Frequently Asked Questions
What is an inventory list for?
An inventory list is used as a comprehensive, itemized account of every product your company has in stock, including raw materials, work-in-progress items, and finished goods. In general, an inventory list should include the product’s name, SKU number, description, pricing, and quantity. Inventory lists help brands manage and monitor their stock levels, allowing for greater inventory control and a more streamlined approach to inventory management.
What are inventory list best practices?
When it comes to best practices for creating inventory lists, you’ll want to include all the data and details needed for a complete understanding of that item. Typically, this will involve the following: product name, SKU number, description, price, quantity, reorder point, supplier information, and any other notes that may be significant (like a product’s warranty).
Can I use Excel for my inventory lists?
While you can use Excel for your inventory lists, keep in mind you’ll need to manually input all necessary product information and identifiers. While Excel is rather straightforward and has a short learning curve for new users, anyone who’s looking to scale their business and expand to the next level will likely find these spreadsheets pretty limiting. Not to mention, they often open up for a greater chance of errors and inaccurate inventory reporting.
What is the best tool for managing inventory lists?
Inventory management systems are widely considered the best tool for engaging with inventory lists. With the help of management tools, you can oversee (and edit) your inventory levels with ease. For instance, you can use barcode scanners or RFID technology to benefit from real-time, up-to-date inventory tracking — which then largely informs your inventory lists, as well.