What is inventory management?

Inventory management is the activity of tracking your stock levels in real-time. The process consists of adequately monitoring every item that either comes in or goes out of your inventory. The items entering your stock because you purchased them are registered under check-in, and the ones you sell are registered under check-out. Good inventory management consists of using the right tool, fit for your company needs, in order to easily and precisely keep track of this activity.

There are many types of inventory management software on the market to do so. However, many of them are expensive and difficult to use. They often don’t provide the flexibility that a business owner or operations manager needs, or, they have way more features than you would ever need. At Sheetgo, we love creating solutions that allow our users to make the most out of their spreadsheets. Easily, and at no cost. We have created a template for an inventory management system that allows you to check-in, check-out, and track current inventory. It includes three Google Sheets spreadsheets that are connected using Sheetgo, as shown in the diagram below.

Inventory Management Template Google Sheets

You will need to follow the instructions carefully to set up your system. But, once configured you will have a complete accounting of your current inventory in a master spreadsheet. You will be able to check-in and check-out items in the appropriate sheet which will then automatically update the master spreadsheet. Note that this template is one of our premium workflows.

How does it work?

This template combines an inventory check-in and inventory check-out spreadsheet and creates a master inventory spreadsheet with a summary of your current stock. By using this Google Sheets based template, you can manage the day-to-day inventories of your organization. This Sheetgo template offers a highly visual representation to track your inventory status in an automated and easy way.

Let’s get started

Step 1. Open the inventory template

Click on the button below and install the Inventory management template. You will be asked to log in with your Google account to make sure that your Google Sheets are available. And at the same time, your Sheetgo account will be created. You will need to have Sheetgo enabled on your Google Sheets account to use this template.

Once you have logged in and entered the Sheetgo platform, click on ‘Use template‘ to configure the Inventory management template in your Google Drive. Sheetgo will automatically create the system by connecting the 3 spreadsheets called “Check-in“, “Check-out” and “Inventory Management“ and install them into your Google Drive.

Example

Sheetgo Inventory Management Template Overview

Step 2. Open all spreadsheets

Once configured, you will see the Network View that shows exactly how the system is connected, as seen on the image below. To use the template, click on the spreadsheet icons to open all of the spreadsheets.

Example

Inventory Management Workflow and Connections on Sheetgo Webapp

Step 3. Fill out the input spreadsheets

The “Check-in” and “Check-out” are the input spreadsheets. In each of these spreadsheets, you will find two different tabs. One with instructions and one with sample data we provided for your check-in and check-out items. Overwrite this data with your own information.

Example

Inventory Management Template Check in Sheet

Step 4. Configure the template

After you have filled out the Check-in and Check-out spreadsheets, go back to the Web application and click on the play button ‘Run workflow’. This will automatically bring the data from the Check-in and Check-out spreadsheets to your Inventory Management master file.

Inside the “Inventory Management” master spreadsheet, you will find 5 different tabs. Look on the bottom left of your spreadsheet, and you will see these five tabs:

    • Instructions: provides you with a step-by-step guide to configure your Inventory Management Template.
    • Inventory dashboard: a visual representation of your total items in stock, top items, sold out items, and overstock.
    • Current Inventory list: combines the Check-in and Check-out sheets to summarize your stock.
    • Check-in: linked to the external check-in spreadsheet that you will configure.
    • Check-out: linked to the external check-out spreadsheet that you will configure.

Example

Inventory Management Master Sheet and Dashboard

You are all set 🙂

You’ve now set up your Inventory management template which will automatically update each time you fill out the check-in or check-out sheets. Consequently, your inventory is always synchronized. If you require more frequent updates feel free to swap daily for hourly updates when configuring your imports and reach out to support@sheetgo.com if you need help with anything.

Make sure to check out our cash flow template as well in the following blog post: “Cash Flow Template in Google Sheets“. 🙂 

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