Managing your inventory using Excel seems to be a natural choice. After all, calculating the stock level is all about punching in the right numbers and using a proper calculation formula — and all of this is what Excel has always been very good at. Knowing your current stock level and being able to forecast sales and inventory at least a few days ahead is vital for keeping your business efficient and properly determining restocking points. If you know Excel pretty well and feel confident creating complex formulas, you can create your own inventory management system with stock level control functionality relatively quickly and without spending any money. However, if you are not a spreadsheet guru, you may be much better off using a ready solution created by professionals.
We recommend trying Finance Management for Excel. This is a comprehensive suite of financial spreadsheets and Excel add-ons that cover a wide range of areas, from mortgage calculations and cashflow analysis to investments and, of course, inventory management, which is what you need. Finance Management for Excel will help you input your sales and inventory data and see the full picture of your sales pipeline. The software will help optimize your restocking schedule, find optimal reorder quantities, determine when and how often you need to reorder from your suppliers and will even alert you about upcoming reorders. Apart from the streamlining the quantitative parameters of your inventory, Finance Management for Excel will let you conduct a quality-wise inspection of your stock management process and suggest areas for improvement. This set of add-ons and extensions turns the familiar Excel into a powerful multi-functional financial tool offering the kind of functionality you would expect to find in expensive professional products only.
As you see, Excel may be a good foundation of your own inventory management solution — flexible, customizable, affordable and meeting all of your business-specific requirements.
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