Break-up with Spreadsheets for Accounting and Inventory Software

Small to medium size businesses are becoming more confident in their ability to compete against larger competitors thanks to new technology helping to level the playing field. Chatbots, machine learning, AI and voice command tools are providing opportunities for small businesses to reach more customers and improve processes without the need to hire highly qualified … Read more

The Dangers of Using Excel for Inventory Management

excel for inventory management

We speak with many prospects who are using Microsoft Excel spreadsheets as a way to manage their inventory and other areas of their business, most often because they lack more sophisticated software systems.  This is not uncommon and can work for very small businesses just starting out – Excel is an excellent business tool and … Read more

Excel For Inventory Management?

excel-for-inventory-management

I recently visited a company that uses Excel for inventory management which is not unusual as many small businesses use Excel to manage areas of business for which they do not have a purpose-built system. But this visit reminded me how dangerous it can be to use Excel for certain types of business activity.

(To be clear: Excel is an outstanding business tool and I use it all the time. But like any tool, it works best when used for appropriate purposes.)

At this company, their Excel spreadsheets are manually updated when shipments arrive, when they get around to it. And they’re updated again when products are shipped out, some time after the fact. They use these spreadsheets for information about inventory: what’s in stock, when to replenish and how much to order. They also use them for costing inventory, including landed costs like duty, brokerage and freight. So these are pretty important business tools, right? Now read this question and answer exchange with the business owner:

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Life’s a Slice(r) with Excel 2010

As discussed in a previous post, Excel Pivot Tables are powerful tools for analyzing and reporting on data from your accounting software package, and other business data sources. Starting back with Office 2010, Excel released a new feature that takes Pivot Tables a step further: the Slicer – which allows you to slice and dice an existing … Read more