Get started by downloading a free inventory tracking spreadsheet from BILL. Maintain an organized list of your items and keep them categorized—all in one spot.
What is an inventory tracking spreadsheet?
Logging and consistently updating inventory can be tedious at best, inaccurate at worst. An inventory tracking spreadsheet is a simple and efficient tool designed to help businesses monitor and manage their stock while reducing errors.
Whether you're leading a small start-up or overseeing a large operation with multiple locations, an inventory tracking sheet streamlines your workflow so you can bypass the busy work.
Benefits of using an inventory tracking template
Efficiently track your goods
Keep a real-time record of stock levels, product availability, and incoming or outgoing orders all in one place.
Reduce errors and discrepancies
Avoid mistakes caused by manual processes and human error by ensuring data accuracy and reducing operational hiccups.
Optimize stock levels
Avoid overstocking or running out of items by maintaining balanced inventory levels tailored to your business needs. For example, you can track Days Inventory Outstanding (DIO), the number of days it takes to sell inventory, to flag ways to improve cash flow.
How to track inventory in Excel
Excel offers a flexible and user-friendly platform for tracking inventory. With a few simple steps, you can create a system that perfectly suits your business operations:
- List your inventory items across rows and label columns for details such as product name, SKU, quantity, and reorder level.
- Utilize formulas to monitor totals and flag low stock levels.
- Use Excel’s built-in tools like filters and conditional formatting to make your inventory data clear and accessible.
How to customize your template for your workflow
No two businesses are the same. Your business has unique needs, and your inventory tracking spreadsheet should reflect that—which is why customizable templates are essential.
Here are some ways you can easily configure the inventory tracking template to match your business practices and distinct products across multiple locations:
Adapt the template to your products
Add specific fields such as supplier information, expiration dates, or storage locations to better align with your operations. This allows you to gain deeper insights into your inventory performance.
Add additional columns for specific data
Expand your template by including custom columns like sales history, profit margins, or seasonal trends. This added layer of detail helps you make data-driven decisions and proactively manage your inventory.
Set up automated calculations
Save time and eliminate repetitive tasks by integrating automated calculations into your template. Automation ensures you stay informed and focused on strategic business growth.
Download BILL’s free inventory template and help streamline your business your way.
