What are the aspects of inventory?

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Physical parts and space and that is something very important. This is something very serious and you should take a note of this. Once that happens the process will be much easier you need to know what are the options. Once you keep track of the options things become much easier and you will not need to worry about anything else. Since you have made the job much easier for one and all. Make sure that you visit this website https://www.realiaproject.org/excel-inventory-template/, which has got lots of information on this subject and can really give the right way to go about it, this website has abundance of information and can make the process much easier you cannot ask for anything more, this is one of the best things that you may find.

  1. Ordering, this is something one should know about
  2. Storage, this is important.
  3. Production and distribution and needs to have proper information on this.

What is contained in a basic template for excel inventory?

  1. Product number
  2. Product name
  3. Item description
  4. Item price
  5. Item cost
  6. Item stock
  7. Quantity to reorder
  8. Quantity sold(optional)
  9. Time to reorder
  10. Item discontinued
  11. Total inventory value

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Excel formulas can be used automatically to calculate various information like total sales, total profit, total stock, among others. Such formulas include:

  1. SUM

This function can be used to add the figures in the cells. This SUM formula is written as =cell*cell

  1. SORT

This allows you to order your inventory by number size or color. If any of the data is entered incorrectly, the sort function will also be incorrectly.

  1. RANK

This function ranks items based on sales quantity, inventory quantity, among others. This is something very important and can give amazing results and you can go in for this and you will be able to get good results in quick time and you cannot ask for something more.

For accuracy in tracking your inventory, the following are the ways of managing Inventory spreadsheets:

  1. Update immediately-excel inventory is not real time but should be updated as often as possible. This will give you good results in quick time.
  2. Avoid mistakes in excel inventory- it is very difficult to find errors in excel inventory spread sheet unless you know what you are looking for. To minimize these errors, self-auditing and daily review are essential. This will make the process much easier and that is something important that you need to keep track of and once you do that then the process will be much more you cannot ask for something more.
  3. Use the cloud-this can ensure multiple editing at once, is interactive. Google’s alternative can also work well.
  4. Consolidate data-this can be done for a period of one month and also quarterly. Special attention should be given to holidays and special occasions. One of the most commonly used method of consolidating data in excel is by use of ‘pivot table’.
  5. Review data- excel spreadsheet, being a tracking tool, should be able to calculate everything that you are tracking. For example; calculating profits based on sales or actual per item profit; calculation of sales tax among others.
  6. Audit and review-human errors during data entry are common mistakes. It is advisable to daily keep track of everything on paper as well as on excel so as to minimize these errors.
  7. Know when to upgrade-as the business grows, it becomes tedious to use excel in inventory management. You should know when to upgrade to other inventory management soft wares like Trade Gecko.

Trade Gecko allows for management of entire sales, inventory, accounting and operational processes all from one dashboard.

How to create a Pivot Table in Excel

What are the Main components of any Inventory Management System?

There are three main components of any Inventory Management System:

  1. Time-This is the time taken for inbound, process and outbound logistics. This entails time taken for delivery, transfer (material loading in production line) production, packaging, and distribution. This will give you the frequency and quantity needed for smooth running of business operations.
  2. Buffer Stock-this is the emergency stock business entities keep to cushion for any unexpected occurrences like new customers, delays in shipment among others.