Business industries dealing with goods sold to their customers carry with them the responsibility of properly handling these goods in inventory to maintain a good amount of business sales. The use of inventory management is common in these industries which include a business guide to inventory control.
A product inventory within these processes of inventory management provide the tools to monitor and to manage the transactions pertaining to the inventory of a business. Proper inventory control is essential for a business asset since there are business loans like inventory financing requiring an effective inventory management from a business loan applicant. Here are various samples of product inventory templates you can sift through and download.
Key Information on a Product Inventory Sheet
Handling of product inventory in a business would entail the need of a sheet to record the necessary information regarding the inventory. As depicted on the simple inventory templates and retail inventory templates on this website, here are the key information seen on the product inventory sheet:
- Received stocks – This information pertains to the delivered goods from prior purchase orders given to the supplier. These stocks are counted upon receipt in reference to the purchase order issued. The counted goods are then recorded as additional inventory on the product inventory sheet.
- Inventory transfer – The ins and the outs of inventory in the storage should be monitored and managed by recording these transfers on the product inventory sheet. The inventory sheet provides a space for each item which each product transfer is recorded by the inventory personnel.
- Variance control – At the end of a period, a physical count of inventory is made forming part of the actual count column on the product inventory sheet. These amounts are then compared to the computed book inventory record. If there is a difference, this variance is then looked into to know the root cause and to address these causes properly.
Tips to Using Product Inventory Templates
Management of inventory is an important part of business’s operations. This aids in the smoothness of providing products to customers, which eventually leads to the company gaining customer trust and product sales. The use of a product inventory template can help maintain that efficiency in inventory management with the following tips:
- Choose an easily formatted product inventory template. There are inventory templates like the sample supply inventory templates on the web which is formatted relevant to a user-friendly computer software application. Use an Excel or a Word format template for your product inventory management.
- Keep a copy of the product inventory template for future use. Once you have downloaded the product inventory template, you can add the name of your business, the logo design, and the information aligned with your inventory management policies. Save the edited template with another file name and keep the downloaded template for future use.
Product inventory is one of the business assets that needs attention and management since it affects a company’s profit and expenses directly. These product inventory template samples provided different forms which can be used to effectively manage and accurately record product inventory. These templates are easily downloadable for your utilization.