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Inventory Forms: What Are They?
As one of the important business documents, inventory forms provide a system that records all the commodities in a warehouse. It is also considered a crucial part of the supply chain as it monitors stock inflow and outflow. Moreover, an inventory form includes the exact storage location for a business’s entire stock. By enhancing storage decisions, the procurement process will be improved. Additionally, a form of inventory provides a comprehensive stock list, description of each commodity in terms of perishability, fragility, or sensitivity.
Despite its benefits, only43% of small businesses in the US track their inventory or use a manual process according to a report presented by the Wasp Barcode Technologies in 2017.
The Elements of an Inventory Form
In order to create an inventory form, you must be familiar with its different parts. These are the elements that need to be included in the form. Read the list below and find out what consists of an inventory form.
How to Create a Working Inventory Form
There is no one way to create an inventory. Some businesses have a standard form they use for their inventory. But you can also make yours if you do not have an existing inventory form. Using MS Excel or other software programs is the most common way to produce an inventory form. To make it more convenient, you can also use a form template. Follow the steps below to guide you make an inventory form for your business.
Step 1: Choose a Template
If you work with a template, you are no longer required to start from scratch because it is ready-made. Have you checked our templates above? If not, browse through our collection of printable inventory form templates and discover the convenience it can contribute to your task. Before clicking the download button, make sure to pick the right template that is fitting for your business. If used right, the template will save you time and promote consistency in your documents.
Step 2: Open an Editing Tool
Once your template is downloaded, access an editing tool on your device. You can use a smartphone or a computer, both ways work effectively. However, you cannot just use an editing tool that you like. It should be compatible with your template’s file format. Otherwise, it will deficit the convenience it could have contributed. To know whether your template is compatible with your chosen editing tool or not, go to the template’s website. Compatible editing tools should be featured there.
Step 3: Modify Your Template
To start modifying, import your template to the editing tool. When done, refer to the elements above so that you know what to include in your inventory form. Add the relevant elements that are needed for the inventory process. Do not include unnecessary elements or they will just crowd your form. Keep it as simple as possible to strive for no ambiguity. You can even use tables, graphs, and charts to neatly organize the content.
Step 4: Consider Going Digital
Before using the inventory form, make sure to do the final edit. It will help you pinpoint errors such as misspelled words, inaccurate information, and so much more. You have the option to use the form as a printed copy or an electronic copy. But digitally-made forms are more efficient because you don’t have to secure a bunch of paper works. Instead, use a device to store details from your inventory form.
What are the other types of forms?
- Survey Form
- Waiver Form
- Receipt Form
- Project Form
- Payment Form
Why is an inventory form important?
An inventory form helps you with inventory management which saves you money and allows you to fulfill customers’ needs. In other words, it enables success in cost control of operations. Knowing what your business has, what is in your storage, and how to manage the supply chain properly is the foundation of a business.
How do I manage my inventory?
- Prioritize your inventory.
- Track all production information.
- Audit your inventory.
- Analyze supplier performance.
- Practice the 80/20 inventory rule.
- Be consistent in how you receive stock.
- Track sales.
- Order restocks yourself.
- Invest in inventory management technology.
- Use technologies that integrate well.
Success in business does not happen overnight. It requires consistency in practicing discipline, using integral business methods, and formulating effective strategies. When you know what you have and what you are capable of, you can use this as an advantage. And there is no other better way in knowing what your business has than a good inventory management system. Add more efficiency in tracking your inventory with an inventory form.