Inventory AuditsUpdated 8 months ago

Inventory Audits at Nice Commerce

Inventory audits play a crucial role in effective inventory management and accounting. These audits involve a detailed examination of stock levels, inventory records, and procedures to ensure accuracy and accountability.

Annual Audit Included in Your Contract

As per our agreement, a physical inventory count of all goods shall be conducted once every twelve (12) months at a date agreed upon by all parties. This annual audit is included in your contract at no additional cost. Please note that while Nice Commerce can perform audits at any time during the year, some accounting firms may require the audit to be conducted on a specific date. We recommend checking with your accounting firm before scheduling your audit to ensure compliance with any specific requirements.

Scheduling Your Audit

For Q4 and end-of-year audits, it’s essential to schedule as far in advance as possible—ideally with at least two (2) months’ notice—so our team can prepare adequately and allocate the necessary resources. If an additional audit or count is required outside of the annual audit, please contact your Account Manager to get this actioned and scheduled. Please be aware that additional fees may apply for audits beyond the one included in your contract.

Operational Impact During Audits

During a scheduled inventory audit, it is necessary to pause several operations to minimize discrepancies and ensure accuracy:

Order Fulfillment, SOW Work, Inventory Replenishment, and Returns Processing: All of these operations will be paused during the audit. Incoming orders will be placed “On Hold” until the audit is complete. Please do not adjust holds or orders during this time.

Your Account Manager will work with you to select audit day(s) that minimize fulfillment impact, ensuring that the audit is conducted at a time that aligns with your operational needs.

Audit Completion and Follow-Up

Once the audit is complete, a full inventory report will be provided showing previous quantities before the audit and the updated counts. If there is a change between these two counts, your Account Manager will note this variance and dig into each one. Notes are included once the variance has been reviewed in full/completed.