You can then use Excel formulas to automatically calculate information for total sales, total profit, and organize your inventory based on products that sell the most using a few simple formulas. If you would like to gain a deeper understanding of crucial inventory management techniques and how you can apply them to your business, download our free eBook: Inventory Management: Everything you need to know. Time to reorder, whether or not the product has been discontinued, total inventory value, and other functions are also very useful, but the more columns you have, the more difficult it is to keep up with everything.
#Inventory sheet update
Setting up your Excel inventory list templateĪ basic template for your Excel inventory should include the product number, product name, item description, item price, item cost or value, item stock, quantity to reorder, and, if you want to update sales quantity or value, quantity sold.
While it is easy to make mistakes in Excel (and avoiding them will require time-consuming auditing, proper organization, and strict management), it is fully capable of handling a startup businesses inventory. Like anything that’s free or cheap, Excel isn’t perfect inventory management, but it has plenty of valuable features. While not ideal for a medium or large sized inventory, Excel is cost-effective or, if you use it in OneDrive, even free.
With integrated tools, features, and formulas to make spreadsheets more dynamic and interactive, Excel is also capable of handling basic inventory management for small businesses. It’s a program that most of us are already familiar with, whether for accounting or spreadsheet forms, and it is an alternative option for applications like inventory management. If you’re looking for a low-cost way to manage your inventory, Excel could be a good solution. We've made it easy for you to get started managing your inventory in Excel or Google Sheets with this free inventory spreadsheet.ĭownload now! Using Excel as a low-cost inventory management solution
Download your Free Inventory Spreadsheet!
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