Is there a part of your company that lends out equipment or supplies to employees? Maybe you’re a company lending items to customers, such as sports equipment or cars? Keeping track of which objects are in stock is essential, whether you’re lending internally or externally. Having an automated system to manage your lend-out inventory is the best way to keep track of operations. It avoids the risks linked to manual work, such as human error or out-of-date information.
Purchasing lending software is one option, but this is extremely expensive and requires extra training. The most practical solution is to create a custom solution using the program you already use daily – Microsoft Excel. This article will explain how you can implement an automated, easy-to-use inventory lending system using Microsoft Excel into your business. All from a pre-built Lend-out inventory template by Sheetgo.
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Why choose Microsoft Excel to manage inventory lending?
Microsoft Excel is known for its ability to store and manage large amounts of data easily. Here are just some of the reasons why Excel is a great tool to use to help manage your inventory lending:
- Flexibility: Excel allows you to build an inventory system from the ground up. When working in a Sheetgo Lend-out inventory template with excel, you do not need other software or coding knowledge.
- Accessibility: In Excel, you can collaborate with all your team members; they simply need a link to the file and a stable Wifi connection.
- Compatibility: You can easily integrate other software or tools already used in your business in Excel. This allows you to incorporate data from other departments in your lend-out workflow.
- Ease of use: Every corporate employee has a basic knowledge of Excel. As a result, there is no need to teach your employees how to navigate the tool. The lend-out system is straightforward and clear to use.
What is a spreadsheet-based workflow template?
A basic spreadsheet template is usually a file that contains layouts, charts, and pre-built tables. On the other hand, a Sheetgo workflow template is an entirely integrated system consisting of several Excel files that interchange data through Sheetgo connections.
As a result, you can transfer your data from various sheets without having to open your files.
With a spreadsheet-based workflow template, you benefit from:
- Organization and data privacy: Every file within the lend-out template represents a specific task. When employees enter data into their corresponding spreadsheet, the information automatically flows to the supervisors’ inventory dashboard.
- Scalability: Although sharing your files in Excel is possible, it can become slow and bulky. But when you divide the data over multiple spreadsheets, the system remains smooth and efficient. Furthermore, the Lend-out inventory template in Excel is simply a starting point. If you want to expand the lend-out system and add more data input spreadsheets, you can simply duplicate one of the files and share it with a new colleague.
- Integration: When using a spreadsheet-based workflow, it’s easy to combine data from different departments and sources. You only need a few moments to connect a finance workflow to an inventory workflow, which makes generating reports for the managers less time-consuming.
What you get with this template
The Lend-out inventory template by Sheetgo consists of three Excel files:
- 1 Check-in spreadsheet: Where you record the items that have been returned.
- 1 Check-out spreadsheet: Where you record the items you are lending out.
- Inventory lending master sheet: Owned by the manager. The master sheet receives data from both the Check-in and Check-out spreadsheets. As a result, the manager can view an automated dashboard that provides an overview of the most recent stock level data.
How to get the Lend out inventory template
Click the blue button below to install Sheetgo’s Inventory lending template for Excel:
- Create a Sheetgo account or log into your existing account using Microsoft, Google, or Dropbox.
- Click on the Install template button and select your preferred storage platform to save a template copy.
- Wait momentarily while Sheetgo gets your workflow ready.
How to use the Lend out inventory template
Step 1: Fill out the items database
Open the Inventory lending master sheet and click on the Item Database (Input) tab.
Replace the sample data with all of the inventory items that you lend out.
Please note: You can edit your data directly from the Excel desktop app. Please make sure the sync is enabled to sync to the online version.
Step 2: Run the workflow
It’s time to update the Check-in and Check-out templates with your inventory items. To do this, you need to run the workflow to transfer data from the Master sheet to these files.
Head to Workflow and click on the Run button near the bottom left-hand corner of the screen.
Start tracking your inventory automatically
Step 3: Delete the sample data
There is also sample data present in the Check-in and Check-out spreadsheets. Clear this data before filling out your own in the corresponding columns.
Step 4: Share the input sheets with your colleagues
Share the Check-in and Check-out spreadsheets with the people responsible for monitoring inventory. Simply open each file and click the Share button located in the top right corner.
Add the email addresses of the team members you’d like to share with, and click Send.
Step 5: Start to use the template
Now your team can fill out the spreadsheets:
- Check-out: When an item is borrowed, track it by selecting the item name in the dropdown menu, filling in the name of the borrower, and entering the number of borrowed items.
- Check-in: Upon the return of an item, select the item name and type in the name of the borrower.
Start tracking your inventory automatically
Step 6: Automate your workflow
Once the system is set up and team members are entering data on a regular basis, you have the possibility to automate the workflow so you always receive the latest updates.
To do this, enter Workflow and click Automate. Create a custom schedule by choosing how often you wish to run your connections for data updates. Once finished, click Save.
How to extend the Lend-out inventory template
Now the process of setting up your Lend-out inventory template in Excel is complete, you can still adapt the workflow to your company’s needs by adding more Sheetgo connections. To do this, access the workflow and simply click +Create connection.
Here, simply add your other spreadsheets and connect to the Master file for a complete overview of your data sources.
If you want to set up a more complicated system, or need support adjusting the current template to your needs, set up a meeting with a Sheetgo automation expert.
Excel inventory lending template
And there you have it! Now that your system is up and running, you’ll now receive real-time updates on your lending system, and can monitor your operations without having to open your spreadsheets!
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Interested in other Excel inventory templates?
Sheetgo has a large number of templates to choose from. Take a look at our Inventory barcode scanner system to find out how you can easily scan items in and out of your stock.
Alternatively, take a look at related blog posts below.