Any retailer, salesperson, and wholesaler have to have an inventory management system. Keeping track of stocks without the help of professional software can be very tedious. Most people will look at the costs needed to acquire such software and give up. Without considering Microsoft Excel as a substitute, most retailers will end up giving up on keeping such records. Such decisions become critical as, in the long run, they end up affecting business performance.
The article below looks at making an inventory list in an Excel spreadsheet on a Windows or Mac computer. We will discuss using pre-made templates in Excel or creating your own. Here we go.
- Open a new spreadsheet in Microsoft Excel, Google Sheets, Numbers or another program. You can use whichever spreadsheet program you feel comfortable with. …
- Name your headings. …
- Enter items and their corresponding information. …
- Save the sheet and update during inventory.
How to keep Inventory using an Excel Spreadsheet – [create your own Template]
Benefits of making an inventory spreadsheet
Inventory management is essential for supporting the success of a business. It ensures organizations have the products and supplies they need, which ultimately promotes customer satisfaction and generates revenue. Its important to create and maintain accurate records for effective inventory management.
Here are some benefits of making an inventory spreadsheet:
What is an inventory spreadsheet?
An inventory spreadsheet is an important part of the inventory management process. Its a document that allows business owners and managers to record and track their inventory levels. This helps them better monitor and manage their inventory to ensure a healthy inventory turnover.
Inventory turnover refers to how successful an organization is in selling its inventory within a period. A high inventory turnover indicates an organization sells the products quickly and created a demand for them, but a low inventory turnover suggests it struggles to sell the products and may need to improve its marketing efforts. Its important to strive for a balanced inventory turnover where theres a consistent demand for the products while the organization is able to keep enough units of a product in stock to meet customers needs.
How to make an inventory spreadsheet
Here are the steps to follow for how to make an inventory spreadsheet:
1. Choose the program
Many standard word processing programs allow you the ability to create and update spreadsheets. Some programs may also include templates or be available for free. While each program may offer slightly different capabilities or features, the overall creation processes are similar. As you choose a program, its important to confirm its able to support your needs, easy to navigate and accessible for all necessary users within your organization.
2. Create a new sheet
Once you select your program, create a new sheet. You may choose to create a new workbook that you can dedicate entirely to inventory management, or you may choose to add a new tab to an existing spreadsheet. If you choose to create a new workbook, consider exploring the template options available.
3. Add headings
Use the top row of your spreadsheet to create headings for each of your inventory categories. In the top cell of each column of the row, enter the name of the inventory category. Consider changing the colors of the cells or using a bold font to distinguish this row from the others. Adjust the width of each cell to accommodate the full name of the category, or consider enabling text wrapping to keep the widths consistent but expanding the height of each cell.
Exact inventory categories may vary based on your business, your products and your inventory practices. Some common inventory categories to use include:
As you add your categories, be mindful of how you order them. Strive to group like categories together, especially if you may use them to complete a calculation. For example, consider placing the columns for item cost, number of items and net value together. Most programs will allow you to add a formula that automatically calculates an items net value based on the information in the corresponding item cost and number of items values in the cells.
Some common examples of calculations you may perform through added formulas are:
4. Input the information
After establishing your categories, add the most current inventory information. Be mindful that you enter the correct information in the appropriate boxes. Consider updating the formatting to help distinguish the rows or columns from each other. For example, some programs may allow you to alternate the rows as gray and white, creating a visual contrast that makes it easier to read the spreadsheet.
5. Save your work
Consider including a section on your spreadsheet to add the date that you most recently updated the information. Save your spreadsheet and be sure to title the file appropriately. Store the file in a secure location that youre able to access easily. If you create your inventory spreadsheet on an online platform, be sure to provide the appropriate parties with the required access.
6. Update the sheet
Determine a regular schedule for how often you update the information on the sheet. The frequency may depend on the size of your business and how often information changes. For example, some organizations may update their items in stock weekly, but update their pricing or cost information on a monthly basis. Update your records according to your established schedule and be sure to always save your work.
How do I make an inventory spreadsheet in Excel?
How do I make an inventory spreadsheet in Google Sheets?
How do you keep track of inventory spreadsheet?