An inventory database in Excel helps businesses stay organized and on top of their ordering by providing a detailed record of items. This list helps a business to easily keep track of what it has ordered, how much of each item remains in stock, and when future orders will need to be placed. For example, this site offers several inventory templates for purchase orders, product lists, tracking inventory data, and more. If you run a bar, pub, club, or restaurant, this is one of the best beverage inventory spreadsheet templates out there. It allows you to track drinks purchase costs, actual revenue, and gross profit and loss on a weekly basis.
It’s therefore imperative that you choose a template with streamlined analytics so that your predictions can be accurate and up to date. If you wish to use a template, open a new document in Excel by clicking on “File” and then “New”. The window that appears should have an option to view “More Templates”. Click on this, and then use the search bar in the top right of the page to look for inventory templates. You can then take a look at the templates available to you and choose the one that best works for you. Before attempting to utilize Microsoft Excel to manage your inventory, you should take the time to learn how to use the program.
This is very useful for creating automatic value totals for the products in your inventory. Keep in mind, though, that if you have 300 lines, you will have to add it to each one. For example, if your products are worth $27 each and your in-stock number is 65, the SUM function would automatically update the ‘inventory value’ section to $1,755 (65 x $27). Keep a record of the number of items to reorder when the quantity of that product left in stock falls below the chosen reorder level. Set your chosen minimum stock quantity, and when your inventory hits that level, you’ll get an alert in the reorder column.
Advantages of inventory management software over Excel
Also, your Excel knowledge may be a limiting factor in what you can achieve in your spreadsheet. By taking this approach, you’ll get exactly what you want and need because you’ll customize it to meet your specific inventory challenges. A policy of keeping track of everything on paper as well as in your Excel document allows you to go over your inventory Excel inventory at the end of each day to correct any mistakes. Excel relies on people to input data unless you have a barcode scanner connected to your system, and even then not everything is automated. This will lead to human error, which can throw off your entire supply and demand when you reorder too much or not enough, or under- or overestimate profits.
This is a complementary formula to the previous function, which counts the number of cells that meet a determined criteria. This function allows you to isolate specific data (FIND) or perform a wider search (LOOKUP). For example, with FIND you can find cells that contain the exact word “sock”, while if you enter “sock” with LOOKUP, it will also show you results of cells that contain “sock”. These are other basic formulas for browsing your inventory in Excel, and are particularly helpful if you have a large catalog of SKUs. This platform allows you to import all your Excel documents to centralize, enrich and automate your product data. Sign up for a free trial today to find out how PIM can save you time, improve your product experience and drive revenue.
As the business scaled, they were unable to effectively manage their various product listings, warehousing network, and multiple sales channels. Moreover, Nomad Goods lacked a foundational understanding of their inventory numbers, and the spreadsheets they were relying on weren’t doing them any favors. Next, you can add each product you carry into the appropriate category column.
Tips for Succeeding with Excel Inventory Management
Regardless of what kind of information you put in a column, Excel can quickly sort that information and tell you how many times you entered different values. This template can help you keep track of your materials and assist in knowing when to make additional purchases. Our team of Excel experts is standing by 24/7 to provide live help with any issues related to Excel and Google Sheets.
These templates aren’t free, but they’re high quality, unique, and come with extensive training resources built right into the template. Excel is an affordable and straightforward solution for stock management. On top of that, it’s a piece of software that most of your team will already be using on a daily basis.
The 20 Best Excel Formulas for Managing Product Inventory
If you wish, you can include formulas and calculations on your spreadsheet. And you can create a workbook with interdependent spreadsheets, or tabs, each displaying data differently. But before you begin tracking data, ensure you’re capturing the right details. These basic inventory management solutions will not replace a full-fledged CMMS inventory system. Some examples include managing for multiple storerooms, vendors, increments and decrements based on work orders, alerts via email when low, and creating or managing a requisition when ordering. It is also challenging to have multiple people sharing or managing an XLS based inventory system.
Excel templates, on the other hand, are already pre-built, so you can hit the ground running by simply adding in your own data. You can also create your own template by opening a blank spreadsheet and entering the categories and formulas of your choice. To make an inventory spreadsheet in Excel, open a new spreadsheet and write every little thing you want to track in a different column of the top row. Most inventory managers use the first column to track item name, then add columns for information like UPC/serial number, location, description, quantity, par, vendor, item value, and more. IT professionals can save time with this software inventory tracking template. Keep track of your software and hardware purchases, license expirations, and upgrades to make managing software inventory easier.
There’s no reason to rely on manual methods anymore, whether you’re operating a small retail store, restaurant, or manufacturing business. This template by Vertex42 is designed for businesses without complex asset tracking requirements. The Asset Tracking template is free to download, and it works well for tracking computer hardware, tools, repair equipment, or any other fixed assets. It includes columns for item descriptions, quantities, locations, purchasing information, and details.
DAYS: =DAYS(SELECT CELL, SELECT CELL)
Using an inventory template also helps you understand inventory turnover. That means how many times your inventory is sold and replaced over a period of time. It’s called the inventory turnover ratio and it reveals your efficiency as a business. There are dozens of ways that managers can keep stock of their inventory, but an inventory template calculates it the same way every time. An inventory template is a document to record the level of inventory and track that inventory turnover. An inventory template is designed to provide managers with all the details of their inventory on a sheet of paper.
- Inventory control formulas in Excel can increase the efficiency and productivity of your business as you become more organized in your inventory management.
- Datasheets keep track of the compiled user forms as they are entered, so you can see an entire database with the data you’ve entered and search for entries by their unique serial number.
- A personal inventory template is also a useful tool for simply tracking personal collections such as media, artwork, books and other collectible items.
- Excel requires more hands-on maintenance than inventory management software, but you can make it work by implementing some basic best practices.
- This is a detailed workbook that goes beyond a basic inventory spreadsheet.
With spreadsheets, you can quickly and easily digitize your inventory and sales systems. This means less wastage, no stockpiles or shortages, and better cash flow. The easiest way to set up inventory is to use an already-made template.
SUMPRODUCT =SUMPRODUCT(RANGE1,RANGE /SELECT CELL
The range specifies the range of cells you want to be evaluated by the criteria, which should be in the form of a number, expression, reference text or function. This helps distinguish the sum of the value of products for a specific customer or something similar. There are a variety of free inventory templates available if you search online. In fact, Microsoft Excel has a template available – simply click on file then new and search for “inventory” in the templates.
It also comes with the added benefit of automatic backups and syncing across all of your devices so that you can edit on an iPad, or on your computer at home. Formulas can increase the value of your Excel spreadsheet while reducing the headache and stress involved with calculating numbers. While they may seem a little complex at first, don’t worry; most of them are easy to get the hang of. The ultimate guide to cloud-based PIM systems and how they compare to on-premise product information management. Data omission is one of the main problems when managing product catalogs and inventories.
- If the cursor doesn’t automatically move to the second cell in the column, check your scanner’s documentation to see how you can make it insert a carriage return after every scan.
- Lastly the Excel inventory form templates are beneficial because some of them aren’t product specific and can be used by companies and stores of all sizes and types.
- All you’ll have to do is input your information and update it over time.
- However, if you’re new to Excel, you may find that starting with a template will significantly reduce the time it takes to get your spreadsheet up and running.
But to use Excel spreadsheets, you’ll first have to familiarize yourself with the program and get accustomed with how to organize your inventory using category columns and manual product entry. Google Sheets can be used to create an inventory checklist template that allows businesses to monitor and track their stock levels. This checklist can provide an overview of every item in stock, its current quantity, and when a business should order more.
We’ve all seen the unwieldy spreadsheets out there that run 100+ columns across the top and thousands of cells deep. But building an Excel spreadsheet from scratch can be very time-consuming, especially if you’re unfamiliar with Excel logic and formulas. This may be out of the question for business owners barely staying afloat as it is. You can also use Excel’s computational abilities to track critical metrics like quantity in stock, purchase costs, inventory value, and quantity in reorder. The more sales you are making, the more your need for effective inventory management increases. Using Excel will allow you to cut costs at first, but eventually, a dedicated inventory management system will be necessary to save time and money in the long run.
Fortunately, there’s a ton of great inventory Excel templates out there to get you started. With pre-written formulas and ready-made dashboards, they give you the framework to build an inventory solution that works for your business. As a result, you get an up-to-date overview of your company’s stock levels in the central Dashboard.
The time cost is canceled out by the benefits of having a spreadsheet that conforms to your company’s inventory management requirements. If you’re ready to take Excel for a spin as your inventory management tool, the next step involves finding the right spreadsheet for you. That’s why we recommend using inventory management templates to start (especially if you’re not Excel-savvy). Whether you sell five or 50,000 products, QuickBooks Enterprise puts the tools you need for efficient, profitable inventory management right at your fingertips. If you’ve been using basic inventory list templates in Excel but need something more sophisticated, sign up for a 14-day trial of QuickBooks Commerce at no cost.