Product Inventory Template
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What Is Product Inventory?
The quantity of items and goods that your business offers can be tracked using Product Inventory.
You should start by creating a Product Inventory sheet where you ought to input the following information:
- The name of the product or item;
- Allocate the item or product a unique identification number so that the product can easily be identified;
- A short description of the product;
- The supplier of the goods - this will be particularly useful if supplies are running low and you need to quickly replenish them;
- Where the stock is located specifically so that it can be found in a timely manner should this need arise;
- The price per unit of the product;
- The amount of each item that you have in stock.
For more efficient stock management, you may want to use a simple Product Inventory template which you can customize by creating new rows and other relevant information depending on the types of items you are selling.
A Product Inventory template can be downloaded by clicking the link below.
How to Keep Track of Product Inventory?
You must manage your inventory appropriately if you manage a company that has such a requirement. A specialized system is utilized by numerous organizations to maintain records of sales and inventory but such systems are often pricey and may seem completely pointless if you have a small organization that does not handle a lot of inventory or specializes in bespoke orders.
Whilst creating your own inventory system through a spreadsheet for example is an alternative, you should still make sure that you have all of the resources and knowledge necessary to manage your inventory effectively:
- You can opt to use the traditional method of jotting this information down in a diary using a pencil - but this is often quite a time-consuming process;
- Alternatively, you can create a simple spreadsheet that can easily be modified and updated. Remember, the more details you add to your inventory the easier it will be in the long run to keep track of everything so that you know where all items are;
- Decide who will be in charge of managing the inventories. You may wish to employ a permanent manager if your company manages a large amount of stock made up of a variety of goods, particularly if these goods are fragile;
- To avoid deficits, too many wrongly purchased goods as well as expired goods (when inventory control is carried out without automation systems), you should monitor stock levels yourself (or the person designated to do this) on a regular basis. The frequency of this will vary depending on what type of organization you have and what services you offer.
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