![\"Inventory](\"\/wp-content\/uploads\/2024\/05\/inventory-management-manufacturing-sheet-light-mode-cta.jpg\")
<\/a>\nWhy Use an Inventory Template?<\/h2>\n
As noted, using an inventory template is helpful in terms of procedure. It helps keep your paperwork consistent and provides a place to list and track all of your inventory<\/a>. The last thing you want to do is reinvent the wheel. Having a template means the busywork has been done for you. But all templates do that. How is this one unique?<\/p>\n One reason to use an inventory template specifically is that it shows you what you have in stock. That\u2019s useful whether you\u2019re a manufacturer or retailer. Almost everyone who works needs tools or materials to get their job done. If you don\u2019t have what you need then work comes to a screeching stop. That means you\u2019re not making money\u2014in fact, you\u2019re losing money.<\/p>\n It\u2019s not enough to just have what you need in stock; you have to track those materials. Think about it. If you want until the shelves are empty, new material isn\u2019t going to magically appear in an instant. There\u2019s a process of requesting, purchasing<\/a> and delivering inventory which can take days, weeks or more. While you wait, you\u2019re not productive. The inventory template shows you how much you have when you need to reorder and how long that process will take.<\/p>\n Using an inventory template also helps you understand inventory turnover. That means how many times your inventory is sold and replaced over a period of time. It\u2019s called the inventory turnover ratio and it reveals your efficiency as a business. This helps to keep your inventory costs from skyrocketing.<\/a><\/p>\n The inventory template is also helpful for retailers to know what is and isn\u2019t selling. This allows them to adjust what they\u2019re ordering and avoid a warehouse of unwanted stock. Having more inventory than you need is going to cost you whether you\u2019re a retailer or manufacturer. The inventory template can help you spend less on carrying costs, and it’s useful when tax recording income when doing your year-end taxes.<\/p>\n Nearly any type of organization that deals with managing inventory levels can use an inventory spreadsheet in different ways. Depending on how it\u2019s used, it may be referenced at various points throughout a project as inventory tracking needs evolve. Use it to:<\/p>\n As you can tell, there\u2019s not just one type of inventory. Other types include raw materials<\/a>, components, work in progress (WIP), finished goods, maintenance, repair and operations, packing and packing materials, safety stock and anticipation stock, decoupling inventory, cycle inventory, service inventory, transit inventory, theoretical inventory, excess inventory and so on. But let\u2019s go a bit broader and discuss inventory types by industry.<\/p>\n There are several industries that require an inventory template to list, track and order inventory for their businesses. We\u2019ve been talking about inventory in general terms so it might prove helpful to get more specific and showcase some real-life examples of common types of inventory. The following shows how inventory is used in different types of businesses.<\/p>\n When dealing in manufacturing<\/a>, you\u2019ll have a stock of raw materials or components necessary for assembling the product you make. Manufacturers need to track their inventory to make sure they don\u2019t run out, which would pause any work on the production line. Therefore, manufacturers often split up their inventory count to include raw materials, WIP and finished goods, each requiring storage at different costs.<\/p>\n Another type of inventory tracks equipment, which lists anything related to the equipment in your business. That can be the purchase date, dimensions, serial number and so forth. This helps businesses meet department requirements and order fulfillment. For example, a construction company that manages a lot of equipment will find an equipment inventory<\/a> useful.<\/p>\n Related:\u00a0<\/strong>Equipment Inventory Template<\/a><\/p>\n We\u2019ve mentioned retail, but let\u2019s take a closer look at how the retail sector uses inventory templates. The inventory process is similar to manufacturing, but instead of making products, you’re selling them. These products could be food, clothes, hardware, electronics, appliances and more. Whatever the product, the retailer needs to know what\u2019s in stock and what\u2019s selling to determine what needs to be restocked and what can be discontinued.<\/p>\n As the name suggests, a maintenance, repair and operations inventory template (MRO) enables organizations to manage the stock of materials and supplies required for repair or maintenance activities. It helps ensure that the items are available when they\u2019re needed, helping to minimize production downtime and increase operational efficiency.<\/p>\n In terms of who should use inventory templates, the list is expansive. It\u2019s clear that industries as varied as construction<\/a>, manufacturing and retail all profit from the use of inventory templates or inventory management.<\/p>\n While it differs depending on the company, most businesses have an inventory manager. This person is responsible for the inventory stored in the warehouse or factory. They oversee the levels of inventory and, again depending on the size of the company, lead a team of warehouse employees who receive and track stock as it\u2019s delivered and shipped out.<\/p>\n Inventory managers record daily deliveries, evaluate new shipments and analyze suppliers. These duties are more expansive than what an inventory template can handle, but certainly, an inventory template is one arrow in their quiver when managing their business\u2019 inventory.<\/p>\n By this point, you should be convinced of the usefulness of an inventory template and have downloaded our free inventory template for Excel. Once you have, using it is self-explanatory, but let\u2019s take a look at how it\u2019s laid out and what it does.<\/p>\n The inventory template is customizable so you can replace the ProjectManager logo with your own branding. To the left of the logo are the basics including the name (usually of the inventory manager), their position, the date the inventory was created, contact info for the person managing the inventory (email, phone) and a signature line.<\/p>\n After that is the inventory template, which acts as a spreadsheet. There are columns for the inventory number, name and description. Then you can list the unit price, quantity in stock and the inventory template then multiplies this to deliver the inventory price.<\/p>\n There\u2019s a pulldown menu for the reorder columns, either yes or no, and the reorder level so you don\u2019t let the stock get so low that it interferes with production or sales. Also helpful is the column reorder time in days, which helps you manage your inventory by knowing how long it will take to restock an item. Then there\u2019s a place to list how much you want to order and, finally, a column to note if the item has been discontinued or not (again, a yes\/no dropdown menu).<\/p>\n Want to bring your inventory template online and out of Excel? Try Google Sheets. This free Google Sheets inventory template<\/a> provides managers with the details they need to closely track inventory levels and turnover. At a glance, they can see the inventory volume, price and more to make timely decisions about inventory to keep projects running smoothly.<\/p>\n As you can see, there\u2019s a lot that our free inventory template for Excel can do, but it doesn\u2019t do everything. For one, it\u2019s a static document. Everything must be inputted manually, which takes time and effort. There has to be a better way. ProjectManager<\/a> is online project management software that tracks your inventory in real time to help you stay well-stocked and avoid any bottlenecks.<\/p>\n Gantt charts<\/a> are known for planning, scheduling and assigning work, but ours is also a great tool for managing your resources, including your employees and inventory. When you assign resources in the Gantt, you can track their costs and progress. This is all done in real time so you\u2019re looking at live data, not numbers that might already be outdated. You can do this for one project or across a portfolio to always know what inventory you have and when you\u2019ll need more.<\/p>\n A high-level view of the entire project is always helpful and it can inform your decisions when managing inventory. Our real-time dashboards<\/a> automatically collect and calculate data and display the results in colorful graphs and charts. You get six project metrics, from time, cost and workload to tasks, progress and overall health. There\u2019s no setup required, all you have to do is open the dashboard and get a bird\u2019s-eye view of the work to help you make inventory decisions.<\/p>\n Another benefit of online software is that it fosters better collaboration. Inventory managers can stay in close contact with their team and everyone else involved in the business, commenting and sharing files. Email notifications and in-app alerts make sure that you\u2019re always in the loop.<\/p>\n If you\u2019re not ready to upgrade to project management software there are still other templates that can help with your inventory management. We have dozens of free project management templates<\/a> for Excel and Word that can help you from the start to the finish of your work. Here are just a few that relate to inventory.<\/p>\n To-Do List Template<\/a><\/strong><\/p>\n Inventory managers have a lot on their plate. They can manage much of that work with our free inventory template for Excel. But what about other tasks? That\u2019s where our free to-do list template for Excel comes in handy. You can list all the work you have to complete, add start and end dates and even track the percent complete.<\/p>\n Resource Plan Template<\/a><\/strong><\/p>\n Managing your resources, including staff and materials, is best done in a comprehensive plan. Our free resource plan template for Excel helps you map out your resources over time, including rate and cost. The template is formatted for human resources but can be customized to add raw materials, equipment and more.<\/p>\n Purchase Order Template<\/a><\/strong><\/p>\n Part of managing inventory is stocking your warehouse and making sure you always have what you need when you need it. Using our free purchase order template for Excel makes that process consistent and captures all the pertinent details, such as the item, description, quantity, unit and total price. You can use this as a contract with your vendors.<\/p>\n While you\u2019re downloading free templates why not stick around and survey the extensive collection of blogs, guides, videos, white papers and more that are freely available on the site. ProjectManager is the online destination for all things project management and we\u2019ve only selected a few choice pieces of content that relate to the topic.<\/p>\n ProjectManager is award-winning project management software that helps you plan, schedule and track resources. We connect teams, departments and even outside vendors, facilitating better collaboration. Use our tool to add efficiencies that lead to greater productivity. Get started with ProjectManager today for free.<\/p>\n","protected":false},"featured_media":65128,"template":"","meta":{"_yoast_wpseo_title":"Inventory Management Template for Excel (Free Download)","_yoast_wpseo_metadesc":"Get your free inventory management template for Excel and start managing your inventory better. Stay on top of reorders, supply and more.","head_code_insert":"\n\n\n\n\n","footnotes":""},"class_list":["post-63816","templates","type-templates","status-publish","has-post-thumbnail","hentry","template_categories-tracking"],"acf":[],"yoast_head":"\nMonitor Stock Levels<\/h3>\n
![\"free](\"\/wp-content\/uploads\/2022\/08\/Inventory-template-v2.jpg\")
Manage the Reordering Process<\/h3>\n
Track Inventory Turnover<\/h3>\n
When to Use an Inventory Spreadsheet<\/h2>\n
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Common Types of Inventory<\/h2>\n
Manufacturing Inventory<\/h3>\n
Equipment Inventory<\/h3>\n
Retail Inventory<\/h3>\n
Maintenance, Repair and Operations Inventory (MRO)<\/h3>\n
Who Should Use This Inventory Template?<\/h2>\n
How to Use This Inventory Template for Excel<\/h2>\n
Inventory Template Fields<\/h3>\n
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Google Sheets Inventory Template<\/h2>\n
![\"Inventory](\"\/wp-content\/uploads\/2023\/12\/Inventory-template-for-Google-sheet-screenshot.png\")
<\/a>\nHow ProjectManager Helps with Inventory Management<\/h2>\n
Manage Inventory with Online Gantt Charts<\/h3>\n
![\"Gantt](\"\/wp-content\/uploads\/2022\/10\/Gantt-lightmode-import-proof.png\")
<\/a>\nGet an Overview with Real-Time Dashboards<\/h3>\n
![\"dashboard](\"\/wp-content\/uploads\/2023\/01\/Dashboard-IT-Light-2554x1372-1.png\")
<\/a>\nOther Templates for Inventory Management<\/h2>\n
Related Content<\/h3>\n
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ProjectManager Helps You Track Inventory<\/h2>\n