Effective Strategies for Inventory Accounting: Theoretical Principles and Best Practices

Authors

  • Turaboev Temurbek Khusanovich Assistant of the Department of Accounting, Samarkand Institute of Economics and Service

Keywords:

inventory accounting, inventory management, accurate record-keeping, regular audits, demand forecasting, technology integration, supplier collaboration, just-in-time

Abstract

Inventory accounting is a critical aspect of effective inventory management, ensuring accurate record-keeping, optimizing inventory levels, and minimizing costs. This article presents theoretical principles and best practices in inventory accounting, supported by real-world case studies. Theoretical principles include accurate record-keeping, regular audits, and demand forecasting, while best practices encompass technology integration and supplier collaboration. The case studies highlight successful implementations of these principles, showcasing the benefits of maintaining precise inventory records, conducting regular audits, utilizing accurate demand forecasting, and implementing just-in-time (JIT) strategies. The article concludes by emphasizing the importance of these strategies in achieving improved inventory accuracy, reduced costs, enhanced operational efficiency, and increased customer satisfaction..

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Published

2023-06-08

How to Cite

Khusanovich, T. T. . (2023). Effective Strategies for Inventory Accounting: Theoretical Principles and Best Practices. Journal of Marketing and Emerging Economics, 3(6), 8–18. Retrieved from https://oajournals.net/index.php/jmee/article/view/2172

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