Inventory

The financial year end is fast approaching and SMEs (small / medium enterprises) might have their compliance requirement to get year-end numbers audited / reviewed by a professional accountant which may either be part of fulfilling bank covenant conditions or for the tax purposes.

As owners, we are our best judge when it comes to value of inventories in the financials. Any error or anomaly in the inventory values at year end will have a direct impact on the performance and the financial position of the business for the year.