Why Your Company Needs an Equipment Inventory Spreadsheet
An equipment inventory spreadsheet can be extremely helpful. Equipment is very important to a company. Managing equipment inventory is the key to running a business effectively. Often, sales and productivity depend on equipment management. Here is how you can do it more easily using a list.
What Is an Equipment Inventory List?
In any company, there is always equipment that is used in the production process and in the office. Whether it is machinery, office supplies, or stocks, it’s important to know the condition of your equipment is important to keep your business running smoothly.
This is where an equipment inventory list comes in handy to keep track of all company equipment. Using this list, you can store important information such as serial number, location of the equipment, and others for easy reference.
Furthermore, the value of company equipment will depreciate over time. This depreciation must be accounted for. The list helps you track both the financial and physical status of your equipment. If you have items that are on loan, you can also use this list to monitor the loan payment.
Benefits of an Equipment Inventory List
There are many ways with which a list can help you manage your business. Here are some benefits you will get.
- Increased Efficiency
An office has many equipment, especially if you are overseeing the inventory across many branches. Having a constantly updated inventory list enables the employees to find where an equipment is and whether or not someone is currently using it. Less time is wasted on looking for the item, which can be better allocated to more productive activities.
- More Informed Decision-Making
With an equipment inventory list, you can track what each equipment is used for and how often, as well as how frequently it needs maintenance. This information helps you decide if an equipment is still useful or not. So, your company can make better budgeting decisions when it comes to equipment management.
- Keeping Your Equipment in Good Condition
It is important to make sure that your equipment is in good condition. Knowing when each equipment requires maintenance means keeping it up to the required standards at all times. Consistent maintenance prevents future issues and saves cost in the long run.
Creating an Equipment Inventory Spreadsheet
While it may seem overwhelming, creating an equipment inventory list isn’t difficult. You can make a spreadsheet containing your equipment list using simple and accessible platforms like Microsoft Excel or Google Sheets.
Having a centralized digital spreadsheet that everyone in the office can access will be very good for your business. Make sure that all employees involved are able to view and access it so that the data can be checked and updated in real time.
What Must Be Included in Your Spreadsheet
You can create your own spreadsheet on your preferred programs. There is also software that allows you to make a spreadsheet. However, ultimately your spreadsheet design depends on what your office needs. Use the system that suits your company the best.
If you’re on Microsoft Excel, what you need to do is first prepare different columns. Use the headings to classify the columns according to the information they contain. Here are some examples:
- Serial number
- Product make and model
- Check in/check out status
- Physical condition
- Acquisition value
- Yearly and monthly depreciation
- Maintenance and repair records
- Loan status
This list must be updated every month and fiscal year, especially on the depreciation and loan information. You can easily find equipment inventory spreadsheet templates online for your reference. Use them to create the system that works best for your office.