EFFICIENT COLD STORAGE INVENTORY PROCESS THAT ENTERPRISES NEED TO KNOW!
Inventory is one of the important jobs that businesses need to concern when trading in frozen goods. Let's learn the effective cold storage inventory process in the article below!
Rapid cold storage inventory experience
For individuals/businesses who want to learn about inventory in the most detail: VIETNAM ACCOUNTING STANDARDS SYSTEM ON INVENTORIES. (Issued and announced under Decision No. 149/2001/QD-BTC dated December 31, 2001 of the Minister of Ministry of Finance).
Why do businesses need to check frozen inventory?
Inventory is one of the most valuable assets in the total asset value of the business (accounting for 40% to 50%). Once this financial indicator fluctuates will lead to the transformation of other assets (liabilities, receivables...), and at the same time have a direct impact on the cash flow of the enterprise. Therefore, inventory is an extremely important and necessary job, mainly in operational production management.
- Thanks to inventory control, businesses will promptly detect expired products, goods to be liquidated (especially frozen foods), check expiry dates as well as whether the amount of inventory exceeds the norm.
Inventory control helps you detect spoiled food in time to liquidate
- Helps to release inventory at the right time, reducing unnecessary loss and waste.
- Inventory control helps businesses to narrow down the storage area and reduce labor appropriately when the amount of goods in storage is reduced. Thereby saving businesses a considerable amount of money.
- Use working capital for other activities of the business instead of having to spend this financial amount on cold storage.
- Documents/report results from the goods inspection process will be the basis for evaluating the management capacity of cold storage staff, detecting fraud to prevent damage in a timely manner,...
The latest ways to check frozen inventory
According to Circular 200/2014/TT-BTC instructing the business accounting regime, the inventory control will be done in two ways:
• Regular declaration: This is a method of regularly, continuously and systematically monitoring and reflecting on the situation of import, export and inventory of materials and goods in the accounting books. In the case of applying this method, inventory accounting accounts are used to reflect existing data, increase/decrease movements of materials and goods. Therefore, the inventory value in the accounting book can be determined at any point in the accounting period.
Regular inventory of goods
• Periodic inventory: This is a method of checking goods based on the actual inspection results to reflect the ending inventory value of materials and goods on the general ledger, thereby calculating the value of exported goods during the period. The inventory control of supplies and goods is carried out at the end of each accounting period to determine the actual value of materials and goods in stock, the value of supplies and goods out of stock in the period. Therefore, when applying the periodic inventory method, inventory accounting accounts are only used at the beginning of the accounting period (to carry forward the opening balance) and at the end of the accounting period (to reflect the actual value of the ending inventory).
Periodic inventory of goods
Mistakes that businesses need to avoid when checking frozen goods and how to fix them
Here are the mistakes that businesses need to pay attention to when taking inventory of cold storage.
- There is no personnel or assigning unqualified personnel to inspect goods.
- The warehouse records/stores the pre-measurement inventory process for comparison.
- Check frozen goods in the old way, do not use technology in checking goods → outdated.
- Arrange unorganized goods.
- Remedy methods:
+ Diversified layout and full vision is required.
+ Labels for high density racks.
+ Use specialized tools.
+ Trace the origin.
So, what frozen goods inspection processes businesses should know to be able to give the most accurate results and avoid the above mistakes? Come to the cold storage goods inspection process below to know more.
II. The efficient process of checking goods in cold storages
The frozen inventory control process includes the following steps:
Step 1: Preparation
For periodic and irregular inventory, you need to do the following:
Inform relevant departments for better preparation: In the days of conducting inventory, you can notify suppliers or partners, customers (if any) to avoid trouble or limit the frequency of import and export if necessary.
Assign a person responsible for participating in inventory counts (usually a stockkeeper in conjunction with an accountant, or a manager, business owner, etc.).
Assign employees to be in charge of inventory
Make a specific inventory plan: Which area to check goods first, which area to check goods later, from what day to what day, etc.
Before the date of conducting inventory, it is necessary to review the report of the nearest inventory list to proceed with liquidation, discharge or handling of close-to-date goods, damaged goods, etc. This is to reduce the workload in the inventory stage.
Based on the management software, inventory report or warehouse card to make an inventory list in form of the most complete list (arranged in order by each area as planned). In the inventory form, there are indispensable details such as: Name, item code, reported number of goods, actual inventory quantity, notes... Here is a sample inventory that you can follow for your reference:
Step 2: Conduct a review of the actual quantity of goods at the storage, make notes on the available warehouse inventory form. In principle, there should be 2 people doing the same thing in parallel, recording independent statistics in two different reports to increase accuracy.
Step 3: Compare 2 inventory reports (actual quantity column) to see if there is a difference. If so, it should be tallied again to get the most accurate actual inventory data.
Step 4: After finalizing the actual inventory, compare this number with the quantity in the report. In case there is a difference, the person in direct responsibility (such as the stockkeeper, the regional warehouse employee, etc.) must explain in detail.
Step 5: If there is a difference, adjust the actual inventory data.
Step 6: Make a record of inventory after completion, the relevant parties sign for a full certification.
Step 7: With cases of deviation, the management or business owners need to find out to clarify the cause. There are cases like:
Shortcoming difference (less than in the report) is a matter of special concern. It can be caused by staff scanning barcodes or recording when exporting goods, loss due to relocation and especially there is the possibility of theft or fraud.
Excess difference: It may be due to a mistake in recording the report data, making the wrong report, forgetting to enter data into the system when importing goods, etc.
Businesses may find that the frozen inventory process will require you to perform a lot of different tasks in the most meticulous and professional way as possible. This takes a lot of time as well as personnel, but businesses cannot help checking goods for the reasons mentioned above. So how can businesses both save time and personnel, and have the most accurate inventory data? It is storing goods at industrial frozen storages with qualitative inspection services!
Consult: the cold storage rental service in Hanoi in here!
Prestigious cold storage address in Hanoi has the current best inventory process
There are currently many cold storage rental services opened to meet the storage needs of businesses. However, in order to find a place that can satisfy several needs at the same time and has a standard inspection service in Hanoi, you need to find a reputable and experienced company to perform it!
With more than 20 years of experience in the industry as well as equipped with full facilities, machinery and professional staff, Nam Ha Noi cold storage will bring you a goods storage and checking service that exceeds your expectations:
With a storage area of over 5000 tons including many independent warehouses with a capacity of 300 to 1500 tons per warehouse, we can fully satisfy all storage needs of businesses.
Nam Ha Noi cold storage with storage area of more than 5000 tons
- Import and export goods are controlled and reported automatically by modern, specialized and suitable cold storage management software: issuing import and export slips quickly and accurately.
- All pallet quantities and positions are managed by code, so the goods check will be done quickly and with absolute accuracy. The entire import and export process is recorded and stored images through the security camera system and stored in the system.
More than what a normal storage place can bring to you, Nam Ha Noi Cold Storage is committed to a fair price policy with the market, providing a full range of services such as: packaging, labeling, dividing and picking goods, transportation and delivery of frozen goods,…
Become a partner of Nam Ha Noi cold storage today to experience the best cold storage service!
