What is on hand?

On hand typically refers to the amount of inventory or supplies that a business or individual has readily available for use or sale. This can include physical goods such as products, raw materials, or components, as well as non-physical assets like cash or investments. Tracking and managing on hand quantities are essential for maintaining efficient operations and financial stability. In the context of accounting, on hand is often referred to as "inventory on hand" and is a critical component of calculating a business's cost of goods sold. Effective inventory management involves balancing the cost of maintaining inventory with the potential profits from selling it. Overall, being aware of what is on hand is essential to ensure that a business or individual can quickly and efficiently satisfy their needs at any given moment.