Either you run a product-based company or a service-based company; running a product based company demands proper classification and organization of the products, counting, tracking, managing and entering all the data regarding the vendor, data entry of the delivered, sold, received, and damaged goods – this list does not end here! Inventory management of a small business is no less than a challenge! Mismanagement of the inventory results in the stock-shortage and low profit and significant loss in the revenue.
You can avoid the loss by signing up for inventory management software. If you are under the impression that you can’t afford the cost, know that there are multiple free inventory management software. Instead of managing everything manually, these software preaches efficiency and accuracy. Although you will have access to the software but know that the deal might come with some restrictions on the number of products, the number of users, or on orders. Still isn’t this better than entering and crunching every number manually.
Furthermore, some systems such as business accounting software, eCommerce, and POS system come with the free inventory software. Research well before signing up for the new inventory management software. Glance over the following attributes before picking the software.
How do I pick the best inventory management software?
Whenever you are searching for the right software, watch out for the following features as the best ones have them.
- No. of the user: Some inventory management software might allow access to only one or two users while on some systems allow unlimited access.
- No. of products: From several products to the unlimited number of products. Choose the one with an unlimited number of products.
- No. of locations: This feature allows you to track and move the product all around the warehouses located at various locations.
- Purchasing and receiving: You can track the purchase and receiving of the order.
- Product data and counts: Keep a track of the name, price, bar-code information, and stock count.
- Information on the supplier: The best and free inventory management software allows you to track all the relevant information about the supplier.
- Price: Explore your potential options and compare the prices of the system you have in mind.
5 best inventory management software
- inFlow Inventory
In 2018, more than 82% user responds positively to the inflow inventory. Most of these users run small retail businesses or are in the construction business. This software is perfect for every type of business; it allows you to the bar-code, manage the cost, sales, incoming orders, information regarding the pending and completed orders, and a couple of other things. More importantly, its regular version allows you to manage 100 products and customers at the maximum. Along with this, you can also manage work orders and the serial number of the products.
It allows its users to get rid of all the inventory shortcomings and shortages.
Its disadvantage is that you can’t automatically export accounting data to its accounting tool.
If you want more features, you can upgrade the system to the premium from the regular. The user of the regular system only has to pay $399, if he or she wants to update.
If you are from an IT industry or run a retail store, then this inventory management software is the best for your business. Although technically Odoo is an enterprise resource planning tool after having access to this tool, you can take advantage of its inventory management tool. If your only concern is to effectively manage the inventory, then you don’t have to upgrade the software.
As it has an in-built accounting system, so through accounting integration you don’t have to manually move all the data.
Some of the reviews complain about the inefficiency of the product documentation. In addition to this, a complete understanding of this software requires a basic understanding of Python.
BoxStorm inventory management software work together with the QuickBooks Online. You can either choose the free level or the paid level. The free level of this system only gives access to one user, can access in one location, you can manage 25 products and 100 transactions.
If you want unlimited access to the products and transactions, you have to pay $79. In addition to this, this system allows you to track your products, and the export and import of data are easy through this software!
Some features such as knitting, payment processing, and sales management system are missing in this inventory management software. Still, it has the potential to change the dynamic of inventory management of your small business.
Best for small to mid-sized apparel and fashion-related businesses. Its free version allows you to manage inventory tracking and shipment information. Furthermore, it allows you to manage and schedule the shipments with the biggest providers such as FedEx and DHL.
The free version of ZhenHun allows its user to manage one location meaning one warehouse at the time, and at least 50 orders per month. If you want more than this, you have to update either to the standard or the professional level.
It is easier to customize the feature of the product as per the demand of the business. Moreover, users use this inventory management software because of its Shopify integration.
For international transfers, the sender and the receiver have to pay some amount. Some customers also experience a delay in tracking orders and shipments.
- Zoho Inventory
Last on our list is the Zoho inventory; it is the best software for warehouse management especially for the small business owners. Per month, this software allows you to manage 20 online and offline orders, one location, and 12 shipments. Moreover, you can track the product serial number and shipping number.
With $49 per month, you move to the standard plan. Small business owners working in retail, electronics, and IT services has recommended this software.
Allow taking advantage of products sales order, expense tracking, and other functionalities.
Some users complain about its data transitioning and tracking e-commerce order features.
We have shared the basic details regarding the best inventory management software, have a look at the pros and cons and make an informed decision. For more tips and tricks on running and managing a small business, you can follow us on Facebook and Twitter (@Onlinecheck). If you have any question, feel free to call us on our toll-free number at (833) 827-4412; we will help you every step of the way.