Small business inventory spreadsheet template Excel

Small business inventory spreadsheet template Excel

 

Small business inventory spreadsheet template Excel

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Item Name       | Item Number | Quantity | Reorder Level | Cost Price | Selling Price | Supplier
—————————————————————————————————–
Example Item 1  | 123456      | 50       | 30           | $10       | $20         | Supplier 1
Example Item 2  | 654321      | 40       | 25           | $15       | $25         | Supplier 2
Example Item 3  | 111111      | 60       | 40           | $20       | $30         | Supplier 1

This template includes the following columns:

  • Item Name: The name of the item being tracked in the inventory.
  • Item Number: A unique identifier for the item.
  • Quantity: The current quantity of the item in stock.
  • Reorder Level: The quantity at which an order should be placed for more of the item.
  • Cost Price: The cost price of the item, for calculating profits.
  • Selling Price: The price at which the item is sold.
  • Supplier: The name of the supplier of the item.

You can add or remove columns as needed to fit the specific requirements of your business.

Here’s a basic template for a small business inventory spreadsheet:

  1. Item Name
  2. Description
  3. Category
  4. SKU/Item Code
  5. Supplier
  6. Cost Price
  7. Selling Price
  8. Quantity on Hand
  9. Reorder Level
  10. Minimum Order Quantity
  11. Supplier Contact Information
  12. Date of Last Order
  13. Date of Next Order

This template is a good starting point, and you can add or remove columns as needed for your specific business needs.

It’s important to keep track of key information about your inventory, such as item names, descriptions, and quantities on hand, as well as information about your suppliers and their contact information.

By regularly monitoring this information and updating your spreadsheet, you can ensure that you always have enough stock to meet customer demand, while also avoiding overstocking and wasting valuable resources.

Item name

The “Item Name” column refers to the name or title of the item in your inventory.

It should be a brief, descriptive label that clearly identifies the item and distinguishes it from other items in your inventory.

This information is important for both internal purposes, such as tracking inventory levels, and external purposes, such as displaying items on your website or in a physical store.

For example, if you’re a clothing retailer, the item name for a particular shirt might be “Men’s Red Plaid Flannel Shirt.” This label provides a clear and concise description of the item, which can be useful for both customers and employees

Description

Description is a process of providing information about something by identifying its essential qualities, characteristics, and features.

It can refer to a written or spoken account that paints a picture of a person, place, object, event, or situation. The purpose of description is to give the audience a clear and vivid understanding of the subject being described.

It can be used in various forms of communication, such as literature, journalism, film, or advertising, to bring a subject to life and create a mental image for the reader or listener.

Category

In a small business context, “category” typically refers to a specific type or group of products or services that a company offers.

It’s a way of organizing and classifying different items in order to make it easier for customers to find what they’re looking for, and for the business to manage their inventory and marketing efforts.

For example, a small retail store might have categories such as clothing, electronics, home goods, and toys.

A restaurant might have categories such as appetizers, entrees, and desserts.

A consulting firm might have categories such as human resources, marketing, and technology.

Categorizing products and services can also help a business better understand its target market, as well as identify any areas where it might need to expand or diversify its offerings.

SKU

SKU (Stock Keeping Unit) or Item Code is a unique identifier assigned to a product in a retail store or a company’s inventory system.

The purpose of a SKU is to help keep track of inventory and to allow easy identification of products.

It typically includes a combination of letters and numbers that are unique to each product and can provide information such as the product’s manufacturer, size, color, or other characteristics.

SKUs are used to simplify the tracking and management of products in a retail setting, as they provide a consistent and standardized way to reference a particular item.

This makes it easier to track inventory levels, sales data, and other important information, and can help to prevent stockouts and overstocking.

Supplier
A supplier is a company or an individual that provides goods or services to another company or individual.

In the context of business, suppliers play a crucial role in ensuring that companies have the raw materials, components, or finished products they need to operate and meet customer demand.

Suppliers can provide goods and services on a regular or one-time basis, and they can range from large multinational corporations to small local businesses.

The relationship between a company and its suppliers can have a significant impact on the company’s success, and it is important for companies to carefully manage and maintain good relationships with their suppliers.

Cost price
Cost price, also known as cost of goods sold (COGS), refers to the amount of money a company spends to produce or acquire the goods it sells.

It is the total cost incurred to produce a product, including all direct materials, direct labor, and manufacturing overhead expenses.

The cost price forms the basis for determining the selling price of a product and helps a company understand its profit margins.

Understanding the cost price is important for a business as it helps in making decisions about pricing, production levels, and cost control.

Selling price
Selling price, also known as the “list price” or “retail price,” is the amount at which a product or service is offered for sale to the end-consumer.

It is the price that the seller sets for a particular product or service and is intended to include the costs of production, distribution, marketing, and any desired profit margin.

The selling price is the amount that the customer is expected to pay to purchase the product or service.

Quantity on hand

“Quantity on Hand” refers to the number of items that are currently in stock and readily available for sale.

It is an important metric in inventory management and is used to track and control the flow of goods in a business.

By keeping track of the quantity on hand, a company can ensure that it has enough inventory to meet customer demand, while also avoiding excessive inventory levels that can lead to waste and higher storage costs.

 

In general, a company’s goal is to maintain an optimal balance between the quantity on hand and the demand for its products to minimize costs and maximize profitability.

Recorder level
Reorder level refers to the minimum inventory level of a product at which point it triggers a new order for a specific quantity of the item.

The reorder level is used to ensure that a company never runs out of stock of a particular item.

It is calculated based on the expected usage or consumption of the item, the lead time for reordering, and the safety stock to protect against fluctuations in demand or supply.

By setting a reorder level, companies can avoid stock shortages, reduce the risk of lost sales, and maintain a consistent level of inventory.

Minimum order quantity

Minimum Order Quantity (MOQ) refers to the smallest quantity of a product that a supplier is willing to sell and manufacture.

It represents the minimum number of units that a buyer must purchase in order to place an order for a product

The MOQ is set by the supplier and can vary depending on factors such as the cost of production, raw materials, and the supplier’s own business requirements.

MOQ serves several purposes, including:

  1. Ensuring that the cost of producing the product is covered by the sale
  2. Managing inventory levels for the supplier
  3. Providing the buyer with an idea of the cost and commitment required to place an order

MOQ can be an important factor for buyers to consider when selecting a supplier, especially for small businesses and startups, as it can affect the cost and feasibility of their purchasing decisions.

 

­ information refers to the details that allow you to communicate with a particular supplier or vendor.

This information typically includes the supplier’s name, physical address, phone number, email address, and sometimes other details such as the name of a specific contact person within the company.

Having accurate and up-to-date supplier contact information is important for establishing and maintaining effective communication between buyers and suppliers

This information is used to place orders, resolve issues, and negotiate terms and conditions.

Having easy access to supplier contact information can also help streamline procurement processes and ensure that deliveries are made on time and to the right location.

The date of last order

The date of last order refers to the date on which an order was placed for goods or services. It is a record of when a transaction was made and can be used for various purposes, such as tracking the history of a customer’s purchases or as a reference for follow-up or customer service. The date of last order is an important piece of information for businesses and organizations to have as it helps them manage their operations and maintain good relationships with their customers.

The Date of Next Order

The “Date of Next Order” refers to the date on which a subsequent order or purchase is expected to occur. This information can be useful in business, retail, or personal finance to plan for future expenses and track spending patterns. However, without further context, I cannot provide a specific date for your next order.

 

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