Inventory systems today are a fundamental pillar and constitute one of the most complex functions of organizations regardless of their size, activity or capital employed, since it implies maintaining a stock to protect against uncertainties at a lower cost that does not harm the business capital and rather allows it to be competitive, to meet the demands of the market, which translates into profitability.
To understand a little we can express that the inventory systems are a well structured set of quantitative methods where a series of procedures and mathematical models are involved for a single purpose, to achieve specific and detailed control of the quantity, location and condition of the goods, i.e. an inventory in optimal conditions.
In this way, internal control is indispensable because it is expressed through a series of policies approved by the management, administration and operational levels of the company, through discussions and tests, as well as the application of techniques for the management, evaluation and procedures, information systems, as well as the induction of personnel in order to train them and have the performance of the management of the same.
It is important to point out that there are a variety of inventory systems, therefore it is necessary to evaluate which is the best for the application of each company, this is undoubtedly determined by the type of products that the companies produce and their dates of elaboration, as well as if they are perishable or not.
Some of them are affected by the type of manufacture since they are processed but serve as raw material in other industries and perform another type of transformation for the final product, therefore it is very important to establish which inventory system can be used in the company that allows them to have the best use of the products.
To conclude we can emphasize that conventional accounting and new accounting standards such as international standards allow you to have a good management of inventory systems in an organized manner and with a sense of vigilance of the information that is used and used for effective decision making and procedures to follow for the benefit of business development.