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Closing a store permanently requires a thorough audit to ensure all assets are accounted for and liabilities are settled. The article could cover the following aspects:
· Purpose: The primary goal of an inventory audit before closure is to account for all items in stock. This helps determine what can be liquidated, transferred to other branches, or returned to suppliers.
· Process: Auditeeze can use barcode scanning to perform a full stock take, ensuring all items are accounted for with minimal error. Barcodes help to quickly identify discrepancies, track stock movement, and flag outdated or damaged items.
· Outcome: A clear, accurate record of remaining inventory, helping to inform decisions about liquidation or returns.
· Purpose: This involves auditing all fixed assets like furniture, equipment, POS systems, display units, and other store-related hardware.
· Process: Each asset should be identified, tagged (or barcoded where applicable), and evaluated for resale, transfer, or write-off. Auditeeze’s barcode system can streamline the identification and cataloguing of store equipment.
· Outcome: A detailed list of store assets that can be sold, repurposed, or written off during the closure process.
· Purpose: To settle outstanding payments with vendors and suppliers and ensure no liabilities are left pending.
· Process: This involves reviewing all contracts and ensuring that any goods delivered are either paid for or returned if necessary. The auditing process can include reviewing purchase orders, invoices, and receipts to ensure all balances are clear.
· Outcome: Settling accounts with vendors to avoid legal complications or unresolved debts.
· Purpose: Reviewing lease agreements, rental contracts, and any other binding agreements related to the store’s operation.
· Process: Lease contracts should be checked for early termination clauses, final payments and settlement of any pending fees. Contractual obligations with cleaning services, security companies, etc., must also be reviewed for proper closure or transfer.
· Outcome: All contracts are properly closed, ensuring no ongoing obligations for a store that no longer operates.
· Purpose: Ensure that all employee-related matters, such as final paychecks, severance, and benefits, are handled ethically and legally.
· Process: This involves calculating final salaries, unpaid leave, and severance payments, along with clearing any pending expenses or benefits. Providing necessary tax forms and documentation to the staff is critical.
· Outcome: Employees receive their rightful dues, ensuring compliance with labor laws and maintaining goodwill.
· Purpose: Ensuring that all tax, financial, and legal responsibilities are settled before the store’s closure.
· Process: This involves filing the necessary paperwork for business closure, paying outstanding taxes, and resolving any legal issues related to the business. It also includes updating the store's financial records and ensuring accurate closure reporting.
· Outcome: A legally compliant, debt-free closure of the store, avoiding future legal complications.
Auditeeze can streamline the inventory audit process by using barcode scanning to quickly and accurately count stock, identify discrepancies, and generate detailed reports. This allows for a faster, error-free audit, crucial before store closure.
Inventory Audit: Accurately track and record remaining stock with minimal errors.
Assets& Equipment Audit: Tag and record all physical assets with ease using barcodes.
Vendor& Supplier Settlements: Use Auditeeze’s reporting features to track orders, deliveries, and outstanding balances.
Final Audit Reports: Generate detailed, clear audit reports for legal and financial purposes, ensuring that nothing is left unchecked
