How do I check a locksmith’s vehicle and tool inventory against its books?

Request the fixed asset list and the inventory records from the accountant, then go through them with the owner at the shop and in each van. Note serial numbers on the larger machines and check they match purchase invoices. A tool listed in the books but absent from the van deserves an explanation, as does valuable gear that appears nowhere on the list.

Stock needs its own count. Blank keys, locks, cylinders and parts can add up, and some of it may be obsolete or sold at a different cost than it was bought. Ask how the stock is counted, how often, and whether the owner writes off old items. Pay attention to a stock figure that never seems to change.

Also ask which items are personal. Owners sometimes use their own vehicle or tools in the business without recording them, and a buyer needs to know whether those come with the sale. Check for loans or leases on vans and machines. Your accountant can compare the counts with the financial statements, and your lawyer can document what transfers at closing.

Key takeaways

• Count items in person and note serial numbers for the larger machines.
• Match every item to an invoice and to its line in the books.
• Ask how stock is counted and how old items are written off.
• Confirm which tools and vehicles are personal and which transfer.