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How To Create An Inventory Of Your Products With Excel

written by: staceytg•edited by: Jean Scheid•updated: 7/6/2011

When you start a business, one of the hardest things to do is set up an inventory. There are many ways that you can go about doing this, from using a service to do it for you, to creating one on your own. Why not think about creating your inventory records sheet using a bas

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    The first step to creating your inventory is to decide what you want to have in it. Get your products out so that you can see what you have. This way you can also get some ideas on what you will want to use for categorizing your products as well. This will help keep things organized and easy to find for your business.

    While you are looking at your products create the listing qualities that you want to deal with. You might have thought about them already while you were getting them out to look at, but now is the time to get them out on paper.

    Another great idea is to decide how you plan to list your products. This can be by color or by size. If you have a bunch of products to list in your inventory, then you might want to consider listing them by popularity. Another good idea if you are selling to companies as well as individuals is to color code your products. I have found this helpful when you are adjusting the inventory count for just one area.

    The next thing that you want to do is to organize your listings and keep them that way. Color of your products is a good place to start. This way you can look at the products that are red and find the ones that you want to look at fast and easy. Price is also another great way to organize your products. If you only have a few things, start with the lowest or highest priced products and start with them. This will again make it easy to find the products that you are looking for.

    The last thing that you need to remember is to save and update. If you are taking the time to set up your inventory, you need to think about updating your products often. The best way to do this is to plan on updating your products every time you sell something or at least every couple of days. If your business gets receipts for each sale, you should save these so that you can match everything up at the end of the week or the end of the month. This will help you stay ahead of what you are doing and make sure that you have all the items that you will need to make the money that you need.

    Keeping good track of your inventory will help your business stay afloat and help you make the most money possible. Using Excel to do this will keep your costs down and your income up because you won’t have to hire someone to do it for you. Just make sure that you take the extra time to do the work that you need to and that you are getting things done like you should.