Taking the time to consolidate your data monthly allows you to create charts that outline how much you sold in each period. While they may seem a little complex at first, don’t worry most of them are easy to get the hang of. You can modify Microsoft's basic free template (available when you open Excel) to your needs, purchase a template, or create your own.įormulas can increase the value of your Excel spreadsheet while reducing the headache and stress involved with calculating numbers. You can then use Excel formulas to automatically calculate information for total sales, total profit, and organize your inventory based on products that sell the most using a few simple formulas. If you would like to gain a deeper understanding of crucial inventory management techniques and how you can apply them to your business, download our free eBook: Inventory Management: Everything you need to know.
Time to reorder, whether or not the product has been discontinued, total inventory value, and other functions are also very useful, but the more columns you have, the more difficult it is to keep up with everything.
Setting up your Excel inventory list templateĪ basic template for your Excel inventory should include the product number, product name, item description, item price, item cost or value, item stock, quantity to reorder, and, if you want to update sales quantity or value, quantity sold.
