Inventory Accounting
In standard accounting, all purchases and sales are recorded through the purchase and sales accounts. Inventory accounting involves item-wise recording of purchases, sales, returns, scrap, etc. This is usually helpful for businesses which would like to arrive at a granular view of the cost of goods sold. Inventory accounting will reflect the raw materials which have gone into a sale, their cost in relation to the sale.
As part of the inventory accounting, we also provide inventory audits as required from time to time based on the business requirements.