Store Audit
A Store Audit is a process of verifying the physical stocks against the details, specifications, and quantities recorded in the spreadsheet. In simpler terms, comparing the bookkeeping with the physical stock, which needs to be stockpiled, constantly evaluated, and checked over a period. This method helps organize the stock orders based on the requirement, eliminating the risk of unrequited stock.
Facts behind Store Audit
- Inspects the exactness of stock records
- Ensuring the accuracy of the stock value entered in the spreadsheet.
- Identifies the discrepancies.
- To improve any shortcomings
- Secures the stock from pilferage
Challenges faced by Business Owners or In-House Managers during Store Audit
Store Audit .
Having outlined a few of them below
Error-Prone
Manual audits not only ask for your time but will also lack perfection and accuracy. The only way to save time and retain the accuracy of inventories
is by opting for technology and software-friendly apps that make the work better and more effective.
Difficulty in Scaling
The bigger the enterprise, the greater the responsibilities, demanding a proper strategic plan to handle inventories. Adding to it, manually,
keeping track of stocks will become too exhausting and error-prone.For example, if your stock handling manager forgets to update the stock data for that day, then the entire process gets goofed up, as you might end up ordering too much or too little.
Stock Pilferage
Probabilities of theft and damage have elevated during stock procurement leading to huge losses in business.
Lack of Trained Resources
Brands travel to different cities, especially tier-2 and tier-3 cities, but encounter difficulty finding trained resources. Even if the company’s team
is moving to other cities, the cost of employee and inventory management will be too high to endure
Poor Infrastructure
Infrastructure plays a pivotal role in any business. But what if you fail to find a proper infrastructure facility for your business? Obviously, it will lead to a lot of chaotic situations. Lack of proper facilities like scanners,
audit resources, software tools, and other essential resources that facilitate your work in running your business operations smoothly. Let’s start with an example. If your company lacks relevant information regarding market trends, most-selling items, customer behavior, etc., then you might end up either ordering too many items or too few. In such a scenario, you will end up with fewer customers and more waste of resources.
Difficulty in concentrating on main job
Pausing your core job to manage non-core activities like inventories will negatively impact the business. Not supplying a customer’s required products within a stipulated time will affect the business’s reputation.
Especially, in this e-commerce era, where customers’ shopping experiences and expectations depend entirely on the timely delivery of products and services.
Who we are and why should you choose us?
As an ISO-certified Business Management Consulting Company, Pro-TEAM Solutions provides the best tailored services available in the fields of Showroom Audit, Internal Controls, Audit, Process Outsourcing, and Compliance & Technology. Our customer-centric approach by deploying relevant resources and leveraging technology to preserve client satisfaction makes us a genuine Problem-Solver.
Our Key Offerings
- Automated devices and advanced technology are used by our audit experts to simplify the task, resulting in a zero-error process
- From small to large-scale inventories, we follow proper customized strategic plans after analyzing the company’s demands and requirements
- We are vigilant with our inventory updates and keep a record of even the tiniest details, unlike in-house stock handlers and our professionals take complete accountability for it.
- All non-core activities of our clients are fully audited by us with the highest accuracy.
- Regardless of damage or missing stock, we maintain a complete record of all the clients’ inventories.
- Flexible with geographical boundaries where our regional team carries out the local audit effectively
- Designed our own software tools that ease out the work.