When Was the Last Time You Performed an Inventory Audit?

A flood can wipe out your inventory overnight. Being prepared is the best solution.

Ah, the dreaded inventory…when is the last time that your business performed a comprehensive business inventory? Inventory audits are required for all types of businesses to ensure that they are able to manage, track and assess all company assets. But do businesses still perform routine or yearly inventory audits? Not likely, no, most businesses do not audit their assets and will find it a detrimental practice to now know their inventories until it is too late.

Here’s the reason making audits of inventory are critical to the professional business owner. If the business sustains a loss, how will you know as a business owner what you have lost, if you have no idea what you have in place for assets right now? Besides being able to accurately describe all business assets for an insurance claim or make an inventory list at the end of the year, the inventory audit is a tool useful for all business owners. The inventory audit is a resource that is necessary to have already performed before the water damage, floodwater or stormwater event of a disaster or loss.

The business needs to know the following information regarding its assets and general inventory in the case of an actual loss or emergency. Here are some of the questions that a business owner will want to ask before a flood occurs on the property that affects the inventory or destroys its assets.

·      What are the quantities and locations of all assets for the business?

·      What is the condition and value of all business assets?

·      What are the inventory status of products for the customers on hand?

·      What inventory is available in the warehouse?

·      Has the inventory been accurately traced and tracked before the loss?

·      Are inventory records up to date?

·      Are the goods received records accurate?

·      Are there any discrepancies for the inventories listed?

·      Who manages the assets and inventory for the business?

·      Are there security cameras in place to manage inventory and assets?

The needs of a business in regard to inventory management will vary from one business to another business. But all businesses should consider performing an inventory audit to ensure that assets and inventory are recorded properly, accurately and that all paperwork is up to date. If for no other reason, an accurate inventory will be required if the business needs to make an insurance claim after a disaster or major loss.

A business plan may need to be in place or at least updated to include reinstating inventory audits at a business. This will help manage inventory, manage current inventory levels, help determine slow-moving stock, and assist in the transition of new materials or products in the stock list.

In the event that you need disaster recovery cleanup after a loss, just give us a call at Restoration 1 East Alabama/Columbus. We are able to come to you 24/7 in order to offer you the peace of mind that you deserve after a loss event. We are able to manage the remediation and restoration of any water damage, flood damage, flooding of lower level rooms, water damage over spills, sewage backups, floodwater and stormwater damage, at your residential or commercial property. Just give us a call today! We are here for you any time that you need, us, call now.

Be prepared for high water and water damage to your business. When it does happen, just give us a call anytime.