Inventory Tracking Spreadsheet Template

One of the most important parts of any business is tracking inventory, but using a spreadsheet to do it can be an essential tool if used correctly. However, if your goal is to have a flexible and easy to use inventory management system, you will need to understand that you are not going to come up with one overnight.

Before you start putting together a great list of components, first ask yourself what inventory tracking spreadsheet template you will need to make this possible. Having a basic understanding of how to use the necessary components and an idea of how much money you can spend on software can go a long way toward getting the job done. Do not underestimate the power of a spreadsheet because they are just that simple to use.

excel inventory management template
excel inventory management template

There are two types of spreadsheet templates, depending on your needs. The first type is a standard Microsoft Excel spreadsheet and includes the type of features you might expect, such as lists and cell formatting. Many spreadsheets include an option to email them to yourself, so you can use them in an online account.

Some even have the option to create reports, so that you can analyze data for the past months or years, showing trends and changes, such as inventory and sales by product or location. Another interesting option is to find one that can include features such as trend lines, logarithmic plots, a bar chart and scatter plots.

You need to decide whether one or two choices are better than the other for you. If you are going to use one for large scale business, where you must have daily updates, you may choose the option that requires less time and less work. Of course, if you only need to keep track of inventory for small scale business, one spreadsheet template may be enough.

excel inventory template with formulas sample
excel inventory template with formulas sample

Another question to ask before choosing your inventory tracking spreadsheet template is about whether you need to use a separate business line for each type of product or if you should combine both. A two-line system would work well if you have five products in your inventory that change frequently, for example, new iPhones, new computers, etc. The options are wide open, and you can add or subtract any other features you need for your business.

When selecting your inventory tracking spreadsheet template, you should be sure that it has the necessary features and that it is compatible with your existing operating system software. You also want to select one that has support for accounting software and that is compatible with Microsoft Office documents, such as Word and Excel. For those that do not have access to this software, you will want to make sure that your spreadsheet can print and save the items you want to look at.

excel inventory template with formulas
excel inventory template with formulas

After you choose your inventory tracking spreadsheet template, consider whether you need to customize it to fit your business or if you will be able to use the basic template. If you have chosen one that has many different customizable features, you will want to make sure that you can manage the information you want to view without creating additional work for yourself.