Inventory accuracy isn’t something that happens because you check on it once a year or once a quarter. It enables a company to provide better services to its customers. Even if it’s one part per day — ideally a different part everyday, and one that’s high in dollar value, high in volume or critical for customer supply. You need to count some amount of your inventory everyday. An Inventory Analysis is a process of comprehending the mix of business products while being aware of the demand for certain products. When running a business, it is important for managers to practice a periodic Inventory Analysis to have a better Inventory Control. What is Inventory Control & Why Is It Important? Conduct an organization-wide inventory of the records in your office. A detailed listing of a company’s volume, complexity and scope is known as a records inventory, a major management tool utilized by companies and business owners to ensure efficient operation. It describes the title, function, purpose, content, date, format, and recording media, etc., and helps in development of a record retention schedule. Keeping good records: • helps to maximise all the expenses you claim and reduce your tax obligations • will help out, should you be investigated by HMRC • makes it quicker to prepare your accounts at year-end • gives you the information you need to run your business and help it grow • helps you […] Understanding what you have, where it is in your warehouse, and when stock is going in and out can help lower costs, speed up fulfillment, and prevent fraud. It keeps a smooth flow of raw-materials and aids in continuing production operations. The records inventory identifies what information your organization has to manage, including physical and electronic, and is essential to a good records and information management program. Benefits of Inventory Analysis Your company may also rely on inventory control systems to assess your current assets, balance your accounts, and provide financial reporting. The records inventory is used to collect information about your records including type, date range, format, volume, storage location, and applicable records series information. The purpose of a records inventory is to identify and quantify all records created or maintained by your department or office. There are a number of inventory journal entries that can be used to document inventory transactions.In a modern, computerized inventory tracking system, the system generates most of these transactions for you, so the precise nature of the journal entries is not necessarily visible. The benefits or importance of inventory control is listed in following points: Inventory control protects a company from fluctuations in demand of its products. 2. record inventory: List of all documents, files, and records created/received and maintained by an organization. That’s right.