Inventory management is an important step in the supply chain for any industry. It is here that the company’s main assets and other stock items are monitored, and their movement in and out of the stockroom is supervised. This process requires hypervigilance and keeping track of many items that the company is in the business of buying and selling. It is here that inventory-tracking tools are most needed.
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This Microsoft Excel Inventory Tracking Template is great for those without an inclination for more fancier inventory tracking software. Have you just started a company in the business of producing and/or moving manufactured goods and not sure how to start with tracking inventory? Here we have provided one great example of a tracking spreadsheet you can download for free.
Equipment Inventory Tracking Spreadsheet
Why Do I Need to Track Inventory?
Tracking and controlling your inventory is a key element when running a business. Your inventory is your primary asset, and you must not lose track of certain details regarding it:
- How much inventory there is left
- How much inventory was sold
- When the inventory was acquired or sold
- How much you paid for the inventory
- Where the unsold inventory is being stored
- Who granted you the inventory (the grantor)
- To whom you are granting the inventory (the grantee)
There are naturally a lot of details involved, and keeping all of them on one Tracking Spreadsheet Template is a great, relatively painless way to start bringing operations under control, especially if your company is still in the beginning stages.
Your simple Excel Inventory Template can help you identify at a glance whether you are carrying too much inventory that needs to be moved or whether you don’t have enough in stock.
- Holding too much unsold inventory would mean you are tying up capital that you could have been using to invest in other areas of your business.
- Holding too little inventory means you’re running out of stock and may soon lose a source of revenue unless you resupply.
To have just the right amount, you will have to have some version of a tracking tool.
How Do I Use This Spreadsheet?
This is a single-page spreadsheet that will not overwhelm you if you are just starting out. It is simple but lists the complete range of details you should be keeping an eye on regarding your inventory:
- Grantee of the inventory
- Fiscal year
- Description of the asset
- Vendor (grantor)
- Serial number (especially important for large, expensive assets like machinery and vehicles)
- Title holder
- Acquisition date
- Location of asset
- Transfer information
- Others that you can add or delete, depending on your need
This example is used for tracking equipment as the assets of a hardware supplier, but you can easily apply it to your own business. All you have to do is download the spreadsheet, open in Excel, modify the areas to mirror your company and assets, and faithfully type in the details.
In this way, it is a form of manual inventory tracking. There are automated ways that you can look in to, but this will require other software that links with any system you use to record sales transactions and inventory movement.
Other Examples of Inventory Tracking Tools
You can use this single-page Inventory Spreadsheet for an easy introduction to the process, but once your business starts picking up speed and you need something else, you might want to check out other options we supply here on Template.net for free: