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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Managing Inventory

Companies track changes or additions to inventory in one of two ways: a periodic inventory method or a perpetual inventory method. You need to decide which method is best and most cost-effective for your business.
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DEFINITION
The periodic inventory method is a method that requires a physical count on a periodic basis. This count can be daily, monthly, or yearly or any other time period that meets your business needs. The perpetual inventory method is a method in which inventory counts are adjusted with each transaction. You definitely need a computerized inventory control system to manage inventory using this method.

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