Top 10 Tips When Creating an Inventory Report
Having a written summation of the collective items belonging to a business or organization gives the management an easy task of tracking stock. This report lays bare the totality (of the items) comprehensively, thus, establishing stock safety. With inventory control, you will be able to know what you have in your warehouse and if the goods are in the rightful state.
Therefore, the report needs to be concise, clear and easy to understand. Updating an organization or business with property inventories will be a daunting task especially if you do not know how to write a good inventory report (view more). Below are tips that will help you easily create an inventory report:
1. Write a simple report
It will be easy for the whole management to read and understand a simple report that is clear and on point. Avoid the use of jargon and over explanations. A wordy report will not only be hard to understand, and it will be hard to be interpreted.
2.Have a list of every item in stock
Use an alphabetical order or a serial number to list every item in stock. This listing is not only helpful for the present situation, but it will also come in handy in the future when you need to write another report or when you want to know what item to get depending on the demand.
3.Describe every item
Have a brief description of the items and indicate the state of the product in terms of model or current presentation; for instance, if it is brand new or not.
4. Have an idea of the financial report
You don’t want to overspend in future on an item with fluctuating market prices only to end up over borrowing. Know the tax rates accompanying each stock item and have a keen interest in the expenses spent on transportation and storage. Finally, if possible, come up with ways that will help slow down the expenditure.
5.Devise a time frame of writing the report
How often do you want to update your inventory report? If it is weekly, make sure to update the report without fail. This updating will help you know the flow of stock supply.
6.Price every item in stock
Have a price attached to every item. Pricing will not only give you an easy time to calculate your profits or loses, but it will also help know which products have an increased market price and what you can do to improve the item’s supply.
7.Know the possible external factors that might harm the business
Every business has a risk of falling victim to external factors such as infrastructure and the different interest rates accompanying products. Know your competitors, your target audience and the demand for the products you are supplying to the various markets.
8.Double check the stock review report
Just because you have finished your analysis does not mean your work is perfect. Re-check the report to make sure you understand everything you have written and the possible truths accompanying each item, lest you present an inconclusive inventory report
9. List the remnants of stock after every sale
It is important to know what you have left in your warehouse and know how to balance the next supply from suppliers instead of restocking items that are still in plenty.
10.Borrow ideas from templates if you do not know how
It is not a crime not to know how to write a report. Take a look at other templates and pick some ideas. You don’t want to look awkward before the management team with a bad report when you could have sourced for help.
For any organization to override the losses incurred out of the mismanagement of stock, it is vital to have a property inventories. This report’s primary role is to track the availability of products in the warehouse and the chances of possible restocking. Learn how to create a good report and balance your stock accounts with ease.