40 FREE Inventory Spreadsheet Templates (Word – Excel)

invoice template

An Inventory Spreadsheet Template is an inventory management tool used by businesses to track, manage, and control assets or resources within the business or company meant for production or selling.

These templates are simple to use and inexpensive. 

An inventory spreadsheet template records details of the resources owned by a company at a particular moment in time. Inventory can be raw materials, work-in-progress or finished products. Details captured in an inventory template are item type, product description, SKU, unit price, purchase price, quantity, product cost, expiration date, purchase date, and supplier information.  This information is used to decide when to restock or sell resources at hand.  Additional details such as condition and current location can be added. This way, a business remains in control of its stock and keeps the production lines running while making a profit from sales. In addition, inventory spreadsheets ensure the business does not spend more on materials than they can earn.

Inventory spreadsheets are meant to facilitate the management of resources and ensure a balance between inventory and sales. Inventory spreadsheets are also used to forecast production costs and identify cost-cutting solutions in the production lines by comparing previous and current resources’ costs. An inventory spreadsheet template is also an effective record-keeping tool in a company.

What is the Purpose of an Inventory Sheet?

The inventory sheet serves many purposes in ensuring the success of the business goal.

Keeping a record of goods and material: Inventory sheets keep the record of every item in the business. This ensures the smooth running of the business.

Budget planning: The inventory sheet keeps the record of all items in the stock. This will help in your budget planning to know what to add and what is in excess. Inventory sheets are equal to the money in the business. It also helps in planning the project that the business should undertake at that time. For instance, the sheets can help you concentrate on paying business loans because the inventories in stock will run the business for the next two months or so. And so you can comfortably pay the loan with no fear that you will go out of stock.

Ensuring customer satisfaction: Customers have nothing to do with stock-taking or shipping; all they want is to get their commodity when they need them. Failure to this can lead to loss of the customer which translates to future potential loss. Inventory sheet helps you to know that what a customer needs will be available by the time they get it.

Enhance efficiency: The inventory sheet keeps the record of the business running. Keeping an always up to date inventory sheet shows you goods in stock, the goods or material sold, the goods and material ordered from the manufacturer, and the cost of purchase as well as the cost of selling. This helps in measuring the business efficiency at the end of it all. The inventory sheet ensures that the demand and supply of goods and materials are in balance.

Types of Inventory Spreadsheet Templates

Depending on the utilization, there are distinct types of inventory spreadsheet templates. Inventory lists are not limited to businesses and companies; they are applied in multiple scenarios.

Look at the different types of inventory spreadsheet templates discussed below:


Stock-inventory-control-template

Stock inventory control template

Any type of business uses a stock inventory to determine their reordering schedules, reduce excess inventory, and locate items. It also contains vendor information. This type of inventory list outlines the entire lifecycle of the business’s stock.

Download: Microsoft Word (.docx)


Basic-inventory-control-template

Basic inventory control template

A basic inventory list is a simple and easy-to-use inventory list that can be adopted by any type of business that doesn’t require too detailed stock tracking. It outlines basic information like the item name, unit price, and product description or ID number. It is a more straightforward tool to use and record current inventory quantity, restocking dates, and determine discontinued items.

Download: Microsoft Word (.docx)


Food-inventory-template_

Food inventory template

A food inventory list is specifically meant to track food stock and is thus more common among restaurant and catering businesses. It classifies inventory based on the type of food and records the quantity and cost of the stock.

Download: Microsoft Word (.docx)


Asset-tracking-template_

Asset tracking template

An asset tracking template is used to track the quantity and value of company assets like equipment and tools that require periodic maintenance. It is popular among small businesses. The template outlines the item name, serial number, warranty dates, physical location, and supplier information.

Download: Microsoft Word (.docx)


Equipment-Inventory-Template_

Equipment inventory template

An equipment inventory template is utilized to track the value, location, condition, operating costs, value, depreciation, and loan balances of costly equipment in a company. This information is used to determine when equipment will be serviced, upgraded, and it also optimizes operating costs.

Download: Microsoft Word (.docx)


Home-Inventory-Template_

Home inventory template

Homeowners use a home inventory template to record personal possessions within their household. The inventory spreadsheet template can record the item type, purchase price, current value, and serial number. It also allows the categorization of the inventory based on the number of rooms. This information is used to claim insurance after circumstances such as natural disasters, fires, or burglary.

Download: Microsoft Word (.docx)


Personal-Inventory-Template

Personal inventory template

People can also keep track of their personal belongings through a personal inventory template. It records the item type, value, and condition. Personal belongings ordinarily tracked by the template are artwork, books, etc.

Download: Microsoft Word (.docx)


Software-Inventory-Tracking_

Software inventory template

IT specialists need to keep track of their software inventory. A software inventory template allows them to do just that as is it is specifically designed to track software. It records information such as product name, version/model, installation dates, license expiration dates, supplier details, upgrades, etc.

Download: Microsoft Word (.docx)

    Types of Inventory List

    There are four major types of inventory. These types of inventory create different types of inventory lists. Therefore, it is imperative to understand the types of inventory that are common among businesses.

    The following are adequate definitions of different types of inventory:

    Raw material inventory

    Raw materials are items or resources a company uses to create finished products for sale. Raw materials will vary from one production to the other depending on what product is being produced. The raw materials are unrecognizable after the product is completed.

    For example:

    Raw materials for a clothesline manufacturing company will be fabric, dyes, thread, and print designs.

    Work-in-process inventory

    Work-in-progress inventory represents all items made from raw materials up to just before the finished product is made. This type of inventory will often be due to the combination, processing, and assemblage of raw materials.

    Examples of work-in-progress are:

    Circuit boards, capacitors, batteries, and a screen were later assembled to produce a phone.

    Finished goods inventory

    Finished goods are the final goods or products ready for sale to consumers. For example, a well-packaged mobile phone. Keeping track of finished goods helps in assessing customer demand. This is done by a finished goods inventory list template that outlines detailed descriptions of the finished product.

    Examples include:

    Toys, medicine, vehicle, electronics, furniture, etc.

    MRO goods inventory

    MRO is an abbreviation of Maintenance, Repair, and Operation. MRO supplies are also essential inventory to track. They are used to keep the production process functional.

    Examples of MRO inventory are:

    Security cameras, computers, repair tools, office supplies, furniture, etc.

    Basic Contents of an Inventory Sheet

    Generally, a standard inventory sheet is laid in rows and columns. It consists of many columns as the number of every inventory.

    Name of the inventory: The first detail to indicate is the specific name of the inventory. The inventory details and description is written across the row while down the column are the names of each inventory.

    Category: The second row is the category row. This is the category that the inventory falls in as per your classification of goods and materials that you deal with. For instance, groceries, pharmaceuticals, cosmetics, and such.

    Availability: This is the number of each inventory present in the stock.

    Date and time: This is the date and time that the inventory was checked.

    Unit price: This is the unit price of a single inventory.

    Inventory value: This is the total value of all the similar inventories in stock. This is obtained by multiplying the availability number with the unit price.

    Lead time in days: This is the estimated time that the inventories can take from the time of order to the time it is supplied.

    Reorder point: This is the unit quantity of inventories at hand. This is obtained by multiplying the average daily demand rate with the lead time.

    Order Quantity: This is the number or volume of inventories required to be ordered so as to meet the demand while reducing the cost per order.

    How to Create an Inventory Spreadsheet Template for Excel

    Excel is the most common tool for creating inventory spreadsheet templates. It allows businesses to create personalized inventory spreadsheets to track their inventory. The procedure to go about creating an inventory spreadsheet template for Excel is as given below.

    Begin with opening Microsoft Excel and create a “Blank Document” under the file command. Next, navigate to the Insert Tab and select the Header command to create a header for the template. Add text to the header. Name the template depending on the purpose, for example, “Food Inventory Template.”

    The next step is to create sections to input inventory details. The first row of the template is supposed to contain the inventory classifications, and each item type should appear in its column. To input, the first classification, select column 1, row 1, or A1 and name the column “classification one, e.g., Product Name.” Next, go to column 2, row 1, or B1 input “Classification two, e.g., Serial Number.” Next, move to column 3, row 1, or C1 and input “Classification three, e.g., Product description.” Follow the same process depending on how many classifications are needed in the template. Examples of standard classifications are the number of units in the stock, sale price, minimum order quantity, order time, and supplier.

    Lastly, save the template. Saving the template is significant in making sure it is accessible in the future. In addition, the template color and font can be customized to align with the company’s brand.

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      How to Use an Inventory Spreadsheet Template

      Using an inventory spreadsheet template for Excel is simple, quick, and can save on time and the hustles of having to create the inventory list from scratch.

      The following simple steps can be adopted to complete any inventory spreadsheet template for excel:

      Create your inventory spreadsheet

      The first step is obtaining a template that befits the business or company in question. One can create the template using the guide provided in this article above. This way, a personalized version that will incorporate all the needed information is available.

      Print it out

      Print out the inventory spreadsheet template. Using a physical template placed on a clipboard is recommended to input details as one physically counts the inventory. Ensure to capture all the key information needed for inventory.

      Make necessary changes and improvements 

      Next, as one makes rounds in the storage area, be keen to identify inconsistencies and inefficiencies in the inventory. Note them down as notes. Note down any changes and improvements that come to mind during the trip. One should take their time while taking inventory; hurried recording can lead to missing information. 

      Transfer data onto the smart sheet

      Once the physical template has been completed, transfer this information onto the spreadsheet on Excel. Carry out needed calculations such as total costs and quantity. One can opt to use in-built Excel formulas, which are faster if well mastered, or simply do manual calculations, which are still as effective. Be thorough when transferring information; human errors are usually prevalent at this stage. Transfer true and accurate data.

      Maintain data over time

      Lastly, always update the inventory list after every audit. Create a new tab for every inventory audit in order to have a much-needed inventory history. Some companies review their inventory weekly, bi-weekly or monthly.

      Having a good inventory management strategy can help a company or business in more than one way. This article will look at the different benefits of incorporating inventory spreadsheet templates for Excel in inventory management.

      They include:

      View current inventory levels

      The inventory list outlines all the items currently in stock. This ensures the information is readily and easily accessible, and the business can determine when to restock and how much stock is needed.

      Stay organized

      The organization is essential in smoothly running a company. An inventory list is a tool that effectively keeps data on the inflow and outflow of resources in a company which facilitates the organization of the business. Production delays are thus avoided due to a shortage of materials. Finished products are therefore delivered in time, and customer satisfaction is achieved. As a record-keeping document, management can also control spending.

      Create business statistics

      With the cost and quantity of raw materials and stock in the business recorded in the inventory list, the company can have real-time business statistics that can be used in decision-making.

      Protect your investments

      With all items possessed by a company or a person recorded, it is easier to protect these items as current audits can be compared with previous audits to determine if all the items are still intact. Additionally, with a list of all inventory, a company or person can claim insurance for their assets after loss or damage from natural disasters or events like fire.

      Save time, money and effort

      With a template, it is easy and fast to collect information on the available stock in a business. By having inventory listed in one place, less time is used to locate items in storage, and people don’t have to make long trips to the storage to determine what is available and what is not. Also, a template can be created by Excel, which comes at no cost, thus increasing the affordability of managing company resources. By having a list of current resources, the business avoids buying items that are not needed, thus saving money.

      Ease of use

      Using inventory spreadsheet templates for Excel is more accommodating to people who have basic knowledge of the use of computers. The simplicity of templates for Excel also simplifies maintaining and updating inventory.

      Easy to print

      Templates for Excel are easy to print. This accommodates hands-on inventory audits, which use physical inventory spreadsheets. Original copies can be safely stored and are difficult to alter, making them credible inventory information sources. 

      Make important decisions 

      As stated earlier, inventory lists are management tools; their contents can be used to make key decisions within a company.

      Helps to improve performance

      Inventory lists help in controlling inventory and can thus be used to track the growth rate of a business depending on the increment of total costs and value of products within a business from previous to current inventory audits. Inventory lists help improve the utilization of resources as they can record unutilized inventory during turnover, which helps save costs.

      Drawbacks of Using an Inventory Spreadsheet Template

      As much as the use of inventory spreadsheet templates is advocated for in running businesses, it has its shortcomings.

      Some of the common drawbacks of using the inventory spreadsheet templates are:

      Prone to human error

      Recording of details in the template is prone to human errors. This is specifically in cases where one has to record a lot of details. It is easy to mix up or inaccurately record details. This can lead to an inaccurate record or misrepresentation of the company inventory, which can cause major problems depending on the sensitivity of the information mixed up.

      Hard to update

      When updating the spreadsheet, it is easy to update or refer to the wrong version of the inventory list, which would lead to inaccurate information. This becomes a challenge, especially in organizations where collaboration is not being effectively and efficiently implemented. The use of collaborative, automatically synced spreadsheets is, therefore, the most efficient way to deal with this challenge.

      Chances of data loss

      With the information being stored on a computer, there is a risk of permanent loss of the information should the file be corrupted or the computer gets damaged.

      The difficulty of adding pictures and other attachments

      Inventory spreadsheet templates for Excel do not offer the flexibility to add pictures, barcodes, QR codes which can be key identification details when taking inventory. Attachments like lease agreements, purchase orders, and receipts also cannot be added to excel spreadsheets which is limiting when taking inventory of some items.

      Free Apps to Manage the Inventories

      Stockpile by Canvas: This is a free web-based inventory managing app. It allows you to create a free account and add as many items, users and locations as you need. It also allows you to add inventories, track your stock count, make returns among other functions.

      ZhenHub: This is a free cloud-based inventory management app. It allows warehouse management, inventory and shipment tracking, This is ideal for small and midsize businesses.

      Asset & Inventory Tracker: This is a free inventory management app for IOS, Android, Web, and Desktop. This app allows the uploading of asset profile photos.

      InFlow Inventory: This free inventory management app is ideal for all business sizes. It has a managing capacity of up to 100 inventories and customers.

      Shortly Pro: This is a cloud-based free inventory management app. It allows one user and up to 100 product management per month. It is ideal for all business sizes.

      Final Thoughts

      Keeping track of inventory is an essential step in running a business or protecting a person’s possessions. To undertake this process, the use of inventory spreadsheet templates for Excel is widely used. The common types of inventory recorded in an inventory list are raw materials, work-in-progress inventory, finished goods, and MRO inventor. Inventory lists can be used in any industry and at any business, from small businesses to well-established companies. Keeping track of inventory is essential in saving money in a business. Excel is the commonly used software used in creating customized inventory templates that can be adopted in the company. 

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