Use of Excel Spread Sheet by a Quantity Surveyor for Material Stock Taking

The material stock taking refers to the physical checking of the stock levels for the materials and products. The material stock taking procedure helps to ensure that the data regarding each material is accurate and up-to-date. The material stock-taking procedure helps to provide an audit of the existing stocks or materials and also helps to uncover the stock information. The material stock taking procedure is involved in the inventory control process, which helps to manage stocks and different types of inventory successfully.

Advantages of Material Stock Taking

There are numerous advantages of conducting the material stock taking process, which are as follows:

Keeping up-to-date records

While the product manufacturing process has been conducted, the correct and up-to-date information about inventory should be maintained by the quantity surveyor. The material stock taking procedure helps to ensure that the manufacturer has the finished goods in stock, which are ready to deliver to the customers, thus ensuring that the manufacturing company does not carry negative inventory. Thus, the business can save on carrying costs, and the inventory has been kept at optimal efficiency.

Uncovering stock room issues

The maintenance of the stocks and the security measures in the stock room can be optimised by the Material stock taking process. This procedure helps to ensure that there is no loss of the stocks. In this context, installing advanced locked systems, talking to the humidifiers and improving handling procedures have been done to reduce the stock room issues.

Improving sales strategies

The Material Stock Taking process helps to make a strong visual connection between the sales figures. This process also helps to adjust the sales and marketing efforts of the business companies, thus improving the supply of stocks.

What is the importance of using an Excel Spreadsheet for Material Stock Taking by a Quantity surveyor?

The Excel spreadsheet has been used by the quantity surveyor to conduct the Material Stock Taking procedure. The Excel spreadsheet enables the quantity surveyors to organise the materials data and track the goods inventory. Through Excel, the quantity surveyors are able to create spreadsheets, apply formulas to estimate accurate results, and there are other effective attributes, which are efficient for the inventory management process.

There are several key possibilities of using the Excel spreadsheets in the Material Stock Taking process, which are:

➢ The Excel spreadsheets help to display the inventory volume accurately.
➢ The Excel spreadsheet is also able to sort and filter information, which enables the quantity surveyors to search and analyse data quickly.
➢ The Excel spreadsheet helps to track the deliveries.
➢ The sales reports can also be generated with the help of Excel spreadsheets.
➢ The quantity surveyor is also able to visualise information with the help of the Excel spreadsheet, which helps to forecast the report more accurately.

The quantity surveyors of each company can generate their own Excel spreadsheet template, which can align with their requirements for the inventory management system. In addition, the quantity surveyors are able to generate multiple Excel spreadsheets within the workbook, which helps to organise the information more efficiently.

Key data in the Excel Spreadsheet that has been collected for Material Stock Taking

Product ID

A unique code or number has been used for each product in the Excel spreadsheet to identify that product in the inventory. This product ID helps to prevent confusion while entering data in the Excel spreadsheet, thus helping to ensure the uniqueness of the products.

Name of the product

Each products has unique name in the Excel spreadsheet which helps to differentiate each product in the Excel spreadsheet.

Description of the product

In the Excel spreadsheet, several additional information about the product have also been added, which is effective for the management of the inventories. This additional information includes the colour of the products, the product’s dimensions, the product specifications and others.

The right quantity in the stock

The correct quantity of the product that is available in the stock room, along with the new arrivals and sales, should also be updated in the Excel spreadsheet.

Unit price of the product

The unit price refers to the price of one unit of product. The product’s unit price has been used to estimate the total price of the inventory.

The inventory value for the product

Through the Excel spreadsheet, the total value of the inventory can be calculated automatically.

Reorder levels of the products

The Excel spreadsheet also helps to track the reorder level of the product, which is essential to place a new order for the product. The estimation of the reorder level of each product helps to prevent the chances of product shortage, as well as helps to ensure the timely replenishment of the stocks.

Reorder times in a day

Through the Excel spreadsheet, the quantity surveyor can track the reorder time, which is required for processing and delivering the product.

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Amount of reorder

The Excel spreadsheet also helps to track the exact number of reorders that will reach the reorder level.