Getting Started with Excel
To make an inventory spreadsheet, open Excel and write what you want to track in columns: item name, UPC/serial number, location, description, quantity, vendor, item value. Download our pre-filled template below to help manage inventory.
Assets like item, SKU, barcode, location, quantity, reorder point, value, and expiration dates can be tracked. Add formulas and calculations. Asset tracking uses IP numbers on labels and tags to compile inventory. Track inventory based on sales quantity. Use a USB scanner. Make your Excel tracker accessible in the Cloud. Generate reports. Create running totals.
Structuring Your Inventory List
An inventory list is a complete, itemized stock. Ensure easy access, editing, and saving of your sheet. Name column headings based on your business and priorities: Part or Item Number, expense types.
Utilizing Excel Templates
Excel templates pre-make spreadsheets for tracking inventory levels, creating reports, and analyzing data. Create a spreadsheet with columns such as item, quantity, supplier, cost, and price. Use formulas to calculate stock, cost, profit. Filters and conditional formatting highlight information.
Advanced Inventory Management Tips
Follow best practices to ensure accurate, organized data. Utilize formulas to calculate inventory metrics. Keep the spreadsheet updated with current figures for an accurate view of inventory.
Starting Your Inventory Tracking Sheet
To create a comprehensive inventory list:
- Open a new Excel sheet.
- Name the first worksheet "Inventory."
- Label the first row with headers like "Product," "Quantity," "Price," and "Value."
Considerations and Limitations of Excel
Is Excel good for inventory tracking? For small businesses, Excel offers an affordable way to start managing inventory. But for more complex needs, dedicated inventory software is a better choice due to automation and more accurate tracking features.
While Excel handles fundamental tasks well, it does have limitations compared to dedicated software. However, it remains a good starting point for inventory tracking, especially for entrepreneurs.