These stock inventory management templates keep track of products purchased and sold by a business. It also contains information such as the amount of stock, unit price, and stock value, etc.
Furthermore, it also provides the cost of inventory for preparing the Profit and Loss Accounts at the time of finalization of accounts.
Additionally, you can also know the exact inventory levels for each product. You can set a re-order quantity and the template will highlight you the products to re-order.
With these inventory management , you can quickly analyze the purchases/sales patterns for a particular period. Thus, it helps you to know the best performing products.
What is Stock Inventory Management?
Inventory management is the process of monitoring and maintaining purchase, sales, and stock of goods to ensure the availability of supply at the time of disbursement as well as saving dead stock for the market.
This process involves:
- Managing proper purchase of physical stock.
- Proper Storage of purchase products.
- Proper Dispatching and reporting of products.
- Monitoring the Product-wise Sales.
- Analyze the Stock inventory control movement.
Usually, small and medium-size businesses use manual stocking tools to manage inventory. Most of these manual stocking tools are made in Excel.
Inventory Management templates vary for different business such as Retailers/wholesalers, Hotels, Real Estate, etc.
Importance of Inventory Management
Inventory management plays a vital part role in any form of business. Improper inventory management leads to a loss in the form of customer loss as well as dead stock. Hence, it is always necessary for any business to effectively manage the supply channel from warehousing to fulfillment of orders.
Decrease Storage Costs
Excessive storage of inventory leads to extra costs on products and eventually lead to extra expenses. Inventory management helps us to define proper ordering system and hence save us from unnecessary storage costs.
Purchasing of excessive products can lead to higher amount dead stocks. Inventory tracking helps the business to know the fast-moving products for a business. Hence, it can save you from over-ordering products.
In today’s competitive markets, a business must have product availability, especially in the e-commerce business. Proper re-ordering system and timely execution help product availability and customer acquisition.
Minimize Order Processing Time
Every e-commerce business has to maintain quick order processing time. Proper inventory management helps to decrease the processing time. Moreover, this helps to increase sales.
Manage Multiple Sales Channels
When a business sells products on multiple sales portals it demands a high level of accuracy to keep the products available on every channel. Proper inward and outward entries helps you to manage multiple sales channels with ease.
Outward inventory entries help us define sales patterns. Furthermore, sales patterns from previous months or years help us to forecast sales.
Proper order execution and timely delivery of products lead to customer satisfaction. This customer satisfaction helps in building your product brand in business.