Inventory management is essential for all business to improve their business efficiency and competitiveness. Stock register is to record the sales trend and stock availability and stock. Such documents that contribute to the accountability of your business is a stock register which records the goods that have been purchased as well as stored.
Using Tools to create Stock Register
There are many professional stock management and register tool you can use to help manage your business stock, however, for small business, these professional stock register tool may be too complicated or expensive. For small business, you may use commonly available tools such as Microsoft Excel spreadsheet to manage your stock register. The following are overall steps of create a excel spreadsheet for your stock register. It is key that you make proper conflagration based on your own business needs before creating your Excel columns and rows.
First, create a new workbook, you may need five columns: Stock name, Description’, Minimum level, stock in, stock out and current stock level. After all the columns have been created, you may use the Excel spreadsheet powerful functions to make some calculations, for example, SUM function can give you all current stock levels. You may make adjustment here based on special stock management request.
Stock Register Maintenance
After you have developed your stock register spreadsheet, it is important to maintain and update it. The document must be maintained in the central office or store, where the supplies are bought or stored. It is also important to make proper trainings for those who are managing stocks to make sure that they enter stock information with right format and details. The sheet should be updated on the Receipts or Stock-In column when the goods arrive. It would be better if you initialize the quantity of the goods received in the book of stocks. Every request must be given a number and the number should be duplicated. The main copy should be left at the central store for maintenance as the duplicates are supplied to the accounts. You must ensure that you record every entry immediately and on a daily basis.
The overall maintenance of your stock register will need to be updating every detail daily, in order to avoid miscalculation in the future. You should also ensure that you have used the right formula on the sheet in order to get more precise values on the Cells.