If you want to run a successful business, you need to constantly check your inventory, as you can’t foresee all potential issues. Maybe it is the employee's fault, something broke, and you cannot find it anywhere, or maybe – it was a higher power and meant to be. Whatever it was, one thing remains the same – if you had kept track of it, you would solve the problem quicker.

When it comes to inventory data, you need to keep track of all the elements you own; otherwise, you can get into serious trouble if you don’t have accurate inventory reporting. Imagine a scenario where you are obliged to provide your client ten diamond necklaces, and you have six in stock. That would definitely hurt, wouldn’t it?

If you are encountering this kind of situation, don’t worry! We have a guide suited for your needs. This article will provide you with insider knowledge and free inventory report templates for all your inventory tracking needs. And trust us – it is worth getting into this business for sure!

So, without further ado, let’s start with some inventory management, shall we?

But first, let’s briefly discuss the kind of software we will use for this project. The inventory report is one of the essential things when it comes to ensuring the company’s quality. And in this case, we’ve got no other than Microsoft Office 2019 Professional Plus Key Retail Global to recommend you.

With this software, you can get everything done in no time. It is the single best solution for all your office-related problems. This program is widely known and used; hundreds upon hundreds of people use it daily, and it is one of the most reliable systems ever drafted.

And, you can get it for a reasonable price these days, as the fierce competition and the hard work of resellers, such as ourselves, made it so that we can all cherish the great Microsoft product worldwide. Be sure to check out RoyalCDKeys to find the best offers. And now, let’s get on with some sample inventory report templates we’ve prepared for you.

And here we go! The first on our list, definitely not the worst, is a simple inventory report template for all your inventory needs. To be honest, in most cases, you will not need anything even remotely more advanced than this piece template, as, in most cases, the inventory report is a rather simple Excel file.

You would instead get something like this than anything fancier because there are many things you need to put into this kind of spreadsheet, so getting some extensive inventory management systems may be overkill in most cases.

Of course, if you need something bigger, go for it, but this one should suffice and get you some excellent inventory value assessment. You can download this report for free at SmartSheet.com.

The second sample inventory template on our list is a tad more detailed and can surely be useful in a company that needs a lot of data regarding inventory valuation. There are a lot of inventory quantities in this template, and you can surely get a lot of data from analyzing this inventory system.

Of course, it comes with the territory, as there are many brackets you will need to fill out. However, if you are a rather strict person who writes all their feelings about a client in a sales report and answers all the calls with some in-depth information, then it can also be interesting. You can download this template for free at ProjectManager.com.

And the last inventory report on our list is best suited for smaller businesses with little inventory whatsoever. It’s a good inventory report if you have a retail shop with just a few items and need to track the list for the sake of higher-ups rather than because it’s necessary.

It primarily works with the physical inventory, as you can provide the best inventory control on a smaller scale with this template. Of course, there are a lot of ways you can see how much inventory you have, track goods sold, and estimate the total value of the inventory movement, but we reserve this one for a shop rather than a warehouse. You can download this report for free at FreeReportTemplate.com.

So, now that we know what kind of software to use in this case, let’s talk briefly about the famous inventory report we’ve been discussing in this article. Well, essentially, it is a tracker of all the goods that are currently in the company’s stock. If something is sold or lost, the inventory report will be able to show it and present exactly what we are missing.

All the inventory levels should be present in the inventory report. It’s a great thing to keep track of the inventory as a whole and gain insight into how the company operates. It will show you not only the most wanted items in your inventory but also the periods when you have the highest sales. How much inventory is lost? Can your supply chain be more efficient when it comes to providing you with stock?

You can get many insights by simply diving into some details of the information you can usually have at hand. Of course, some people do it by simply getting it on paper, but this kind of information gathering is far from efficient. As you have probably noted, you can often lose a piece of paper, and data gathering using digital methods is just off the charts regarding inventory reports.

So, what are some of the benefits of the inventory report that you should keep your eye out for? Well, there are plenty of those. Of course, this list is not exhaustive, and there are a lot more where it came from, but it should give you some assessment of what can you expect from this kind of inventory report.

Keeping Track of Your Stock

The most important thing to consider when considering the benefits of the inventory report is that it is just a great way of keeping track of your stock. If you know what’s in stock, you will be able to see if you have any lost inventory. If something is missing, maybe someone is stealing from you. You can easily see what is missing, what is getting out, and what to pay closer attention to.

Data Collection

Another exciting aspect of an inventory report is that it gives you access to more significant data collection than would have been the case if you didn’t do it. For example, if you are selling hundreds of different cups, you may notice that the number of black cups sells faster than white cups and adjust your manufacturing needs accordingly.

That way, you will have better results with less effort by just simply following the inventory reporting metrics and putting them into the purchase order report. You can also adjust the selling price of your items according to the popularity of those items.

There are many different types of inventory reports that you can choose from. In this part of the article on inventory planning, we will guide you through some of the most important ones in order to explain the whole concept in the best way possible. With that in mind, let’s get over some details.

Inventory on Hand

The first inventory audit report we will be discussing is the inventory on hand, which simply is the current stock value of your company. With that measure, you will be able to get all the details of your stock and learn what kind of actions you should be taking in order to optimize your company.

Product Performance Report

The next one on our list is the product performance report that will show you the purchase details of all your products. With this report, you will be able to see some of the more popular and profitable products you can consider in your price-setting actions. It will also grant insight into when some of the products are popular and why they would – like in the case of ice-cream sales during summer.

Shrink

Is your inventory shrinking in size? Well, you will be able to find that out. Maybe something is missing; maybe something is not getting into the right place. Maybe, just maybe, someone is taking advantage of your gracious ways. Well, in that case, you will be able to see that and address the problem straight away quickly. Find the shrinkage and destroy it at its core! And – do it fast, as it may cost you some big dollars. Some estimates say that the US economy loses hundreds of billions of dollars due to the shrinkage, so keep that in mind.

Low Stock

And on the other hand – about 2 trillion dollars in out-of-stocks and returns. Being low on stock is the worst thing, as the whole retail business model is all about – selling inventory items, not how much capital we have already gained. It’s a never-ending fight for survival, and believe it – it’s ten times better to have something and not sell it than to tell your customers that you just didn’t make enough of the product. Some companies don’t come back from that at all!

Benchmarks

And finally, the most data-driven part of this article – benchmarks. Using benchmarks in retail stores will get you far, as it is the best way to assess optimal practices for your company. Comparing benchmark products will give you a lot of information on what kind of products are long-time, what are some of the more seasonal ones, and how to create the whole line in accordance with the knowledge you gained from the report.

You will also be able to see exactly how those elements work together and if there are some ways ton sell some things faster, some slower but for a better price, and some only during certain months in a calendar year. It can save you time, money, and overall – a whole business in the end!

So, now that we know everything there is about inventory reports for all retail businesses across the globe, let’s dive into some data elements on how to create an inventory report of your own.

Also, be sure to take into consideration the stock location. If you are running an online store, some of the stock items may not be accessible, so creating a fully working inventory report can be problematic.

With that in mind, let’s review key milestones when drafting an inventory report.

List of Items

So, you first need to create a comprehensive list of items at hand and see if you have all the information you need. Sometimes the number of items can be hard to find, and you must ask around in the warehouse or wherever you run your business.

Next, you need to get all the information about the products, like serials, prices, and anything else you may need for your report. You may get it from the inventory management software you use or by just getting into the weeds of your products and checking them individually. The optimal version is the first one, for sure.

Create a Schedule

You would want to avoid comparing the sales of your ketchup bottles to strawberry ice cream during winter months because you would drop the whole ice cream concept altogether. Sometimes it’s best to create a schedule when comparing all the elements. It will sometimes be a month, a season, or even an hour. Some items are more popular than others during the night, like alcohol, for example. Be sure to consider that.

Decide on the Frequency

The most important element you need to implement in your inventory report practice is how often you are willing to create such reports and check them against each other to find out what works and what is useless. Here are some of our suggestions.

Week/Month/Year

This is the most straightforward way of getting all of this data combined. You will quickly notice that comparing items can be easier or harder depending on the season/month. So, you should consider this frequency mainly in the “all-around” products that are not that popular during some special seasons. If you use it for something else, like toys, you will get skewed data that will get you nothing! Weekly and monthly reports are also great for some consumable goods, like convenience stores.

Selling Seasons

This is probably the brightest idea for most businesses – after every selling season, you should create a report showing you what worked and what needs improvement. For example, if you are running a toy store, you will see uptakes of sales during certain months, and those are the moments you should analyze rather than some month-to-month bases. You should generate inventory reports based on the sales trends rather than what seems like a good idea.

Thank you so much for checking out our article on the inventory report and all the fantastic things that can bring your inventory health and customer satisfaction to the top! Whether you run your reports yourself or through another company, it can be pretty different depending on your inventory. So, like in most cases, remember that you need to adjust this tool to your needs rather than the other way around.

That way, all your inventory will be optimized as best as possible with no issues. An inventory report is a great tool that will benefit you and your business in many ways, so it’s a no-brainer when implementing this system. We recommend it highly, as you can save time and money if you get this thing up and running correctly.

If you liked this article, check out other ones on our site. We have a lot of gaming/software/office-related articles for all your digital needs. Of course, if you have any questions or propositions for articles, let us know. We will be happy to get ahead of the problem for you. Thanks for stopping by, and we will see you at the next one!