Month End Close Process: Steps, Checklist, and Best Practices
Key Takeaways: Month-end close is a critical finance process that validates, reconciles, and finalizes monthly financial data to ensure accuracy …
The outcome? A dramatic reduction in time taken to reconcile inventory, minimized shrinkage, and higher inventory valuation accuracy that drives informed sales/purchase decisions.
Reconcile inventory in real time across all your channels, including warehouses, retail stores, distribution centers, and third-party fulfillment providers.
Achieve end-to-end traceability with immutable records of every inventory transaction, adjustment, transfer, and count to streamline your inventory audit.
Receive auto-calculated inventory variance analysis reports with granular breakdowns by SKU to help resolve issues fast.
Purchase orders and vendor receipts
Sales transactions across all channels
Inter-warehouse transfers
Customer returns and exchanges
Damaged or obsolete inventory write-offs
Inventory adjustments and corrections
Physical count results
Shrinkage and loss tracking
COGS calculations and valuation adjustments
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Don’t mistake Recogent’s AI-powered reconciliation solution for a traditional inventory management system that just tracks transactions. Our solution actively flags anomalies and provides intelligent recommendations to address them, reducing manual reconciliation headaches by 70%.
Our advanced OCR technology automatically reads packing slips, delivery receipts, and count sheets, eliminating manual data entry errors and expediting physical count reconciliation.
Synchronize with real-time sensors, smart shelves, and RFID to automatically monitor inventory movements and ensure perpetual inventory reconciliation without human intervention.
Monitor inventory accuracy, shrinkage rates, and stock levels across all locations through user-friendly dashboards that provide instant visibility into your entire operation.
Utilize AI capabilities to forecast demand, predict reorder points, and identify slow-moving inventory before it becomes obsolete to optimize your working capital.
15-20 days of manual counting and data entry
Frequent data entry errors and missed items
Shrinkage is discovered weeks or months after it occurs
Frequent stockouts due to inaccurate inventory records
Audit delays from incomplete documentation
Continuous real-time reconciliation
99% accuracy with automated matching
Immediate shrinkage detection and alerts
Optimized inventory levels, preventing stockouts
Always audit-ready with complete transaction logs
We partner with individuals and organizations on their journey to digital transformation. See how startup founders around the world have leveraged our services to build great products and even stronger relationship with their customers.
Key Takeaways: Month-end close is a critical finance process that validates, reconciles, and finalizes monthly financial data to ensure accuracy …
Key Takeaways: Manual reconciliation involves using conventional methods such as pen and paper or Excel spreadsheets. Contrarily, automated reconciliation relies …
Key Takeaways: Inventory reconciliation aligns recorded stock levels with actual physical counts to ensure accuracy and minimize losses. Regular inventory …
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