Maintaining accurate inventory records is crucial to having a successful enterprise system. This is usually done through cycle counting, which is an inventory audit technique where inventory is counted on a cyclic schedule. Using Intuitive ERP's cycle counting functionality, items that are higher in value or faster-moving are counted more often, and lower valued items are counted less often. You can base cycle counting on usage and/or current inventory value using standard A-B-C categories.
The biggest advantage to cycle counting is accuracy. By the time you become aware of an inventory problem, it could have occurred months ago and now be impossible to trace. Using cycle counting, however, you are able to track problems closer to the time they occur and find solutions more quickly, rather than waiting for a quarterly or annual physical inventory.
When you do need to perform a physical count, Intuitive ERP supports the process of taking a full count of inventory on both stock and work-in-process (WIP) items. At the beginning of the process, a snapshot is taken of stock and WIP balances from inventory data within the system. When the physical inventory is complete, it allows you to roll the counts you recorded into the inventory records and automatically makes any necessary general ledger transactions to adjust inventory account balances.