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Schedule Your Physical Inventory Count!

If you have inventory in your business, you will absolutely need to conduct a physical inventory count on or about December 31. So plan your count today! You will need to get an accurate count of all items on hand, and how many you have of each. You will then also need to assign a value (cost) to each of those units. The result will be your year-end inventory valuation.

Once you have your year-end inventory valuation, you will want to share this with your bookkeeper in early January so they can be sure that your Balance Sheet as of December 31 correctly reflects that valuation total. Chances are, there will be some adjustments that need to be made to the inventory balances that show on your Balance Sheet. You may have experienced inventory losses, or some inventory may have gotten damaged.

Year-end is a time when it is imperative to have a clean inventory count and valuation because not only should be reconciling your inventory regularly for business management purposes, but that inventory valuation is also an important data point for the preparation of your income tax returns.

So schedule that count now, have a clear plan, and make sure that you can complete this important task in a timely and efficient manner. That will surely help ring in a Happy New Year for 2019!

Schedule Your Physical Inventory Count!

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