How to manage inventory correctly in a small business

Inventory management is more than knowing how many items are on a shelf. Receipts, issues, write-offs and sales must be properly connected.

Opening stock and product receipts

Before tracking begins, opening stock is entered. Later purchases should record quantity, purchase price and date so actual stock changes can be monitored.

Sales and write-offs

When a product is sold, inventory should decrease automatically. Damaged, expired or internally used items should be recorded as separate write-offs.

Stocktaking and minimum stock

Regular stocktaking compares recorded and actual inventory. Minimum stock thresholds provide timely purchase alerts for important products.

Why is Excel alone not enough?

Excel may seem convenient at first, but errors increase when sales, cash and inventory are separate. One system reduces data loss and speeds up daily decisions.

Freedom Platform can organize stock, purchases, sales and write-offs around your business processes.