How often should I conduct inventory audits?

How often should I conduct inventory audits?

The frequency of inventory audits depends on your business size and industry. Generally, monthly or quarterly audits are recommended.

What factors should I consider when deciding the frequency?

Consider factors like inventory turnover rate, the value of the inventory, and any regulatory requirements.

Is there a difference between physical and cycle counts?

Yes, physical counts involve counting all inventory at once, while cycle counts are done on a rotating schedule throughout the year.

How can I improve the accuracy of my audits?

Implementing technology like barcode scanners and regular training for staff can significantly improve accuracy.