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Need a spreadsheet to manage incoming inventory? We've created an Inventory Management spreadsheet template in Excel and Google Sheets to manage material inflows and the products they create. Our Inventory Management spreadsheet template includes a ledger to track orders and inventory levels for both materials and products produced. Dashboards then visualize the most important metrics related to total inventory value, expiration dates, materials most in demand, and maximum versus minimum order intakes. Here's how to use the inventory management spreadsheet template we created to easily manage and visualize material inventory levels.
How can the spreadsheet assist in managing inventory for online and offline sales?View answer
The spreadsheet can assist in managing inventory for online and offline sales by tracking orders and inventory levels for both materials and products. It visualizes important metrics related to total inventory value, expiration dates, materials most in demand, and maximum versus minimum order intakes. This helps in easily managing and visualizing material inventory levels.
What are some strategies to manage overstock and understock situations using the spreadsheet?View answer
To manage overstock and understock situations using the spreadsheet, you can use the ledger to track orders and inventory levels for both materials and products produced. You can also use the dashboards to visualize the most important metrics related to total inventory value, expiration dates, materials most in demand, and maximum versus minimum order intakes. This will help you to understand the current inventory situation and make informed decisions to prevent overstock and understock situations.
How can the spreadsheet be used to manage backorders and pre-orders?View answer
The spreadsheet can be used to manage backorders and pre-orders by tracking orders and inventory levels for both materials and products. It can visualize important metrics related to total inventory value, expiration dates, materials most in demand, and maximum versus minimum order intakes. However, specific features for managing backorders and pre-orders may need to be added or customized based on your specific needs.
Say a restaurateur wants to use this inventory spreadsheet template to manage the inventory of a new burger joint. On the Fields tab, customize the name of the report, common status types of material orders, and inputs to assess the quality of inventory in stock since food spoilage is a big part of a restaurant's inventory check-ups.
How can the inventory spreadsheet template help in forecasting future inventory needs?View answer
The inventory spreadsheet template can help in forecasting future inventory needs by allowing you to track and analyze your current inventory levels. This can help you identify trends and patterns in your inventory usage, which can then be used to predict future needs. For example, if you notice that a certain item tends to run out quickly, you can plan to order more of it in the future. Additionally, the template can help you identify items that are not selling well, so you can avoid overstocking them in the future.
What are some other types of reports that could be generated from the inventory spreadsheet template?View answer
Apart from the common status types of material orders and quality assessment reports, other types of reports that could be generated from the inventory spreadsheet template could include: stock level reports, reorder level reports, and spoilage or waste reports. These reports can help in managing inventory effectively and reducing waste.
What are some other ways to customize the inventory spreadsheet template?View answer
The inventory spreadsheet template can be customized in several ways. You can add or remove columns based on the specific needs of your business. For example, you can add columns for supplier information, purchase dates, or expiration dates. You can also customize the formulas used in the spreadsheet to calculate values such as total cost or quantity in stock. Additionally, you can add conditional formatting rules to highlight items that are low in stock or nearing their expiration date.
Storage locations, such as commercial refrigerators, freezers, and backstock shelves can be specified all the way down the aisle, sector, or shelf name. Use custom IDs to identify these locations later.
Material SKUs, such as beef, cheese, buns, lettuce, and pickles, are defined below. Next to it, enter the product SKUs for your menu items, along with the item's name, unit, and description.
Finally, the Vendor fields tab accounts for frequently used vendors and their most relevant information. If you need to add more rows for additional vendors, locations or SKUs, just add them above the gray borderline of each section.
What are some resources for learning more about inventory management?View answer
There are numerous resources available for learning more about inventory management. These include online courses on platforms like Coursera, Udemy, and LinkedIn Learning. Books such as 'Essentials of Inventory Management' by Max Muller and 'Inventory Management Explained' by David J. Piasecki are also helpful. Additionally, blogs and websites like the Inventory Management Guide on Shopify provide valuable insights. Remember, practical experience and understanding of specific inventory management software can also be beneficial.
How does inventory management differ across various industries?View answer
Inventory management can differ across various industries based on the type of products, storage requirements, and vendor relationships. For instance, in the food industry, inventory management involves tracking perishable items, maintaining appropriate storage conditions, and managing relationships with food suppliers. In contrast, in the retail industry, inventory management might focus more on tracking a wide variety of non-perishable goods, managing stock levels to meet consumer demand, and working with a diverse range of vendors.
What are some trends in inventory management?View answer
Some trends in inventory management include the use of technology for tracking and managing inventory, such as RFID and barcode scanning, the use of cloud-based inventory management systems, the implementation of just-in-time inventory management to reduce storage costs, and the use of data analytics for forecasting demand and optimizing inventory levels.
When you order from your food supplier, an order can contain many items. So when a new order of materials is received, go to the Material Orders tab and enter the order number in the first column. The order row now appears in yellow. On the order row, fill out the rest of the order information, such as order date and status, shipped date, any shipper fees, tracking number, order arrival date, condition upon receipt, and the vendor.
How can the Inventory Management spreadsheet assist in reducing costs associated with inventory management?View answer
The Inventory Management spreadsheet can assist in reducing costs associated with inventory management by providing a systematic way to track and manage orders. It allows for detailed record-keeping of each order, including order number, date, status, shipped date, shipper fees, tracking number, order arrival date, and condition upon receipt. This information can be used to analyze and optimize the ordering process, potentially leading to cost savings.
What are some potential improvements or additions to the Inventory Management spreadsheet?View answer
Potential improvements or additions to the Inventory Management spreadsheet could include features like automatic reorder alerts when inventory levels fall below a certain threshold, predictive analytics to forecast future inventory needs based on past trends, integration with sales data to track inventory turnover, and real-time updates to ensure accurate inventory counts. It could also be beneficial to add a feature that tracks the shelf life of perishable items to prevent spoilage and waste.
How can the Inventory Management spreadsheet help in improving customer satisfaction?View answer
The Inventory Management spreadsheet can help in improving customer satisfaction by ensuring that all items are in stock and available for customers when they need them. It can also help in tracking the status of orders, which can be communicated to customers, thereby improving transparency and trust. Moreover, it can help in identifying any issues with the orders such as delays or damages, which can then be addressed promptly to ensure customer satisfaction.
Underneath it, all the material SKUs of the ingredients like tomatoes, beef, buns, and pickles - can't forget those pickles! - can then be listed out along with the quantity of each ingredient ordered and their unit price. To place a new ingredient order, go to the next empty row and enter a new order number, and bam - new order row.
All of these ingredients are now summed on the Materials inventory tab under the "Quantity ordered" column. In this case, we have a thousand pounds of beef that we've ordered to date. But we also lose beef as we sell our burgers, which the "Stock calculated" column accounts for. It subtracts the "Quantity used" from the "Quantity ordered." This calculation is on the "Production" tab which we'll get to in a minute.
Use the checkbox at the top to indicate the day a manual inventory check was made and the number of days until the next inventory check is due. As manual inventory stock checks are made, the "QA'd stock" column accounts for food spoilage, theft, or otherwise miscounted items. Use the "Restock requirements" section to set the minimum and maximum stock of each ingredient needed on hand every day, plus the delay time in days it takes to restock those ingredients. If the "Quantity ordered" column is less than the minimum, the stock calculated column will be flagged red to indicate a new order is necessary.
The "Storage" section indicates where the items are located. If multiple items with the same SKU are in different locations, make a new location ID that's broad enough to encompass all the locations.
Last, the "Expiration" section defines the expiration time and which location to pick from first to ensure the right ingredients are being moved at the right time. For example, tomatoes go bad after a week, so mark the expiration date as seven days. Frozen beef can last three to four months. The Materials Dashboard visualizes this data to track top inventory metrics. The filters at the top comb through this data by order date or by specific material SKU. In this example, we can see how much beef we have in stock, the last quantity received, the current value ordered, and its average unit price. The inventory value is then visualized as a pie chart and a bar chart.
Underneath that is the "Expiration" section. Here, the "Top 10 materials based on expiration time" (either shortest or longest expiration) and "Top 10 materials about to expire" based on the date range selected in the filter above are visualized.
Below, the historical unit price, movement over time, and total stock quantity over the given filter period of the specific SKU selected lets us assess how quickly we move through our supply of beef and if we need to change our order habits.
Remember, if you want to utilize this Inventory Management spreadsheet to replace your expensive inventory management software and better manage your materials inventory storage, you can download and customize it right now.
So how do you account for the menu items you make with all these ingredients? That's where the Production tab comes in. Like the Material orders tab, first, enter the date of production and the product SKU that's being produced. Say we produced and served 50 classic hamburgers on our opening day. Under the Production row, the material quantities used to make all those hamburgers, like beef, romaine, special sauce, pickled red onions, and brioche bun can all be accounted for. All these ingredient quantities are then summed in the "Quantity used" column of the Materials ordered tab.
The production tab also sums up the unit price of all these materials along with a basic calculation for the average unit cost per quantity made. This can help calculate your food cost percentage at a glance to price your products properly. The Product inventory tab counts how many products you've produced, with an option to manually count how many have been sold.
In the case of our burger joint, these should be the same number, but other industries may produce more items than they sell. The minimum and maximum stock filters, storage location, product unit value, and expiration date can also be defined for each product in inventory. On the Product dashboard tab, we can select a specific product SKU to assess how many of each product we've produced and the average inventory value.
Charts above assess the total inventory value in production and products based on their expiration time as well as a table to define the minimum materials needed to make the selected product and those ingredients' current stock levels to make sure you're always properly stocked. With easy-to-read charts that organize your inventory management, this dashboard solves your inventory management headaches. And remember, you can download and customize this Inventory Management template in Microsoft Excel or Google sheets right now. Now, go check out our Bookkeeping Dashboard to manage your books as easily as you manage your inventory.
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