By Lauren Elmore, President of Firmatek
Annual inventories are the most important inventories we do for our clients each year. These are the inventories that are often the most scrutinized by internal and external accounting teams. Sometimes, there are special requirements for these annual inventories, such as a specific way to present the results or a specific type of equipment that must be used. It can be a stressful process for our clients.
At Firmatek, we work with our clients to customize solutions and processes that make it easier for them to work with accounting departments and outside auditors that sign off on inventory numbers. This is just one of the ways that we tailor our solutions to meet our clients’ needs. One of our core values is being a trusted advisor to our clients. Working with them to help them solve year-end inventory reconciliation is one way we do that, but another way we do that is by updating and simplifying the process for them.
So, what does it look like to customize a solution for clients?
For some clients, a customized solution means a combination of drone solutions and field services with lidar. We have a few clients that use our drone solutions program on a regular basis. However, for the annual inventories, they need our field staff to come on site and use our lidar scanners to collect the data. They typically need this done within a short and specific time frame. Our field and processing teams work together and with the clients to make sure that they get the results they need and their questions answered timely to ensure that this annual process runs smoothly.
Another example of a customized solution is a specific tracking, approval, and audit process for the annual inventories. We do similar things for a few clients. One of the key pieces that is important to clients in annual inventories is a process for the right people in the organization signing off on each plant’s inventory. We work with these clients to understand their unique process and develop a system that works well for them. Another key piece is the audit trail. Many accounting departments and outside auditors need to know each time there was an adjustment or change made to an inventory report. These changes could be as simple as relabeling a material type or product code, but we need to be able to show who made that change and at who’s request. These customized administrative processes have been well received by clients and have significantly improved the experience during a stressful time of year.
The real point, though, is not about these specific clients or examples. It’s that whatever your business needs are, we will work with you to create the right solution for you. Sometimes that involves working with you to determine the right mix of field services and drone solutions. Other times, it could be completely administrative focused. We enjoy partnering with our clients to help them solve problems and reduce pain points by building the best solutions possible.
As annual inventory season comes to a close, we are thankful to work with such wonderful clients who trust us to help them develop the right solution for their annual inventories. It is our busiest time of year, and it can be stressful for our team as well. We are also thankful for our wonderful team members who make it possible for us to serve these clients well, living our purpose and values.