Nomatter ifyou are launching your inventory management processes orjust want totry something new, inthis article you’ll find afree and completely ready-to-use spreadsheet template and our detailed instruction onhow toadapt ittothe needs ofyour business. Let’s learn how towork with the template with the example ofMr. Chopra and his startup.
Start your acquaintance with the world ofinventory management with our guide for beginners. Here you’ll find basic techniques and trends, learn how tofight challenges and implement the most efficient practices.
Read more about inventory management
- Kladana’s Free Inventory Management Template
- How toUse Excel Template in7Steps
- Tips for Using aPremade Inventory Form
- Why DoCompanies Use Excel inInventory Management
- How Does Inventory Management inSpreadsheets Work
- What isanInventory Template inExcel Format
- What Makes aPerfect Inventory Management Excel Template
- Advantages ofEmploying Excel for Inventory Management
- Drawbacks ofusing Excel for inventory management
- Frequently Asked Questions onthe Inventory Management Template
Kladana’s Free Inventory Management Template
Ifyou’re currently onthe path tobuilding aneffective inventory management process and need asimple tool that does not require complex installation and can beused right away, our premade Excel form ishere tohelp you.
Itserves several essential features tohelp businesses efficiently track and manage their inventory:
- Item Information. The template provides astructured way toinput and organize information about each inventory item. This includes item barcodes, descriptions, locations, and other relevant details.
- Quantity Tracking. Itallows users torecord the quantity ofeach item instock. This iscrucial for keeping anaccurate account ofavailable products and tracking stock toavoid stockouts oroverstock situations.
- Categories and Classification. This helps inorganizing products and makes iteasier toanalyze and manage specific groups ofitems.
- Supplier &Customer Information. The template includes asection for counterparties’ details. This can behelpful for maintaining relationships with suppliers and customers and ensuring asteady supply ofinventory.
- Stock Updates. The template includes features for calculating the current quantity ofitems. This isuseful for reporting and planning purposes.
This inventory management form isfree. Just click the button and download the template. Below inthis article, you can find detailed instructions onhow touseit.
Ifyou opt for Excel stock management and don’t want tostart from scratch, try our free Excel inventory template.
How toUse Excel Template in7Steps
MrChopra launched his first startup afew months ago. Heexports sea and river fish, sohenamed his company Swordfish. Over time, asthe initial burst ofenthusiasm faded, Mr. Chopra found ithard tokeep track ofproduct inventories, customer orders, supplier deliveries, and product balances inthe warehouse.
Sometimes the notes hemade inthe notebook torecord inventory were incomplete, sohehad togotothe warehouse todothe inventory counting. Since only hecould understand his writing, his employees could not help him.
Hesoon realized heshould upgrade his inventory management system tosave his business. Today hehas downloaded our Excel management template. Let’s learn how touse ittogether with Mr. Chopra. Follow 7steps tostart streamlining your inventory processes.
Step1. Make aCopy ofthe Template
GotoFile menu → Make acopy → Rename the document the way you want.
Step2. Input Item Characteristics
Gotothe Sheet named Inventory → Fill indata onall your products with their variants, UOM, and packaging. SKU, serial number, and barcode tracking could help you identify your items. Locations &bins are handy atawarehouse— thus every product has its storage place, itcan’t belost, and receiving &shipment take way less time.
Step3. List All Production, Warehouse, and Retail Premises
GotoRecord Point sheet → indicate all your shops, showrooms, warehouses, and production facilities.
Step4. Record the Information about Your Contractors
Inthe sheet named Counterparties input the information about the companies you trade with.
While filling inrelevant data, use unique codes toidentify each customer orsupplier. Also, you can set particular statuses for your counterparties. For instance, you can give discounts toyour regulars.
Step5. Record the Recevings
Choose the correct options, set the date, the number ofreceiving, the quantity ofgoods, and the price ofeach product. The information about items, suppliers, supplier codes, record points, locations, and bins isbased onthe previous sheets. The total will becalculated automatically.
Step6. Fill inthe Information about Each Shipment
Choose the items you are shipping, select the correct shipment date and customer information. Make sure tochange purchase prices tothe sales prices. Also, you need tospecify shipment &destination points. The data here isalso based onthe previous sheets.
Step7. Check out the Stock Sheet
The information here isbased onthe data from Inventory sheet and the calculations from Receivings and Shipment Sheets. Knowing what products you have onhand, you’ll sell only available items, and you’ll beable toorder new supplies ifthe stock isinsufficient.
Start working oninventory management with Kladana free inventory management sheet.
Bonus
You can use the template, modifyit, and customize itfor your needs. Ifyou’d like tofully automate inventory management, run the business processes faster and more accurately and get lots ofadditional functions like generating barcodes, regular inventory countings, alerts for low stock, online sales tools, business profitability calculations, etc., then visit the last sheet ofthe form and try Kladana ERP.
Read Kladana customers’ case stories and blog articles, request ademo tostudy the features, and try our 14—day free trial.
Schedule a Free Demo with Kladana Expert
Read‑alikes
4Free Purchase Order Templates with aStep‑By‑Step Guide: Excel, Word, and Google Sheets Format
Inventory Management Guide for Beginners: Techniques, Challenges, Best Practices, and Trends
Inventory Counting: Step‑by‑Step Guide onHow toConduct and Access the Results
Tips for Using aPremade Inventory Form
You can make Excel inventory management templates more efficient and secure the data you enter. Follow these simple tips toensure all the calculations are correct.
Input the information specific toyour company
It’s quite expected that you won’t find all the necessary positions inaready-to-use inventory template. Add the missing ones, but make sure that new information input doesn’t break the correlations between indicators ondifferent sheets ofthe table.
Customize the premade template according toyour needs
Change category names, and highlight indicators indifferent colors. You can also create anew sheet with supporting materials: links tothe necessary documents, information about products and their characteristics, etc.
Make regular updates
Periodically review and update the inventory form toaccommodate any changes inyour inventory management process. This ensures that the form remains relevant and effective over time.
Manage User Permissions
Control access tothe form bysetting user permissions. Not everyone may need full access, soassign appropriate roles tomaintain data integrity and security.
Implement Quality Control Checks
Establish regular quality control checks toverify the accuracy ofthe data entered into the inventory form. This can involve physical counts, spot checks, orreconciliations with other records.
Schedule Backups
Implement asystem for regular backups ofyour inventory data. This precautionary measure helps incase ofaccidental data loss, human errors, orother unforeseen issues.
Why DoCompanies Use Excel inInventory Management
Small and medium‑sized businesses often turn toMicrosoft Excel asareliable and accessible tool for managing their inventory. Excel provides auser‑friendly interface that doesn’t require extensive training, making itanattractive option for businesses with limited resources. Its versatility allows businesses tocreate customized inventory tracking systems tailored totheir specific needs.
Excel’s spreadsheet format enables straightforward data entry, organization, and analysis. Itprovides businesses with aclear and concise overview oftheir stock levels, sales, and order history. Additionally, Excel’s affordability makes itanideal choice for budget‑conscious businesses seeking apractical solution for inventory management.
With its widespread familiarity and ease ofuse, Excel remains apopular choice among small and medium‑sized enterprises, offering acost‑effective means tomaintain control and visibility over their inventory processes.
How Does Inventory Management inSpreadsheets Work
Utilizing spreadsheets for inventory tracking allows businesses tomaintain acomprehensive and organized record oftheir stock levels, ensuring astreamlined and inexpensive operation.
The process begins with creating adetailed spreadsheet that includes essential information such asproduct names, descriptions, quantities, prices, etc. Regular updates, facilitated bymanual entries orthrough integrated data feeds, help businesses stay synchronized with the stock movements. Excel’s user‑friendly interface allows businesses tocustomize formulas and functions for calculation ofkey metrics like reorder points and inventory turnover. Italso provides valuable insights into the health oftheir supply chain.
Convenient formatting and visual aids help Excel become anintuitive dashboard, offering aquick overview ofinventory status, impending stockouts, oroverstock situations. This DIY approach empowers businesses totailor their inventory management tospecific needs and ensures acost‑effective solution for those who are navigating the intricacies ofsupply chain management.
What isanInventory Template inExcel Format
AnInventory Template inExcel Format serves asacomprehensive and user‑friendly tool for SMEs toefficiently manage their stock levels. This template isapre‑designed spreadsheet that gives businesses the possibility toorganize, track, and analyze their inventory data seamlessly within asingle software. Ittypically includes columns for item names, descriptions, quantities, unit prices, total values, etc, and provides astructured format for businesses toinput and monitor their stock information.
Excel’s familiar interface ensures ease ofuse for individuals with varying levels ofspreadsheet proficiency. The Inventory Template inExcel not only helps inmaintaining areal‑time snapshot ofavailable stock but also aids inidentifying trends, optimizing reorder points, and minimizing the risk ofoverstock orstockouts.
This accessible and free solution empowers businesses tostreamline their inventory management processes, fostering improved decision‑making and overall operational efficiency.
What Makes aPerfect Inventory Management Excel Template
Awell‑designed Excel template can become anabsolute game‑changer inthe sphere ofinventory management. The perfect template should exhibit auser‑friendly interface, allowing even those with limited Excel proficiency tonavigate effortlessly. Itshould feature clear sections for item descriptions, quantities, and costs, and ensure comprehensive tracking ofstock levels and financial implications.
Additionally, agood template integrates formulas and functions toautomate calculations and minimize the risk ofhuman errors. Visual indicators such ascolor‑coded cells for low stock alerts orreorder points add anextra layer ofefficiency.
Furthermore, the ideal inventory management template accommodates flexibility and allows businesses tocustomize fields based ontheir specific needs. With these elements inplace, businesses can harness the power ofExcel tooptimize their inventory processes, enhance decision‑making, and ultimately foster growth.
Advantages ofEmploying Excel for Inventory Management
Excel proves tobeaninvaluable tool for those who seek cheap and user‑friendly solutions that don’t require complicated installation and customization processes.
One ofthe key advantages isits accessibility. Excel iswidely available and familiar tomany users and requires minimal training. Additionally, its customizable templates allow businesses totailor inventory sheets totheir specific needs, whether it’s tracking stock levels, monitoring sales, ormanaging reorder points. The simplicity ofExcel ensures quick data entry and efficient updates and enables businesses tokeep real‑time tabs ontheir inventory status.
Moreover, Excel facilitates data analysis and reporting and empowers businesses tomake informed decisions based onaccurate and up‑to‑date information. With its affordability, flexibility, and user‑friendly interface, Excel emerges asapractical choice for small and medium businesses who want tostreamline their inventory management processes.
Drawbacks ofusing Excel for inventory management
While Excel isawidely used tool for inventory management insmall and medium businesses due toits accessibility and familiarity, itdoes come with its share ofdrawbacks. One significant limitation isthe lack ofreal‑time updates and automation.
Excel requires manual data entry, making itprone tohuman errors and delays inreflecting the actual inventory status. Asbusinesses grow, managing extensive product lists and multiple transactions becomes increasingly complex inExcel, leading topotential inaccuracies and inefficiencies.
Moreover, Excel does not offer advanced features for demand forecasting ordynamic reporting, hindering businesses from making informed decisions based onevolving market trends. Additionally, Excel lacks robust security measures, making itvulnerable todata breaches orunauthorized access, posing arisk tosensitive inventory information.
Asbusinesses expand, the limitations ofExcel may become more pronounced, necessitating consideration ofmore specialized inventory management solutions toensure accuracy, efficiency, and data security.
Frequently Asked Questions onthe Inventory Management Template
Discover answers totypical questions about managing inventory using spreadsheets.
What isthe significance ofinventory management inExcel?
Inventory management inExcel iscrucial for businesses totrack, organize, and control their stock levels. Itprovides acost‑effective solution for small tomedium‑sized enterprises tomanage inventory without investing incomplex software.
IsExcel suitable for large‑scale inventory management?
While Excel isideal for small tomedium‑sized businesses, itmay not bethe most efficient option for large‑scale inventory management. Asabusiness grows, it’s advisable toconsider dedicated inventory management software for more advanced features and scalability.
DoIneed advanced Excel skills touse the inventory templates?
No, the provided inventory templates are designed tobeuser‑friendly, even for individuals with basic Excel skills. However, some familiarity with Excel functions such asdata entry, formulas, and basic formatting will behelpful.
Can Icustomize the templates tofit myspecific business needs?
Yes, the inventory templates are customizable. You can adapt them toyour specific business requirements byadding orremoving columns, adjusting formulas, and modifying formatting tosuit your preferences.
Are there any specific system requirements for using these templates?
The inventory templates are compatible with Google Sheets and Microsoft Excel. Ensure you have them onyour computer ordevice touse these templates. The templates should work with both Windows and Mac operating systems.
How often shouldI update myinventory records inExcel?
Regular updates are essential tomaintain accurate inventory records. It’s recommended toupdate the sheet each time there isanew stock arrival, asale, orany other inventory‑related activity toensure real‑time tracking.
Can Iuse these templates for multiple warehouses orlocations?
The provided templates are designed primarily for single‑location inventory management. Ifyou have multiple warehouses orlocations, you may need toduplicate and customize the templates for each site orconsider more advanced inventory management solutions.
Istechnical support available for assistance with the templates?
Unfortunately, direct technical support isnot provided for these free templates. For more extensive support, consider consulting with Excel professionals orseeking assistance from relevant online communities.
Are there any security concerns with using Excel for inventory management?
While Excel itself issecure, it’s important totake precautions toprotect your inventory data. Use password protection for your Excel files and restrict access toauthorized personnel only. Regularly back upyour data toprevent loss incase oftechnical issues orhuman errors.
Can Iintegrate these Excel templates with other business software?
These templates are standalone files and may not integrate directly with other business software. Ifyou require integration with other systems, you might want toexplore dedicated inventory management software that offers seamless integration options.
