Inventory Management Templates are ready to use templates in Excel, Google Sheets, and Open Office Calc that help you to manage and track your inventory.
These templates keep track of products purchased and sold by a business. It also contains information such as the amount in stock, unit price, and stock value, etc.
Furthermore, it also provides the cost of inventory for preparing the Profit and Loss Accounts at the time of the finalization of accounts.
Additionally, you can also know the exact inventory levels of each product. You can set a re-order quantity and the template will highlight the products to re-order.
With these inventory management templates, you can quickly analyze the purchases/sales patterns for a particular period. Thus, it helps you to know about the best performing products.
What is Inventory Management?
Inventory management is the process of monitoring and maintaining purchase, sales, and stock of goods to ensure the availability of supply at the time of disbursement as well as saving dead stock.
This process involves:
- Managing proper purchase.
- Proper Storage of products.
- Proper Dispatching and reporting of products.
- Monitoring Product-wise Sales.
- Analyze the Stock movement.
Usually, small and medium-sized businesses use manual stocking tools to manage their inventory. Most of these manual stocking tools are made in Excel or other spreadsheet software like Google Sheet and Open Office Calc.
Inventory Management templates vary for different business types such as Retailers/wholesalers, Hotels, Real Estate, etc.
Importance of Inventory Management
Inventory management plays a vital part role in any business. Improper inventory management leads to a loss in the form of customer loss as well as dead stock. Hence, it is necessary for any business to effectively manage the supply channel from warehousing to the fulfillment of orders.
Decrease Storage Costs
Excessive storage of inventory leads to extra costs on products and eventually lead to additional expenses. Inventory management helps us to define the proper ordering system and hence save us from unnecessary storage costs.
Purchasing of excessive products can lead to higher dead stocks. Inventory tracking helps the business to know the fast-moving products of a business. Hence, it can save you from over-ordering the products.
Moreover, there are chances of theft by employees or handling staff. If a business manages timely checks and recounting of products regularly, it can save us from such losses.
In today’s competitive markets, a business must-have product availability, especially in the e-commerce business. Proper re-ordering system and timely execution can help easy product availability and customer acquisition.
Minimize Order Processing Time
Every e-commerce business has to maintain quick order processing time. Proper inventory management leads to decrease the processing time. Moreover, this helps to increase sales.
Manage Multiple Sales Channels
When a business sells products on multiple sales portals it demands a high level of accuracy to keep products available on every channel. Proper inward and outward entries help you to manage multiple sales channels with ease.
Outward inventory entries help us to define sales patterns. Furthermore, sales patterns from previous months or years help us to forecast sales.
Proper order execution and timely delivery of products lead to customer satisfaction. This customer satisfaction helps in building your product brand.
Apart from the above business benefits, inventory management helps to define the COGS. To prepare the P&L account, businesses require to define COGS as well as the cost of inventory. Thus it helps us in the finalization of accounts.
Inventory Management Templates
This section consists of 3 different Inventory Management Templates for different inventory needs. All these Inventory Management Templates are available in 3 formats: Excel, Google Sheets, and Open Office Calc. Click on the desired icon button to download the respective file format.
Download Stock Inventory Management Template
We have created a simple Stock Inventory Template with predefined formulas and formating. Insert your daily inward and outward stock entry. In addition to that, you can keep an eagle’s eye on your stock as well as helps to increase the profitability of your business.
Inventory Control Template can be useful for all kinds of businesses. All retailers, wholesalers, store managers, and especially e-commerce businesses like Amazon, Flipkart, and Snapdeal vendors, etc and use this template.
Important Note: To edit and customize the Google Sheet, save the file on your Google Drive by using the “Make a Copy” option from the File menu.
Contents of Stock Inventory Management Template
Inventory Control Template design consists of two sections as follows: Heading Section and Inventory Section.
As usual, the first line here is the heading “Inventory Control Sheet”. A checkbox next to the heading has been designed. If we check this box then all the items to be reordered will be highlighted.
Other sub-headings for Data input section are as below:
Inventory Control ID: Here you can put a unique alphanumeric ID for your products as given in the worksheet “ABC001”.
Product Detail: You can describe your product name under this subheading.
Quantity Purchased: Insert the Quantity of product purchased is entered here.
Price/Unit: Price per Unit is entered here.
Quantity in Stock: Quantity in stock is derived by subtracting Quantity Sold from Quantity Purchased.
Value Stock in Hand: Value of Stock in Hand is derived by multiplying Stock in hand with Price/Unit.
Reorder Level: You have to input a level for Reorder. This will indicate to us about reordering the product if a product stock is below that limit.
In the Heading Section, a highlight checkbox is there. If you tick that checkbox, the product below the reorder level will be automatically highlighted.
Reorder Quantity: Reorder Quantity can be entered according to the sale of the desired product. It can either be predefined or vary according to the sales pattern.
Quantity Sold: Daily sales of each day will be entered here, which will give you an exact inventory status of the product.
Discontinued Product: Here you have to enter “Yes” if and only if the product is discontinued by your supplier. Typing “Yes” here will change the data in the row with a strike-through line.
See image below for reference:
You can generate different reports with the help of this template. Reports for a particular product, stock level and reorder level, etc can be by selecting it from the drop-down menus.
The table function of Excel is used in making this template. Thus, you can generate different reports with the help of this template.
Reports on a particular product, product id, amount, tax, etc. by selecting it from the drop-down menu. Just click on the switch beside the subheading and select the report you want to generate.
Download Stock Inventory Management Template With Tax (VAT/GST/Sales Tax)
This template is useful for people residing in such countries where taxes like GST/VAT/Sales tax are applicable. We have created a simple and easy template for Stock Inventory Management Template with Tax using excel table function and predefined formulas.
Contents of Stock Inventory Management Template With Tax
Inventory Management Template consists of 3 sections: Header Section, Inventory Section, and Value of Stock Section.
The contents of this template are the same except the value of the stock section.
Value of Stock Section
Price/Unit: Mention Price per Unit here to calculate the value of the stock without VAT.
Value of Stock WIthout VAT: Value of Stock without VAT also has a predefined formula. The formula applied here is Stock in Hand X Price /Unit.
5% VAT: This cell will calculate only the amount of 5 % VAT. Formula: Value of Stock without VAT X 5%.
Value of Stock Including VAT: Value of Stock = Value of Stock without VAT + Amount of 5 % VAT.
Reorder Level: Reorder level means a limit of the product below which if the stock goes the sheet must provide indications.
Hence, define a level for Reorder. It will highlight the row if a product stock is below that limit it. Thus we can reorder the product to prevent the unavailability of goods.
As we discussed earlier, there is a checkbox in the header section. If the checkbox is checked, the product below the reorder level will be automatically highlighted.
Reorder Quantity: Reorder quantity is the number of products to be ordered. You can set it according to the sale of the product. It can either be predefined or vary according to the sales pattern.
Discontinued Product: Many times it happens that there are some products whose sale has been stopped and we don’t buy them.
It might also happen that it might be a special edition and discontinued by the supplier.
If you enter “yes” against any such product in these cells, it will display a strike-through line upon the values, indicating that the product has been discontinued.
Download Asset Inventory Management Template
We have created a simple and easy Asset inventory and tracker with predefined formulas and formatting that helps you to record more than 500 personal/company assets.
Furthermore, it also consists of a Quick Asset Tracker, where you can search for details of any asset by search the asset by its unique ID.
Contents of Asset Inventory Management Template
This template consists of 2 sheets: Asset Inventory and Quick Asset Tracker.
In this sheet, you need to record each asset of your company with all relevant detail. It is designed in such a way that you can record all the minute details of the asset.
Personal assets include extra house, commercial properties, personal equipment, etc. Whereas, company asset includes all the assets purchased for running an organization. It includes office furniture, computers, routers, godowns, office vehicles, etc.
At the top, insert your company’s/individual’s name. Just beside this, there is total asset value. As you make an entry in the inventory sheet along with its price detail it will update the amount in this cell.
This sheet consists of the following columns:
Name of Asset
Description of Asset
Date of Purchase
Guarantee (in Months)
Warranty (In Months)
Installation Charges (if applicable)
Total Cost of Asset
Insert relevant details applicable to your asset in the above-mentioned heads. Add assets as and when you purchase the asset and don’t forget to remove when you discard.
Quick Asset Tracker
Once you have a lot of assets it is hard to scroll through the sheet and look for the relevant details. To simplify this we have created the quick asset tracker where you can simply find details of assets in just seconds.
In the previous sheet, each asset is given a unique ID. All you have to do is to enter the asset ID and click enter. It will automatically fetch all the details of that particular asset using the VLOOKUP Function. That’s it.
Asset Management Tips
Here some tips that can be helpful in effective asset management:
- Define all assets. Keep a record of all assets along with their prices.
- Set up a proper process for acquiring new assets.
- Don’t buy whatever is requested. Check thoroughly the need and then buy.
- Before importing data from other systems, be careful and always recheck.
- Design a loss prevention plan for your assets. The need of every business is different. Make sure it suits your operations.
- Make decisions maximizing your ROI.
- Develop a smart and consistent auditing plan for the least expected scenarios.
- Share your management strategy across all departments.
- Diversify your SKU attributes.
- Provide adequate systems training to staff for proper and maximum utilization of your equipment and to save unnecessary damages.
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More Inventory Management Templates
Frequently Asked Questions
What is cycle counting in inventory?
Cycle counting refers to counting a subset of items in inventory at regular intervals instead of waiting for an annual or quarterly count. This helps to discover incorrect inventory records, save from internal thefts.
What is ABC analysis under inventory management?
ABC analysis is a way to group inventory items into different priorities for cycle counts. It is an inventory categorization that a business uses for prioritization mechanisms on the products based on their sales patterns.
What is Inventory Forecasting?
Inventory Forecasting means to estimate the future demand for a product based on sales patterns.
What is EOQ?
EOQ stands for Economic order quantity. Under this method, businesses order the ideal order quantity for purchase to minimize unnecessary inventory costs. These costs include costs involved in holding stocks, shortage costs as well as order costs.
What is the FIFO method?
FIFO stands for “First-IN, First-OUT”. It is a basic rule of product rotation that helps to maintain product quality and freshness. Products business produces first are to be sold first which ensures minimize spoilage and waste.
What is the LIFO method?
LIFO stands for “Last-IN, First-OUT”. It operates just opposite to FIFO method. Products business produces last are to be sold first. This minimizes your profits for tax purposes. This method is not acceptable in most places by the tax departments.
What is Opening Stock?
At the beginning of an accounting year or inception of a business, stock available in our inventory account refers to Opening Stock or beginning inventory.
What is Closing Stock?
Inventory on hand at the end of the accounting year or close of a business refers to the Closing Stock.