It is very important to track the condition and operation of your machinery, tools, and other equipment. It would help to investigate the cost applied to the service and repair of such items. You should keep a vigilant eye to count your tools to be aware that what you have in hand and when and where it could be used.
By assessing the pre-determined cost will help you manage the asset carefully and will ensure the life expectancy of your tools for a longer duration. It is often presumed that the inventory cost should only define the cost of raw material, prepared goods and the available services and some semi-processed goods but your tool count and its management is also as significant as the other parameters because without these tools most of the functions are not carried out smoothly.
If you don’t have proper tool count or inventory management on a regular basis two things might happen, either you will buy additional tools of no use thus spending money wastefully or you don’t have proper tools in hand at the time of need. Both situations will create a nuisance as it will waste time and money affecting the production and revenue.
This hassle in work is very objectionable and also by managing a tool inventory you go for timely repairing which increases their resale value.
A tool inventory sheet is used by companies to keep a track of their stocks and tools used for running the business smoothly. All the items on the tool inventory sheet are numbered and tracked by the managers.
The sheet tracks the following:
- Damaged tools that are no longer in use.
- Operational use of an item.
- The developed products of the company for sale or use.
- It gives the value of each tool of the company.
- The total value of the inventory owned.
- Tracks the location of items on the inventory sheet.
Managing a tool inventory seems to be a long and boring task to accomplish, therefore to ease the work you can take help from online pre-formatted templates that will help you to sketch a tool inventory by their customizable and downloadable options.
File: Excel (.xls) 2007/10
Size 20 Kb | Download
The inventory sheet is used by the businesses where the structure is wide and complex, and the number of inventory is large. Small businesses are also adapting the tool seriously for the smooth running of their operations.
Tools and inventory are important assets of businesses of any scale and its tracking is vital for survival in the market. The sheet can be maintained and updated on a regular basis so nothing is missed out.
If we talk of large business organizations, where they are simultaneously working on more projects, the inventory sheet of each project is very important, which is updated and maintained by the project manager.
The project manager updates the requirements, use, condition, and outcome of tools used during the project. It gives the company a record of each inventory item and nothing is missed by the managers and finance department.
Moreover, with the help of tool inventory sheets, a company stocks the equipment for the entire project, so that time and energy are not wasted. In Addition to this, the sheet also informs about the items being removed and replaced. The location of items on the sheet can be tracked within seconds, hence saving time and panic.
Old fashioned tool inventory sheets were on registers and log books kept and maintained by the company employees and were handwritten. It would require more workforce and time.
With time more sophisticated ways of keeping inventory records were introduced. In today’s era, there are so many different excellent software are manufactured and introduced in the market which is user-friendly and quick to use and keep a record of the data.
A computerized tool inventory sheet has a backup copy as well, so the chances of losing data are minimal. This advanced technology can be operated by a single employee.