SKUs represent different product characteristics such as color, size, and brand, and are used for inventory management.įor example, let’s say your business sells the following shirt with different sizes and varying quantities currently available: A SKU is an alphanumeric code used to identify a specific product. It’s easier to track your products through SKUs instead of solely relying on the item name. You can use that description or the name of the product (e.g., “16 oz. For example, if you’re selling liquid drinks, then the 16 ounce and 20 ounce versions each get their own line item on the inventory sheet. You need to list every individual item on your inventory sheet, including variations. At its core, here are the basic elements you’ll want to include. You can make your inventory sheet as complex or simple as you want. 6 factors to include on your inventory checklist Depending on the size of your business, this can be done by the owner or an employee who makes it part of their daily duties to count inventory. Inventory sheets help you keep track of your inventory on hand.
#Inventory sheet serial
Regardless of business type, an inventory sheet is a checklist of inventory type, amount you have, price per unit, and SKU or serial number. What is an inventory sheet?Īn inventory sheet takes on many different meanings for each type of business. You will also learn how 3PL services help businesses manage inventory so they can focus on other areas of your business. Plus, your accounting team will have to keep correcting the books to account for inaccuracies, which can cause more tax issues than you ever want to deal with. With inaccurate inventory counts, your business can lose money and not meet customer expectations (especially if they purchase products that don’t give an out of stock notification). It may seem tedious to count for every single item you own every day, but it needs to be done. As a business with physical goods, properly managing your inventory is a crucial aspect of your business.
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