Tracking inventory doesn’t have to be a difficult job, especially if you use a pre-made Excel inventory template. I’ve spent time using paid inventory software, and although they can be even more convenient, they often aren’t worth the cost when compared to free Excel inventory trackers.
Check out the three templates that I built, then make copies and start tracking your inventory from today:
- Item Inventory Excel Template
- Small Business Inventory Template
- Larger Business Inventory Template Excel
Table of Contents
What Is an Excel Inventory Template?
An Excel inventory template for management is a pre-made spreadsheet that helps users input, manage, and organize their inventory data. You might want to use an inventory template to manage your items for multiple reasons. Some of them include saving time and money and the hassle of manually entering data.
I have used many different types of inventory trackers in the past and found Excel templates to be among the best free options on the market.
Using an inventory tracker Excel template helps you keep track of items in your inventory, including their quantity, cost, status, and location. It allows you to monitor your inventory levels, which helps you avoid running out of items or overstocking. Excel spreadsheets can be shared with others so you and your team can keep track of items in real time.
Related Reading: The 12 Best Google Sheets Templates to Streamline Your Life
Things to Include in an Excel Spreadsheet for Inventory
Although Excel allows you to make a fully custom inventory template, there are a few things I can recommend to you when looking for an Excel inventory template. These include:
- Item Name: A clear and concise item name. Make sure the name is thorough enough to identify the item instantly by looking at the name. For example, write your item as “small white coffee cup” instead of “cup.”
- Item Codes: This is a unique identifier for your item, which will help you track and organize your items.
- Category: Adding a category is crucial if you’re a business that sells multiple items. This helps you categorize and sort your items more easily.
- Quantity: This column contains the number of items you have in stock currently.
- Price: This is the selling price of the item.
- Notes: You can also add a description of the item or notes for your staff, such as product information or handling instructions.
These are only some things you should add to a basic inventory tracker. You can also add a minimum and maximum stock level, purchasing price, supplier information, date of purchase, location, images, barcodes, expiration date, and other information.
Related Reading: Free Google Sheets Inventory Template for 2023
Best Excel Inventory Spreadsheet Template of 2023
Creating a new template for Microsoft Excel can be time-consuming, especially for a beginner. Therefore, I made templates below so you can download and use them to make the process easier. These templates were made using Excel, but they can also be used with other spreadsheet software like Google Sheets.
You may also want to check out some of our premium templates. Just remember to use the code “SSP,” which will save you 50%.
Now, let’s take a look at some of the best inventory templates for Excel in 2023:
I designed this Excel inventory tracking template to simplify the inventory management tasks for small and large businesses. The template features a clean and easy-to-understand design with built-in features for formulas that help streamline many of the calculations in the template.
The first few columns allow you to add the Item ID, Name, Manufacturer, and Description. Additionally, you can add the Cost Per Item in the next column and the Current Stock amount beside it. The Inventory Value column uses a simple multiplication formula to calculate the value of the total stock.
In the next column, you can specify the Reorder At value that defines the number, after which you should be prompted to reorder the stock shown in the next column. A simple IF formula checks whether the Current Stock value is less than the Reorder At value. A red-colored “REORDER” message is displayed if the Current Stock is lower.
You can also make copies of this spreadsheet for multiple months, but the template has enough space for all the items you wish to add.
This stock inventory Excel template was made with small businesses in mind, meaning the template only features the columns you wish to add. Like the previous template, I added columns for Item #, Name, Category, Status, Price, Inventory, Total Sales, and Notes.
There are two columns, Categories and Status, towards the right side. In the Categories column, you can add various categories for the items in your stock. You can then choose the Category using a drop-down menu. Similarly, you can add the types of statuses and choose one using a drop-down in the Status column.
The Total Sales column uses a multiplication formula that finds the product of Price and Inventory. This helps you find the total sales of the product without needing to do manual calculations.
Related Reading: Download a Free Blank Spreadsheet Template
I built this inventory list template with scaling businesses in mind. The template features an intuitive, simple design that anyone should be able to use. The columns are neatly organized with large fonts, making the template easy to read.
The template features columns for the Name, SKU, Category, Description, Status, Quantity, Price, Total Value, Location, Image, Notes, Supplier, Reorder Point and Availability.
The Category and Status can be selected using a drop-down menu. When you open the template for the first time, go to the Labels tab using the button at the bottom left of the screen. There, you can add the labels from the two columns.
The Total Value of the item is automatically calculated using the data in the Quantity and Price columns. You can add the exact Location of the item in the column and add an Image if you want your template to provide exact data. The Notes column allows you to add additional data about the item, and the Supplier column allows you to add the supplier’s name and contact information.
Finally, you can add the Reorder Point, which defines the value, below which you will be prompted to reorder, which is shown in the Availability column.
Benefits of Using an Inventory Excel Sheet
Using a free inventory Excel template instead of specialized inventory software can benefit small businesses for multiple reasons, including:
Ease of Use
Most Excel inventory tracking templates are designed to be user-friendly, even for someone who has never used Excel. The templates usually have proper labels that can help guide the users on properly entering data in the cells. The templates I have provided below are designed to be simple and intuitive. The colors used in the templates follow a consistent theme, making them effortless to use.
Templates ensure that the data is consistently stored and categorized across multiple records. If I’m a business owner who wants to keep multiple files for each month, I would want them to be consistent. Using a pre-built template means the starting point will always be the same, and the data will be stored similarly in each file.
Many templates have predefined formulas added to the columns and formatted cells, meaning your data will be calculated and formatted automatically.
For an inventory tracking Excel template, you can have two columns: One allows you to add the quantity, and the other allows you to add the price of one item. You can then have a third column that uses a formula to multiply the values of the previous two columns to show you the total value of your stock without manual calculation.
Easy Data Entry
Excel allows users to create drop-down lists, perform data validation, and format data using conditional formatting. If I wish to create a column for “Category,” I don’t have to always manually type in the product type. Instead, I can add a list of product types and choose them easily using a drop-down menu.
Microsoft Excel allows users to protect their spreadsheets using a password, which ensures your data is always kept safe from unauthorized users. If I’m making a spreadsheet containing my customers’ personal data, I wouldn’t want anyone to be able to access it. Putting a password on the file will encrypt it so only I can open it.
One of the best parts of using Excel when making an Excel inventory management template is that you can customize it according to your needs. You can add, edit, and remove entire fields and change the formulas and the formatting to match your preferences.
The best part is that you can scale the template based on your requirements. Let’s say I run a small business selling handmade products. I want to add a column for “Image” to add pictures of my product in the inventory template. I can do that with a few mouse clicks with Excel’s custom inventory templates.
Excel has a feature that allows users to track their changes across multiple versions. This means that when you change your inventory template, you can keep records of the previous inventory levels, which can be used for trend analysis and forecasting.
Using a free Excel inventory template can be more cost-effective than purchasing specialized inventory management software.
Most people already use Microsoft Excel or Google Sheets, which means they can easily use a template on any spreadsheet software. Excel is available on Windows, Android, and iOS, meaning it can be accessed on various devices. Also, Office 365 can be accessed using a browser, meaning you can manage your inventory template on the go.
Microsoft Excel allows users to share their spreadsheets in real-time with others, which means you can collaborate with your team, and the changes will be synced on the spreadsheet.
Bonus Tips on How to Maintain Inventory in Excel
Here are a few things to keep in mind when using Excel inventory templates:
- Make sure all staff that add or remove stock have access to the sheet
- Conduct frequent stocktakes to identify discrepancies
- Sort inventory by location or by alphabet, depending on your setup
Frequently Asked Questions
Does Excel Have an Inventory Template?
Microsoft doesn’t come with built-in inventory templates. However, you can find pre-designed templates from the Office website or directly within Excel. You can also find third-party free and paid templates online. Some of them are very basic, but some include advanced features for power users.
Can Excel Manage Inventory?
Excel can work well as an inventory management tool, especially if you’re a small or medium-sized business. Excel doesn’t have some of the advanced features found in dedicated inventory management software. Still, it can serve as an effective, inexpensive solution.
Hopefully, you’ve found the perfect Excel inventory template for your needs. Even if one of the templates isn’t quite right, the beauty of Excel is that you can make alterations yourself to make existing templates match your exact needs.