physical inventory
Manual stock count
Physical inventory is a hands-on count of all items a business has in stock, conducted by actually examining and tallying goods rather than relying on records.
Companies perform physical inventory periodically—often annually—to verify that accounting records match reality: The store closed early for physical inventory.
Discrepancies reveal theft, damage, or bookkeeping errors.
- stock takeCounting stored merchandise
- boxLidded storage container
- back roomPrivate space behind scenes
- barcode scannersOptical product identification devices
- RFID tagsRadio-frequency identification devices
procurement · production planning · item · tag · tally · compliance checks · stock · count · check · wall to wall · handheld devices · internal controls · shipping schedules · dead stock · distribution channels · rack · pallet · fulfillment centers
- inventory taxtax basis, personal property tax, FIFO, LIFO, cost basis
physical inventoryintangible assets
Nonmaterial items of value
digital assets · intellectual property · software licenses · electronic records · digital goods
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