So much of running a successful business comes down to managing inventory properly. An effective inventory system can help you to run your company more profitably.
The very reason inventory is so essential for running a successful business is also the reason that inventory tracking can be so challenging.
In this article, we help you to learn how to track inventory in Excel. Read on to discover how this can help you to use data to run a more profitable business.
Manual Tracking
One way to track inventory in Excel is to create a sheet for each month with columns for Stock Keeping Units or SKUs, beginning inventory, inventory received, inventory sold, and ending inventory. This will give you a good overview of your stock at any given time.
Manually tracking inventory can also be done side by side with a personalized route accounting DSD for an easier process. In the meantime, you can learn how to do manual tracking in Excel by reading below:
How to Do Manual Tracking on Excel
First, create a new workbook and title it something like “Inventory Tracking.” Next, create a column for each type of product you’ll track. In each column, create a row for each product.
Finally, create a final column titled “Total Inventory” and use the SUM function to calculate the total number of each product in stock. You can also add Conditional Formatting to highlight products that are running low.
Another way to track inventory in Excel is to create a separate sheet for each SKU, with columns for date, quantity in, quantity out, and running total. This can be a bit more work to set up, but it can be helpful if you need to track your inventory levels more closely.
Link to a Database
This is done using a data IMPORT/EXPORT function or manually linking to a database file. Once the connection is established, you can easily view and update inventory information in Excel.
This will allow you to keep track of your inventory in a more organized way. You can also use formulas to keep track of your inventory. For example, you can use the COUNTIF function to count the number of items in a certain category. You can learn more about linking to a database in Excel below:
How to Link to a Database in Excel
To link Excel to your database, you need to export the data from a database into Excel. Do this by using a QUERY or by using a Data Extraction Tool. Once the data is in Excel, you can create a pivot table to summarize the data. You can also use Excel to create charts and graphs to visualize the data.
Generate Reports
Regardless of which method you choose above, you can use Excel to generate inventory reports and the Pivot Table tool. This will let you see how much inventory you have, what items are selling, and other important information.
To create a graph of the inventory data, click the Insert tab and choose the type of graph you’ll create. To track inventory over time, choose a line graph. Select the data you’ll include in the graph and click OK.
Excel will create a graph of your data. You can then use the graph to track inventory levels and trends.
Learn How to Track Inventory in Excel Expertly
Look no further if you’re looking for a comprehensive guide on tracking inventory in Excel. This guide covers everything from setting up your initial inventory tracking system to choosing the right software for your needs.
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