Make Inventory Monitoring Effortless: Use Spreadsheets!

When you are running a business, one of the major hassles is that of keeping track of the flow of resources, especially the inventory. Having a means for tracing inventory movement like an inventory spreadsheet would indeed make things much easier. Creating your own spreadsheet is the perfect tool if you do not want the additional expense of purchasing a ready to use but costly program. An Excel spreadsheet can be easily kept in your computer where you will have daily access in order to input prices, stocks purchased and sold, and expenses incurred, among others. Monitoring the financial aspect of the business operations would be made simpler. Here are some tips on making a DIY spreadsheet.

How to Set Up the Spreadsheet

There are various ways to build a spreadsheet and Excel will make this possible. You just need to go through the basic procedures in formatting your sheet. The steps are:

  1. Create the Headers

This is the foremost step when in designing your spreadsheet. The headers have to be positioned at the topmost rows and should be in a different format than the actual data below so that they can be easily identified and seen. Highlighting, using bold characters, or colored fonts are recommended for the headers. Your headers will vary according to uses, but for inventory, they often include Date, Number or Quantity, Item Description, Model or Product Code, Price, and other details you might need. One header shall occupy one column. 

  1. Enter the Necessary Data

Based on your actual physical reckoning of the stocks at hand, encode the product information under the appropriate headers; each particular product should occupy one row. To make locating items trouble-free, you can sort the data in alphabetical order or according to product codes.

  1. Incorporate Excel Formulas

For those without much knowhow in Excel, the correct application of formulas is the most difficult stage in creating a spreadsheet but it is not so hard that it can’t be learned. However, there are available templates with the formulas already in place, just download and use!

If you opt to set up the spreadsheet including the formulas yourself, you have the freedom to add or delete columns as you see fit, you can also change the formulas according to your needs.     

With the spreadsheet prepared and usable, the next logical thing to do is to put it to good use, of course! To make the most out of the inventory system you made, you should do a constant update of the data contained therein; a daily or weekly physical count of inventory should be done and inputted into the spreadsheet so that the information you get is an updated one. This is important if you meant to use the facts the system provides in order to keep abreast of the business operations. You would be able to focus on the other facets of managing the business if you know that you have your finances well-accounted and organized.