Microsoft Excel is the perfect spreadsheet to maintain a stock register of material costs. The excel package is flexible to cover many commercial tasks with stock control and evaluation one of many business tasks that the package is designed to handle.
Preparing your data before using Excel is critical to accurate stock taking and monitoring. Knowing the information and data that you wish to use, where to use it and how you will interpret and monitor the results are essential. The best software in the world is pointless if you don't put in the proper planning in order to make best use of Excel.
- UNDERSTANDING EXCEL
Excel is a powerful interactive combination that allows you to interpret results in various different ways. It also allows you to vary results to anticipate future outcomes- this can be very useful as it allows companies to tinker and experiment 'on paper' without actually effecting the running of their business. By constantly updating Excel with your costs and income you can run daily checks on stock and profitability. Being able to monitor the business to this degree ensures greater efficiency than only discovering on accountancy day if you are running at a profit or loss.
- FUTURE PROJECTIONS
With so much data it can be easy to lose focus and fail to track the key elements in your business. Ensuring that the key elements are identified and carefully monitored ensures that the business doesn't run away with itself or get bogged down tracking non-essential details. Having independent audits to back up the Excel results provides extra insurance and will highlight any anomalies. Excel is basically a constant auditing system but by also getting results independently audited you will be reassured that you are interpreting the data correctly.