Types of Physical Inventory
Cycle Counts – Cycle counts are carried out by the companies periodically to ensure that the information they maintain in their inventory management system is accurate and reliable for the decision-making process. This is mostly conducted by the auditors who select a proportion of stocks that have been stored in specific locations and conduct a count on a specific day. That is again screened with the information available in the inventory management system. Additional steps are required to be taken in the event of any mismatch found with the actual count.
Cycle counts are different from that of traditional physical counting. Cycle count only takes a proportion of stocks per cycle and is less disruptive. Physical inventory takes the full count, is time-consuming, and seeks more effort. Because of the less disruptive nature of the cycle counts, it can be used for critical business processes, maintaining higher volumes so that a proper track on the accuracy of the inventories can be kept.
Perpetual Inventory – Perpetual inventory, also known as continuous inventory, is about getting information about a product or stock continuously. It is generally conducted by combining the inventory system with the order management system or with the sales book or the system.
Periodic Inventory – Periodic inventory, as stated from the name itself, is counting that takes place periodically. This physical inventory count is conducted at specific time intervals and is aligned with both the cost of goods and the inventory. Most of the periodic inventories are carried out at the year-end.
Process for Maintain Physical Inventory and Measurement Error
The process of maintaining physical inventories consists of these three steps. The steps are explained below:
Planning and Preparation: In the phase of planning and preparation, the company identifies or decides on the stocks that need to be counted physically. Thereafter, a responsible person from each team is elected to conduct the physical counting of the selected stocks.
Execution: Each team gets its own results through physical counting of stocks and records them in an inventory-listing sheet.
Analysis of Results: The results gained through the physical counting should be compared against stocks picked up by the system. Any discrepancy should be immediately reconciled with recounting as well as the passing of the relevant entries.
Measurement error refers to the gap between the actual value of a quantity and the value obtained through the counting. Such errors may lead to inaccurate financial statements while impacting calculation of the gross profit as well as the net income. Measurement errors occur when the companies fail in recording the movements of the stocks appropriately.
Measurement errors may also occur as a result of overstatements, understatements, data entry errors, breakage, and frauds conducted deliberately. Therefore, reporting and tracking of stocks accurately are significant in avoiding measurement errors.
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