Draft:Inventory Variance
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Inventory Variance[edit]
Definition[edit]
Inventory Variance refers to the discrepancy between the recorded inventory in accounting books and the actual physical inventory count. This difference can be due to errors, theft, damage, or supply chain inefficiencies.
Goal[edit]
The primary goal of managing and calculating inventory variance is to ensure accurate financial records, optimize inventory levels, and enhance operational efficiency.
Process Steps & Best Practices[edit]
- Regular Audits: Conduct periodic physical counts to identify discrepancies early.
- Technology Use: Implement inventory management software for real-time tracking and accuracy.
- Staff Training: Educate employees on inventory practices to minimize human errors.
- Security Measures: Apply security protocols to prevent theft and loss.
- Supplier Coordination: Ensure accurate deliveries and manage returns efficiently.
References[edit]
What Is Inventory Variance & How Is it Calculated? - 26.9.2023