Inventory Management using Quickbooks and Excel
Part 1 of 3
Inventory management at a small scale does not need to be complicated. With a little creativity, using Quickbooks and Excel, a workable inventory management system is possible.
We start by breaking down the reorder process in 5 simple steps and cutting away the unnecessary info.
Quickbooks‘ item list can be used as an effective inventory management tool. It has a reorder point feature built in that I have found sufficient for monitoring items such as books, videos and other similar products but falls short when used for monitoring herbs and herb blends.
Excel, though not a database is a great number crunching, graph creating tool of which I have only scratched the surface when it comes to discovering all the possibilities. I have not found anything I cannot do with Excel, yet.
In the following weeks I will walk through how we use Quickbooks and Excel to manage inventory. It is a simple setup, but we have found that the average small business doesn’t need complicated, we need effective, efficient and easy to duplicate.
Part Two: Using Quickbooks to track inventory
Part Three: Using Excel to track inventory
We have not had a lot of formal training in inventory management. But we enlisted the help of Google in finding solutions to problems. We identified them as they came up or as we saw a need and we have had very good results with our current setup.
We have been able to properly project demand based on time of year and current growth.
We have total control over inventory levels based on calculations where product price breaks, shipping price breaks and turnover rates meet.
So finding that sweet spot becomes a math problem with a healthy dose of “judgement” mixed in.