End of the Year Inventory Work Is a Part of Many Businesses

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As the end of the year 2017 approaches companies of all sizes are completing their inventories. Using resources like property inventory software and different types of audit software, account managers inventory specialists, and other employees are making sure that they have their books in order as 2017 ends and 2018 begins. No where is the process of year end more detailed than in the government inventory system. As offices and agencies across the nation document their current holdings and plan for upcoming budgets, the government inventory system evaluation process is especially important.
In a time of efficiency checks and changing administration, the process of government inventory systems will have a direct impact on future budgets and plans. Fortunately, digital processes allow most inventory work to be easily recorded and reported. As audit management software continues to evolve, it should come as no surprise that more and more companies, and government agencies, are able to complete their year end evaluation processes more efficiently.
From specific government offices in Washington to warehouse supply centers across the country, audit automation software provides more accurate and easier to distribute reports. Consider these facts and figures about the software solutions and inventory analysis programs and how they are implemented, as well as impact the nation’s economy:

  • The latest research indicates that U.S. retailers currently house nearly $1.43 in inventory for every $1 of sales they make.
  • In an effort to be more efficient and accurate, 67% of warehouses plan to use mobile devices to manage inventory.
  • Over the last five years, the number of warehouses in the U.S. has increased 6.8%.
  • Research indicates that a typical warehouse management system (WMS) can decrease errors by as much as 70%
  • WMS can also save a potential 10% to 20% of transportation costs, numbers that have slowly crept above 10% of the overall costs of an order.
  • Additionally, inventory accuracy can increase as much as 20% with a WMS system.

Both government warehouses and private company warehouses spend a great deal of time, energy, and money this time of year taking inventory. The latest research indicates that inventory, along with accounts receivable and accounts payable, ties up $1.1 trillion in cash. This amount is equivalent to 7% of the U.S. GDP. With this kind of money tied up in inventory, it is important to make sure that year end records are accurate and thorough.

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