Inventory Tracking Excel Template: Definition, Benefits and Examples
By Indeed Editorial Team
Published September 10, 2021
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
When a business has inventory to manage and track, there are many tools it can use to help it fulfill these duties. One such tool is an inventory tracking Excel template, an application that uses an intuitive interface and simplistic layout to help you easily maintain, control and monitor the flow of your inventory and stock. If you want to optimize your inventory tracking processes, this Excel template may benefit you significantly. In this article, we discuss what an inventory tracking excel template is, review why it's important and provide some examples for you to reference.
What is an inventory tracking Excel template?
An inventory tracking Excel template is a spreadsheet document that allows you to store and track your inventory in a simple and effective manner. The term "template" represents the specific way in which you format the layout and functionality of the Excel spreadsheet. There are numerous options to help you create a template that fits your practical needs and aesthetic preferences. When you craft one of these documents, ensure that the template is legible, easy to navigate and readable for yourself and other people who may need to reference it for their own business purposes.
Whether you operate an e-commerce store or a small local business, inventory management is an essential task for any company. An inventory tracking template simplifies this process because the document is already accessible. You can directly input your data into the template and begin working on it from there. There are also premade Excel templates you can download and use. While templates may have differences, there are some essential features of an inventory tracking Excel template to consider, including:
Reorder (auto-fill): After an item meets its minimum stock quantity, it can automatically flag you in this column.
Reorder level: This feature allows you to set a minimum stock quantity. When your inventory reaches this level, it can alert you in the reorder column.
Days per reorder: After inputting a product lead time, you can identify the number of days it takes to get your stock after ordering it.
Item reorder quantity: You can record how many inventory items to reorder once the product quantity in the remainder of the stock drops below the specified reorder level.
Inventory value: Setting the inventory value lets you see the entire stock of your inventory instantly. You can use this column to multiply your stock quantity and item cost to provide you with the complete inventory value for the specific product.
Why is an inventory tracking template important?
An inventory tracking template is important because it allows you to monitor, update and manage the movement of your inventory. This is crucial when you have large amounts of inventory and need an efficient way to keep track of it all. Here are some of the additional benefits to using a tracking template:
Easy to view: Inventory tracking templates compile significant amounts of data into a simple formatting system. This ensures that the content within the template is easy to view and understand.
Customizable: You can customize the template to fit your specific needs. There are many additions and tools you can use to modify the functionality and overall look, ensuring that you can personalize it to your business.
Discover inventory discrepancies: With all of your data compiled in one document, you can view all of your inventory in its entirety. This allows you to discover errors or discrepancies within the inventory system, like missing items or inventory that inaccurately repeats itself.
Accessible: As long as you have a computer, you can easily access the Excel template. This tool is also compatible with mobile devices, ensuring that you can access your inventory and track it from anywhere.
Shareable: The Excel application offers users the ability to share documents with other people and even set certain restrictions for who can modify or change them. This feature gives you full control and ensures that you can let someone else access it through mediums like email or online storage spaces.
Provides important insights: The information that you gather from within your tracking Excel template can provide you with powerful insights about what's going on with your inventory. You can use this data to help you make more informed and relevant business decisions.
Intuitive: The intuitive capabilities within an Excel template document ensure that you have an easier time when using it. These features include automatic updates, saved revisions and the ability to link one template to another.
Inventory tracking excel templates
When you're ready to select a tracking template, consider several factors in your decision, like your purpose and the type of inventory you're monitoring. Here are a few options you can choose from, such as:
Assets can include items like tools, computer hardware, repair equipment, electronic components and other fixed assets that you cannot directly convert into immediate cash. If you have a significant amount of long-term use asset items to manage, then you may not need any special features or add-ons to achieve your purpose of tracking them accurately. A basic template might categorize each item by their family type, such as computer components, construction components or plumbing tools.
Check out inventory
This type of inventory template is useful if you frequently let people check out your equipment, tools, wares, books and other items. You can keep track of each person and the item they've checked out, including how long they've had the item for and when they need to return it. This type of inventory tracker can be simple and may need only the person's name, the item, checkout time and check-in time. You might even print out this template, another capability of the Excel application.
This is an inventory sheet that helps you to track and document the assets within your home. This is especially useful for preparing against damage to your home and needing to make an insurance claim for all of your personal belongings. When creating this Excel template, include the items that you believe are the most valuable or costly to replace. You might also input the location where you keep them in your home. You can categorize your home goods and items into different categories, like electronics, furniture and jewelry. List each item separately and include how much they cost.
Tracking stock inventory is crucial for a business that has to maintain large amounts of inventory, like materials, textiles, equipment and merchandise. This type of template helps you view how much stock you have left in your inventory so you can determine whether you have access to stock or need to place more orders. This template can be simple if you have a small business. Companies with larger stock and a wider range of items may need a template with more useful features, like complex formulas.
Please note that none of the products mentioned in this article are affiliated with Indeed.
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