Continuous stocktaking is a system of inventory management designed to regularly verify stock levels by counting and reconciling physical stock with accounting records.
Perpetual audit refers to a continuous, ongoing examination and verification of a company's financial records and inventory levels. This method ensures real-time accuracy and aids in early detection of discrepancies or fraud.
Physical Inventory, also known as a physical stock check, is the process of counting the physical balance of stock items at a particular time to facilitate stocktaking under systems like inventory control or continuous stocktaking.
