About me

I am a thinker first and then an adviser, a business strategist, a market investor, and a retail trader. Creativity and productivity have always inspired me, and it was in March or 2024 that I first took to LinkedIn to start sharing my expertise. I can help you with the little analysis I have done! How can we keep track of our inventory using Excel spreadsheets only, without buying any software? yes we can, Spreadsheets can be a useful tool for managing in-house inventory as they allow for the easy organization and tracking of inventory data. Here are some steps to consider when using a spreadsheet to manage in-house inventory: Create a spreadsheet: Open a new spreadsheet in a program such as Microsoft Excel or Google Sheets. Create columns for each type of inventory data you want to track, such as item name, description, quantity, unit cost, total value, location, and reorder point. Enter inventory data: Enter each inventory item into the spreadsheet along with all relevant data. Be sure to include the current quantity on hand, the cost per unit, and the total value of the inventory. Track inventory movements: Record any changes in inventory, such as purchases, sales, or transfers between locations. Be sure to update the spreadsheet with the new quantity on hand after each movement. Set reorder points: Set a reorder point for each item, which is the minimum quantity that you want to have on hand before placing a new order. This will help you to avoid running out of stock and ensure that you always have the necessary inventory on hand. Use formulas: Use formulas to automatically calculate the total value of inventory, reorder quantities, and other important metrics. This will save time and ensure that your inventory data is always accurate. Regularly update the spreadsheet: Set a regular schedule to update the inventory spreadsheet, such as daily or weekly, to ensure that the data is always up-to-date and accurate. By following these steps, a spreadsheet can be a valuable tool for managing in-house inventory, providing an easy way to organize and track inventory data, and ensuring that you always have the necessary items on hand.