Create an Inventory of Equipment you currently own to make informed decisions on behalf of your business or household by following these tips: Businesses should entrust the inventory control to two employees instead of ordering only one person to describe all the equipment present at a facility - one individual will examine the items and monitor their condition while the other records their findings. Once the physical verification is over, they will transfer the data into a spreadsheet sharing their observations and possibly offering new techniques that will let the company optimize inventory management. If you are examining the inventory you have in your personal residence, it should be easy to do it on your own. Draw a table with the help of software that stores, calculates, and analyzes data . It is advised to divide the equipment into different categories so that the spreadsheet contains several tabs for your own convenience and to accommodate other individuals that gain access to the information in question. You determine what columns to include in the spreadsheet but generally, this list indicates the name of the tool, its brief description, location, current state, the year it was issued, the manufacturer, and the price of the item. In case you are managing a large warehouse or you are responsible for expensive equipment that needs ongoing maintenance, make sure your supervisor or manager approves the information put in the spreadsheet - they may be present while you are taking inventory or conduct a random check comparing the results of the physical inspection with the details you put in writing. A formal Equipment Inventory List has to be signed by the employee that confirms the statements are true and accurate and kept in the internal records of the organization for future audit. Consider making two copies of the spreadsheet - a digital version that can be updated whenever an item is replaced or damaged irreparably and a printed-out document you keep in the work area or storeroom. Alternatively, you may remind yourself about the need to purchase supplementary tools and consumables you regularly run out of by creating a separate list for them and striking out future acquisitions.