Inventory for eCommerce and other types of businesses is crucial, and keeping track of it is even more important. Thankfully, we have Microsoft Excel that will enable you to manage your inventory system.
Why Excel?
Excel is the "widest used spreadsheet program for Windows, macOS, and Linux".
It is a powerful tool that can help you to analyze, organize, and present your data. Better yet, you can use it to track your inventory and save time and money, so you can focus on making your business grow.
How to Track Inventory with Excel
Inventory tracking with Excel is fairly simple.
Here is a simple structure to set up a simple inventory system in Excel:
- Open Excel
- Click cell A1
- Type 'item' in the cell.
- Click cell B1
- Type 'Amount'
- Click cell C1
- Type 'Cost'
You can also use a ready-made template on Microsoft Excel:
- Click the search bar and search for inventory list templates. Type 'inventory list.'
- Choose a template that best suits your needs.
- Click 'Create'
- Enter your inventory information. You can change a pre-filled cell by double-clicking it and deleting the number of word and enter the information you need.
- Save your work.
A good inventory management system is a key part of efficient and responsible running of any business. With the help of Microsoft Excel, you can solve this problem and simplify your inventory system.
A few important tips to remember when creating an inventory system:
- Don't forget to edit your stale inventory items.
- Enter only the items that you have in stock.
- Don't forget to update the stock when you receive a new order.
- Update the stock as soon as you sell your items.
- Don't forget to destroy the stale stock.
- Don't forget to update your inventory whenever a new item appears in your store.
- Make sure to save your inventory system regularly to avoid any losses.
- Always store your inventory system on a separate computer from your POS system.
Microsoft Excel vs. Inventory Management Software
There are some software programs that can help you to manage your inventory in a much faster and more efficient way.
These programs can help you to track your inventory, calculate costs and profits, and plan your business, including sales, and much more.
You can find plenty of such packages on the Internet, such as Microsoft Office 365 and QuickBooks.
Using one of these programs, you can manage your inventory by using your PC, laptop, iPhone, or even a tablet, which will help you to manage your business on the go.
However, to use these programs, you need to invest your time and money. Using Excel will be much less expensive, and you don't need to spend hours exploring the software package and learning how to use it.
Microsoft Excel is a much cheaper solution, and all you need to start using it is to download it. If you have it installed on your PC or laptop, you are ready to start using it.
You can use it anywhere because all you need to work with is a PC or a laptop, and this is not the case with other solutions.
In a Nutshell
The Excel inventory system is one of the most popular ways to create an inventory system.
Suppose you are running an eCommerce business, a small business, or a brick-and-mortar store. In that case, you can use a Microsoft Excel inventory system to manage your inventory fast and effectively.
This article is owned by TechTimes
Written by April Fowell
