One important aspect of managing an online business is keeping track of your materials
Part of that task is inventory management.
Your inventory is the amount of products or materials you have available at a given time.
Inventory management requires careful balancing.
Too much inventory means you have to store excess materials.
That takes up space and decreases cash flow because money is tied up in that inventory.
Too little inventory might delay fulfillment of your orders, or worse, force you to cancel
a customer's order.
There are many tools available to help you manage your inventory and related expenses,
including online software programs,
but these can be expensive.
Another option is Google Sheets.
You can use Google Sheets to manage your business expenses for free on any device.
Plus, because your spreadsheet will be saved to Google Drive, it is available when and
where you need it.
In this activity, you'll use Google Sheets to record your inventory information, including
how much of each product or material you have in stock.
Then, you will calculate your sales to determine the profit, or how much money remains, after
accounting for all expenses.
You also will learn how to identify if you sold too many of a particular product, so
you don’t disappoint customers or lose an order.
To start, open a new tab in your browser.
Then, use the Apps menu to open Google Sheets.
Create a new blank sheet,
and title it "Business Expenses."
Then, move on to the next video to begin filling out the spreadsheet with your business inventory.
it’s your turn: Open Google Sheets, and start a new sheet.
Title it “Business Expenses.”
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