Author : Emily H. Exley.
Published : Tue, May 14 2019 :3 AM.
Format : jpg/jpeg.
Many companies possess an inventory which consists of a stock of goods. These goods may be articles for sale. Alternatively, it may be material or equipment required for production. In short, a firm’s inventory may consist of finished products, raw material or partly finished goods which are in the process of being manufactured. In all cases, this storage is of great value. It is an investment made by business owners and shareholders. Therefore, the importance of inventory management and control is immense due to several reasons.
Every inventory needs to keep a record of the goods received, stored and delivered. This simple yet formal spreadsheet that comes in white and royal blue is a great pick. It helps you keep track of the sales making the inventory management easy. It can be used in inventories of equipment, food, chemicals, grocery and other assets.
Stock-outs, on the other hand, can be disastrous for a business. It may delay the production process and turn away clients. Overstocking must also be prevented. When the number of stocked articles exceeds the requirements, it can be a burden on a company’s finances. Therefore, a well-organized inventory creates a balance between a firm’s requirements and the production.
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The Excel inventory templates are perfect for all types of companies, organisations, stores and individuals. It can be used by any shop or store that keeps products in large numbers stocked. These templates can also be used by individuals that are shifting homes or moving countries and need to keep a track of all their furniture and inventory that’s being forwarded to their new residence. IT companies can also use the inventory templates to keep track of their non-physical and data inventory. Thus, the target audience list for the inventory templates is wide and non stationary.
A well-organized inventory is necessary for running business operations smoothly. It leads to a trade-off maintained between carrying costs and ordering costs. As a result, a company’s profitability is enhanced since the overall cost of the inventory is minimized. In addition, proper management also facilitates the maintenance of adequate stock. This is vital for smooth production.