Inventory Count Service

An inventory count is a process where the actual presence of inventories is identified by counting each unique type of existing inventories, documenting quantities found, then comparing them with recorded accounting data on the same date.

Regular physical counts of inventories from time to time helps in implementing firm controls over them which in return prevents fraud and error. Using our inventory count service that we provide means that you can outsource this task to our highly qualified team.

Why choose Al-Sharid as your inventory count specialist?

Not only will you get your inventory count done properly in a short time, you will also be aware of any potential problems with your inventory count policies and get insightful remarks about the condition of your inventories. Should you have further concerns about the benefits of outsourcing inventory count staff, consider giving us a call.

Our approach to conducting an inventory count

Our inventory count specialists review the relevant inventory count policies, if any, and design their work plan to satisfy your own internal control objectives, suggest improvements, and discuss with you any procedures in the workplan that aren’t consistent with your policies, if any. All of this is done using world-class best practices that are related to inventory counts and internal controls. The work is conducted by an adequate number of our well-trained specialized associates which reduces the amount of time required significantly.

We understand that the risk of fraud always exists. Fraud committers are usually sharp-witted and might obstruct an inventory count from detecting fraud. We have procedures that help prevent any compensation of deficits in your inventory.

Our team of experts has the right experience and knowledge to help your company achieve its objectives

Is it mandatory for companies in UAE to maintain accounting records?

According to Article 26 of the UAE Commercial Companies Law, the Federal Law No 2 of 2015 “Every company shall keep accounting records showing its transactions to accurately reveal at any time the financial position of the company and enabling the partners or shareholders to confirm that the accounts of the company are properly kept in accordance with the provisions of this Law.” Therefore, it’s necessary that you maintain proper accounting records. Whether your company is a startup without an existing accounting system or a large company looking for an outsourced team of bookkeepers, we’ve got what you’re looking for, give us a call and let us introduce how our services can fit your unique needs

How is an accounting or bookkeeping service different from a financial statement compilation service?

While a bookkeeping service takes place over a longer time frame to record and process financial transactions of your business, a financial statement compilation service usually takes less time and is mainly concerned with using already recorded financial data to compile a complete set of financial statements for your business which are as defined in IAS 1. We conduct our bookkeeping services according to world-class best practices, the same goes for our compilation services besides that we also adhere to a standard for the latter which is ISRS 4410 under which the management retains responsibility for the financial information and the basis on which it is prepared and presented. Meanwhile, when we’re appointed as your bookkeeper, we take this responsibility off you and process your financial data accurately. We can offer you both services in a discounted bundle.

Does handing my financial data over to an outsourced bookkeeper mean I'm going to lose control over it?

By appointing us as your bookkeeper, we’ll be as close to you as your own team, we’ll work efficiently to deliver accurate recorded financial data, and keep you updated on a timely basis of any matters that need your attention.