Author : Joan M. Mack.
Published : Fri: Nov 8 2019 :8 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.
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.
With multiple views and rollup filters, it is a cinch to compare the performance of each product. If you want to consolidate your manufacturers, you can quickly compare which ones have been the most profitable. Flexible enough to be used by small businesses as well as large businesses with multiple warehouses and dozens of manufacturers, you can count on this template to support you as your business expands.
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Inventory control is about discipline and data. Spreadsheets are one of the most popular ways to manage inventory for early-stage retail businesses. We thought we’ll share a simple inventory management spreadsheet template for you to understand and manage your stock better.
For many businesses, the idea of managing their inventory can be a difficult process. There are several options available for managing inventory control, and pros and cons to each of them. Three popular methods are an in house inventory process with spreadsheets, outsourcing inventory with a professional company and finally, using a specialized software to manage your business inventory.