Ensure throughout the month that inventory Warehouse procedures (where applicable for your business) are followed.
Of special note are these Warehouse checklist items:
- Ship Items – Confirm all customer shipments have been processed. Since the cost of goods sold (COGS) entries cannot be backdated, ensure shipping is up to date to properly reflect inventory.
- Receive Items on Purchase Orders as they are received.
- Perform Physical Inventory Count – It is recommended to perform a full inventory count at least once a year. To maintain inventory valuation up-to-date month over month, perform ‘mini’ ones once a month, or at a quarterly frequency, based on business preference.