Director of Marketing, SortlyShahzad Karachiwala
Excel is an inexpensive way to keep track of inventory, although it does have limitations (and room for error) that inventory management software does not. A spreadsheet offers virtually endless columns for categorizing and sorting the data you need. You can create a spreadsheet or download a pre-filled template to help you manage your inventory.
Use a spreadsheet to track important inventory information like each product’s SKU, barcode, description, location, quantity in stock, reorder point, value and more. You can also include expiration dates, customized notes and pictures.
If you wish, you can include formulas and calculations on your spreadsheet. And you can create a workbook with interdependent spreadsheets, or tabs, each displaying data differently. But before you begin tracking data, ensure you’re capturing the right details.
Before you begin entering data in Excel, make a list of categories and calculations that you’ll need for inventory tracking.
Below are categories—some commonly used in inventory management software—that you might want to include in the columns of your Excel spreadsheet:
You can add formulas to your inventory spreadsheet. And you can use the Help feature in Excel or search online for tutorials on how to create formulas. Think about what calculations you’ll need. Some examples include:
You’ll need additional spreadsheets, categories, and calculations to track sales, business performance, and other data.
You can complete a blank spreadsheet and enter the categories and formulas of your choice.
It’s easy to find and download a pre-filled inventory template in Excel or by searching online.
Search in Excel
You’ll see a display of a variety of inventory spreadsheets and descriptions of their function. When you think you’ve found a match for your needs, click Create. Save and name the original version. And save yourself some time and frustration by using a separate copy as a playground for testing out the formulas and features.
You can search online for an Excel inventory template. You’ll find free templates for download. And there are templates you can buy—some with advanced features like those offered in inventory management software but not as robust.
Inventory management software simplifies the process. Some features include:
Before you begin typing data in Excel, why not check out an inventory management app? Get started with a free trial of Sortly.