Do you need a way to manage stock levels in your retail business, office, restaurant, or clinic? Chances are that you already use Excel to store and manage a lot of your company data such as accounting and sales. When it comes to inventory management, however, many small businesses still rely on cumbersome and unreliable manual methods. These include paper-based lists or ordering fresh stock only when someone notices that supplies are running low!
An organized and digitized inventory management system will save you money, time, and help you run a more profitable business. Only buying what you need will reduce the risk of stockpiling, over-ordering, and wastage. On top of that, ensuring you have adequate supplies will keep your customers happy and production systems running smoothly.
Inventory management software isn’t cheap, however, and it can be overly complex for a small company. Instead of paying for an expensive stock control program with functions that you don’t need, you can set up an automated stock tracking system — with an inventory template in Excel.
Why use Excel for stock control?
- Flexible: Excel files are easier to adjust and adapt than specialist inventory programs. This allows you to build your own stock management “software” entirely in spreadsheets. When things change, you can just alter the spreadsheet.
- Accessible: Excel for the web is cloud-based, so anyone on the team can log into their spreadsheets from the Microsoft Office webpage. You and your colleagues can access the connected Excel files from anywhere — while knowing that the data you’re viewing is always up to date.
- Compatible with everything: Every other piece of software in the world integrates with Excel. This means you can connect data from other company processes and departments with your inventory system.
- Easy to use: Most office employees have some familiarity with Excel, and if even if they don’t, it’s easy to learn. Plus you can update and maintain the system yourself without any coding or expert IT skills.
About the Inventory Excel template
Sheetgo’s Inventory template in Excel is a pre-built system of spreadsheet templates to streamline inventory tracking. It’s suitable for companies of all sizes, managing raw materials, or any kind of product.
This inventory tracking template is a plug and play system that contains formulas and charts. It gives managers an accurate tool to track inventory and stock levels while providing warehouse, store, or office staff with a quick and easy way to check items in and out.
Data from the check-in and check-out worksheets is automatically transferred into your Excel inventory list using the pre-built Excel formulas:
How to download the Inventory template for Excel
The template will simply open directly from your Excel desktop app.
What you get with this template:
The Sheetgo inventory template in Excel contains 4 separate workbooks, each with a different purpose:
- A Check-in tab. In this file, the individual or team responsible records items entering the company. This might include new deliveries to the warehouse, or returned items, for example.
- A Check-out tab. This is where the individual or team responsible registers items leaving the inventory. These may include sold items, materials used in manufacturing, or products that you send to other departments.
- A Current inventory list. Automatically updates the status of your inventory. This provides an overview of your available stock per item.
- A Dashboard. This workbook contains a visual dashboard containing current stock levels. Using pre-built Excel formulas, data flows into this file from the check-in and check-out sheets.
How to use the template
Step 1: Remove sample data
You’ll notice how the ‘Check-in’ and ‘Check-out’ tabs contain sample data.
Remove this data from within the white cells so you can replace it with your own in the next steps.
Step 2: Enter data in Check-in and Check-out
Once you remove the sample data from the ‘Check-in’ and ‘Check-out’ tabs, the ‘Current inventory list’ and ‘Dashboard’ tabs should appear empty.
The ‘Check-in’ tab is where you enter all items you currently have in stock, whereas the ‘Check-out’ tab is used to log sales or items that leave your inventory.
Step 3: The Current inventory list updates automatically
Using the pre-built Excel formulas, the template will now automatically calculate the number of items in your current inventory by deducting the Check-out items from the Check-in items.
Step 4: Monitor stock using the dashboard
The ‘Dashboard’ tab holds your key inventory metrics visualized with graphs and charts.
You can monitor the following:
- Total items in stock
- Top-selling items
- Volume of items per day
- Oversold items
- Sold-out items
- Average check-out items per weekday
And there you have it! In four simple steps, you have downloaded and set up the Inventory management template in Excel.
Share the Inventory management template with your manager
Is someone else in your team responsible for inventory management? Share this blog post with your manager so they can set up the template.
Need an end-to-end custom inventory solution using your everyday tools?
Although the standalone template is a good quick-fix solution, you may find your business needing something more scalable and customizable in the future. Luckily, Sheetgo offers the perfect solution – an end-to-end automated solution built on spreadsheets. Not only is this easy-to-use thanks to the spreadsheet foundation, but you also have the power and features of specialized software that create a tailor-made system that will stand the test of time.
The Inventory solution by Sheetgo is built to transform spreadsheets into automated workflows that take your inventory management to the next level. Sheetgo’s automation experts help you build a unique system adapted to your needs while using the tools your team is already familiar with. As a result, you and your team experience better efficiency and have 100% control over your inventory objectives.
Regardless of the type of inventory management, Sheetgo guarantees flexible and quality solutions. How? By integrating all aspects of inventory tasks: shipping, purchasing, receiving, warehouse storage, turnover, tracking, and reordering.
With the Sheetgo’s inventory solution, you’ll have access to:
- Forms to automatically check items in and out
- Barcode scanner for portable devices (for scan gun use)
- Smart automation schedule
- Customized dashboard to monitor key stock levels and other metrics
- Dedicated support from Sheetgo’s automation experts
- Custom-built project for a long-term inventory solution
- Unique service package for each client
Install the Sheetgo inventory solution here: Inventory by Sheetgo
Inventory management in Excel
Our standalone inventory management template in Excel is a great way to monitor and keep track of stock levels using a tool you already know: spreadsheets. Rather than spending time and money on new software, this inventory management template is an effective and affordable solution.
If you prefer using Google Sheets, take a look at this blog post on Inventory management in Google Sheets.
Alternatively, check out some inventory-related articles below!
Editor’s note: This is a revised version of a previous post that has been updated for accuracy and comprehensiveness.