Why a Good Government Inventory System is Crucial

Written by Small Business Magazine on March 8th, 2018. Posted in Da form 3161, Property inventory management software, Tracking software

Types of audit software

If you are part of any agency, you know that keeping track of resources can be a real struggle. There are files to keep safe and accessible, employees to keep track of, and all kinds of equipment. You need to know where your assets are at all times, but using a government inventory system that is old or outdated can make the task harder than it should be. You need the right inventory tracking software to make sure you are in compliance.

The Need For a Good Government Inventory System

In the United States, huge amounts of capital are typically tied up in inventory: a full 7% of the GDP when combined with accounts receivable and accounts payable. With retailers, for example, about $1.43 worth of inventory sits in warehouses for every $1 of sales made. Additionally, few warehouses are efficie