling such transactions.
The accounting professionals at FinTax Experts India, can undertake the activity. The Client has to provide a list of all product in inventory.The client also has to provide reports of inventory sold and inventory purchased (exact method is determined considering individual client's needs and systems).
Process : Read More...
The above reconciliation helps the business entity to answer all the following questions:
- What is the quantity of inventory to order at a particular time?
- When to order?
- To whom or at what price to be order?
Not only this, Annual physical inventory to be taken by client with FinTax Expert's assistance under supervision of expert professionals . FinTax Experts India then reconciles physical inventory with accounting system inventory and prepares any adjustments necessary. |
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