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Perpetual Inventory System For Fruito

1103 Words5 Pages

4.1 Fruito inventory records are inaccurate and it will impact on company create difficultly in company cash flow. When the inventory records are incorrect, it can create out of stocks or high stock situation without any prior notice. This will be an embracing situation to Fruito and it will increase wastage as well. Therefore it is identified to implement Perpetual Inventory Systems for correct accounting purpose and also Just In Time inventory systems (JIT). Both of these system will mitigate the risk of inaccurate recording in inventory. Perpetual Inventory Systems can provide updated inventory balance information at any time of day and reduce manual inventory counts. Just In Time inventory systems (JIT) is another excellent system for Fruit, it provide accurate information for ordering based on actual sales …show more content…

By again allocation budget these accepting unordered items can be avoided. Budgets are an effective method of controlling expenditure cycle. Budgets will avoid extra expenditure and prior approvals will confirm the ordering process correctly. Further, by requiring approved delivery orders prior to any delivery will allow ordering team to review product order without accepting whatever the supplier deliver to the store.
4.8 It is evidence that there are stealing happening in Fruito and it will impact operation procedure and changes in stock count even if we implemented Perpetual Inventory Systems and Just In Time inventory systems. Stealing is very bad habit among staff and it is unethical to happen at the work place. As a company, Fruito has to take necessary step to prevent to happening in the future and discourage the staff. Therefore by restrict access to warehouse or stocks after the required task and keeping periodic physical count of the tock will discourage staff from stealing

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