About East Coast Inventory Service
Established in 1970 doing inventories for mostly grocery stores. Over the years we have done inventories in many of the states including Alaska and Hawaii. Also, several inventories in Guam, Puerto Rico, Virgin Islands, etc.
Our company was one of the founding companies in forming an inventory association which included members from England, France, Japan, etc. Some of the members were instrumental in consulting with the formation of companies in other countries. One of our principals served as Executive Director for many years.
Over the years, we have done inventories for VA Pharmacies, Military Commissaries, as well as Grocery Stores, Convenience Stores, Fixed Asset, Liquor Stores, Buy/Sell, Price Verification, etc. One of the principals served on a Weights and Measures Board setting a % variance between the shelf tag and the price in the system.
Both UPC scans and financial inventories are available. Financial reports will give the customer breakdowns to assist in tracking shrinkage issues based on their requirements.
Why Choose Us
- Accurate Verified Counts
- Trained Full Time Auditors
- Auditors with Convenience Store Experience
- Auditors that Understand Retail Accounting
- Customized Reports
- Competitive Pricing
Why is Inventory Accuracy Important?
- Investors want to know book values are accurate.
- Lenders who loan money with inventory as collateral want to protect their loans.
- Taxation often depends on inventory value, therefore, overpayment of taxes reduces profits and underpayment incurs penalties.
- Increased inventory can be a result of poor accuracy. Increased inventory requires more capital. Inventory is most often the largest consumer of capital.
Federal Weights and Measure Guidelines – Price Verification Program
Most stores use scanning systems at the checkout registers to identify the items being purchased and to look up the prices of the items in a database. It is important that the prices posted on the shelves or marked on the individual items are the same as the prices stored in the computer database, since posted and advertised prices must agree with what the customer is ultimately charged. Under the requirement that prices be accurately stated (See Section 16.Misrepresentation of Price, in NIST Handbook 130), prices posted on a sign or shelf for a product must be the same as the price charged at the checkout. When a state operates a price verification program, the compliance rate that is considered minimally acceptable and the sampling procedure to be used to determine compliance should be consistent with the Examination Procedure for Price Verification contained in NIST Handbook 130.