Take stock of inventory

Description

Abstract: A small business’s ability to track inventory and minimize errors, omissions and fraud depends on the existence of a robust inventory reporting and tracking system. This brief article defines several general elements an inventory tracking system needs to include — whether it’s manual or computerized — including inventory requisitions, receiving reports and an inventory ledger. The article also suggests that the determination of whether an inventory system is effective may require occasional site visits and interviews with owners and managers.