3/5/2023 0 Comments Simple inventory managerFor example, if you use QuickBooks for your accounting, you will probably have to enter the same information twice because you will first have to update your spreadsheet and then do the same thing to QuickBooks when you need to update your inventory quantities. Data errors can easily creep into your inventory spreadsheet and other solutions you may be using. This is not an efficient use of time, especially when there is a faster and better way to accomplish this task. You can eventually find yourself in a situation where you are spending more time managing the spreadsheet than you are managing your inventory. It is too time consuming to manually update a spreadsheet each time you buy and sell products. With that in mind, here are three problems with using Excel inventory management as a growing company: That is often the difference between success and failure. Holding onto legacy solutions may be tempting because they are familiar and they have worked in the past, but to embrace your new position and the changing landscape of the business world, you will eventually need to change the way you do business. There are many problems that can arise by using Excel inventory management as you grow into a small business and even a medium-sized business. 3 PROBLEMS WITH EXCEL INVENTORY MANAGEMENT But as you grow and your logistical challenges expand, you will discover that Excel spreadsheets can’t do everything you need them to do. This is doable when you are dealing with small quantities and a relatively narrow range of products. When inventory quantities change (such as when you create a purchase order, send a purchase order to a vendor, receive new items into your warehouse, or fulfill a sales order) you and your employees will have to manually update those quantities in the spreadsheet. And there is no way to automate the data entry process. SIMPLE INVENTORY MANAGEMENTĪs you can see, all of this is quite basic inventory data. Just to clarify, the first column automatically updates to let you know if you should reorder an item based on whether or not the stock quantity is below the reorder level. It includes the following column headers so you can insert the appropriate information about your parts and products: If you are looking for a free Excel inventory template, Fishbowl offers one that will probably work perfectly for you. So they can store all of their inventory quantities, vendors, and other information on a simple spreadsheet. That is because a startup’s inventory management needs tend to be simple compared to bigger companies. ![]() Many entrepreneurs use Microsoft Excel to manage their inventory when they are first starting out, and it usually proves to be effective at first.
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