Inventory control consists of finding answers to three questions:
- Should this item be stocked at all?
- If so, when should it be ordered?
- How much to order?
Inventory management is an internal business process that companies use to ensure proper control of inventory. This process is often part of the accounting department and involves the heavy use of the company’s automated accounting software package or Microsoft Excel. Reconciliations are a big part of inventory management, as accountants will need to review the information stored in the computer software program and compare it to the actual inventory in the company’s warehouse. Companies expect their accountants to provide accounting information so that the optimum level of inventory is maintained. As the organization grows the process of inventory management needs to be integrated and traceable.
The course is designed to ensure you get a thorough understanding and control of the complete cycle from goods receipt togoods dispatch. The cycle starts with goods receipt, goods storage, inter-store transfers, manufacturing journal, goods dispatch and physical stock verification.
The objective of the course is to ensure that you have full visibility of the tasks and stages in process; you are able to plan the inventory levels and enable the management with required data to take better decisions in managing inventory. Accountants and managers who master this process would be in a position to add more values to their companies and eventually get more authority and faster growth.