Inventory management Excel templates are used to track a business’ current stock, suppliers, purchasing information, per unit costs, sales percentages and other information pertinent to handling inventory. Inventory is essential to any business because it is a tool that can track possible product shrink or loss. In an economy where efficiency is valued more than ever before, it is important to be able to quickly have inventory information available and accurate.
A business would download an inventory management excel template to make the inventory process easier and more streamlined. Inventory is a tedious process that is best done swiftly and precisely so that managers are able to focus more important business related decisions.
How to Use an Inventory Management Excel Template
The easy-to-use Inventory Management Excel Template is available for free on this page and can be downloaded instantly. To use this template first enter all relevant business information such as name, address and contact information. After this, label column headers with all the necessary inventory related headers such as date, product name, units on hand, price per unit, order and received numbers, and supplier information.
Additionally, one might choose to include sales information to track the success of a specific product. The customizable nature of this template allows for users to choose which features to use and what information to include. This template is suitable for any type of business and their inventory needs.
Tips for Using an Inventory Management Excel Template
- Before beginning to enter information into the spreadsheet, ensure all the inventory processes are done correctly to avoid error.
- Always keep prior years’ records of inventory in order to compare product numbers to calculate product loss or shrink.
- Keep the supplier’s contact information next to products in the spreadsheet to facilitate ease of reordering or canceling or orders.
- Inventory spreadsheets do not only have to be used for products being sold. They can also be used for inventory of a business’ assets and their condition. Record serial numbers and warranty information of assets to reduce the risk of theft or loss.
Download: Inventory Management Excel
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