Software for managing inventories serves as the fundamental component of the most effective inventory management systems. Additionally, you have access to tens of thousands of different possibilities at this point.
Therefore, how can you choose which software is the most suitable for your company at this time?
In most cases, inventory management software is developed with a particular market segment in mind. This indicates that determining which software is ideal for your company relies on the specific requirements of your company.
The appropriate software will make your day-to-day operations more efficient and provide you with helpful insights. It will do this while guaranteeing that you do not incur additional costs for capabilities that your company does not need.
In order to assist you in selecting the appropriate software, we will provide an introduction to the 6 most effective inventory management software along with an in-depth review of each.
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FreshBooks is most renowned for its accounting software and system, but the company also provides a straightforward inventory tracking option for freelancers and small enterprises that have just the most basic requirements.
Even the management of relatively modest quantities of inventory may be a time-consuming and laborious process, and this is true regardless of the number of different products that you offer for sale or if you want to sell products in addition to providing services. Especially if you sell over 2+ sales channels.
If you also use FreshBooks for accounting reasons, then you are already using the most optimal option for monitoring inventory.
Your requirements for inventory monitoring, accounting, shipping, and asset management can all be met with the help of FreshBooks thanks to its seamless integration with 2ship and Barcloud. You can also automatically draw in data from Squarespace or Shopify into FreshBooks, which will provide you with an even better experience when it comes to managing your inventory. This is an option that is available to you if you are already keeping track of your inventory on those sites.
Those who want to get their feet wet with the capabilities of inventory tracking software for the first time will find that FreshBooks is the greatest option available. Those who are unsure whether or not inventory software is right for them may also benefit from using this solution.
Small firms that need to sell their products via many channels often go with Zoho Inventory as their inventory management software of choice.
It enables integration with widely used platforms such as Shopify and Amazon, among others.
You will have the ability to synchronize data across all of your sales channels, making it simpler for you to monitor stock levels and expenses.
The majority of the fundamental functionality found in inventory management software are also included in the platform. Because of this, it is an excellent choice for smaller companies that have very straightforward inventory requirements.
The following is a list of basic characteristics found in inventory management software:
Software for controlling inventories Businesses who need to sell their products via many channels may sync their inventory numbers across all of their sales channels by using inventory management software. It also enables you to set up reorder points so that automated reordering may take place, which helps you keep your inventory at the optimal level.
Stock levels can be checked, things can be managed across many warehouses, and orders may be sent out from the warehouse that is geographically nearest to the client, all thanks to warehouse management tools.
The order management system enables you to conveniently handle the orders that are placed by your customers. Using this functionality, some portions of the order fulfillment process, such as the transformation of purchase orders into invoices, may be automated.
Analytics and reporting: This feature allows data-driven choices to be made in order to fulfill the requirements of the client. When compared to other available choices, the reporting features offered by Zoho are quite fundamental.
Capabilities for scanning barcodes: The ability to scan barcodes contributes to the overall efficiency of perpetual inventory management systems. It helps maintain track of inventory in real time when new items are added and removed from the store.
The ability to monitor inventory from beginning to finish is another another useful function offered by Zoho Inventory. Through the use of elements such as serial numbers, this capability gives you the ability to monitor inventory goods.
In spite of the fact that it is a cheap alternative, Zoho Inventory is not the inventory management system that offers the most amount of customization. Its capabilities for predicting and reporting are likewise restricted in comparison to many of the other solutions that are available.
Zoho Inventory Price: Zoho inventory provides a free alternative that is both powerful and feature-rich for those who are just getting started. In addition to that, all of their other plans come with a free trial that lasts for 14 days and starts at $59 a month when paid for yearly.
Conclusion: Suitable for start-ups and small enterprises, however companies with expansion plans will outgrow it in the long run.
Another popular inventory management system that caters to the requirements of multi-channel selling is Veeqo. This software is ideal for retail or wholesale organizations.
The program markets itself as a platform for managing inventories and dispatching orders.
It offers a user interface that is straightforward and easy to use, similar to that of Zoho Inventory. This interface pulls together all of the different sales channels in an one location, allowing you to simply monitor and control everything.
In addition to this, it enables warehouse inventory management, order management, and control of stock inventories, as well as data analysis and report generation.
Veeqo is distinguished from its competitors in that it has its own own barcode scanner, which facilitates the rapid processing of a significant number of orders. The procedure of stock counts is sped up as a result as well.
The platform is well-known for its ability to provide users with an exceptional shipping experience. Over 15 of the most prominent delivery carriers, such as UPS and FedEx, are integrated into its shipping system.
Additionally, the site gives users access to shipping benefits such as reduced shipping prices and live tracking information.
Once you’ve completed the onboarding process, though, everything will run quite well. This is despite the fact that the procedure might take a lot of time.
Because of this, the program is an excellent choice if you want something that is expandable and adaptable; but, it is not an excellent choice if you want to get started in a hurry.
Veeqo does not provide a free account option but does provide a free trial period of 14 days. Their most affordable plan, which handles less than 500 orders per month, has a starting price of $156 per month when paid for on an annual basis.
The hardware of the Veeqo scanner may be purchased independently for a one-time payment of $495.
Veeqo is an excellent choice for a small retail company that is wanting to get started with an inventory solution that is both scalable and affordable.
Sortly is widely regarded as among the most effective inventory management programs available to small firms that are not in the retail trade. Businesses who are searching for a fast and simple solution to meet their requirements for inventory and asset management might consider this option. People who are uncomfortable reading text on spreadsheets would like the visual form of this feature.
Because of its very user-friendly capabilities, your staff will be able to learn how to monitor crucial facts about your things in a very short amount of time. Because of this, you won’t even need considerable training on the product itself. Sortly is able to do the majority of the fundamental tasks that are required of inventory management software, such as warehouse management, inventory control, barcode scanning capabilities, and basic inventory reporting.
Through the use of the platform’s mobile app, you will have the ability to scan QR codes, get stock notifications that will enable you to monitor stock levels and returns, and quickly group things.
There are a few nuances to Sortly that need your attention, so be sure you’re paying attention. Unless you upgrade to the extreme plan, you won’t be able to interface with third-party applications and services. Additionally, it does not yet interface with accounting software or eCommerce platforms. Even if you have the extreme plan, you will still need to get in touch with customer support in order to carry out integrations using the API.
Price: Sortly provides a free version of their software, in addition to offering a free trial of their advanced or super version if you’d want to try it out first.
The jury is in, and they’ve decided that Sortly is an excellent low-cost alternative that offers features that are extremely easy to work with for non-retail small companies in a variety of fields.
The flow of inventory inflow
The InFlow Inventory software is a well-liked option for low-cost inventory management systems among small enterprises. The inventory and order management software are combined in InFlow, which makes tracking inventory more efficient.
It is designed for retail firms that need to sell their products via several channels, such as Zoho Inventory, Veeqo, and Brightpearl. The built-in B2B gateway that comes with inFlow Inventory is one of the program’s most distinguishing qualities.
InFlow is equipped with the fundamental elements of inventory management software, including capabilities for barcode scanning, production inventory management, warehouse management, and report generation. InFlow also manages inventories.
With Zapier’s assistance, InFlow Inventory is able to connect with more than 3,000 different applications. Sadly, the majority of integrations can only be done via the API. For APIs to allow for smooth interfaces between software and applications, a developer is often required.
inFlow, in contrast to some of the other applications on our list today, does not support QR codes and does not provide a free version of its program.
The Price of Inflow Inventory
There are no free plans available, however InFlow Inventory does provide a free trial period of 14 days. The monthly cost of the plans starts at $71.
The jury has decided that InFlow is an excellent low-cost alternative for B2B wholesalers and distributors.
Oracle’s Netsuite is widely regarded as the industry’s premier inventory management software, making it an excellent choice for manufacturing businesses or businesses with significant manufacturing requirements.
The platform provides a comprehensive collection of fundamental inventory management software features in addition to buying capabilities, which together help to simplify the production process and the operations involved in the supply chain.
The program offers a high level of personalization and is equipped with sophisticated functions. Demand planning, cycle counts, and very thorough product catalogs are just some of the complex capabilities that this software offers. In spite of this, you will most likely want the assistance of professionals in order to make full use of all of its features. Setting up the inventory management system for the platform may take some time, but the investment will be well worth it.
One thing to keep in mind is that it is not the best option for companies that have demanding requirements for retail functioning. The other program on our list that was designed specifically for retail establishments is a superior alternative.
Pricing for Netsuite: Neither a free trial nor free accounts are available on this platform. You are required to get in touch with them for a personalized estimate. The cost of the software begins at $999 every single month.
Because it is not the most cost-effective choice available, the verdict is that firms who have more involved requirements and a larger budget should choose Netsuite.
The fact that Cin7 can be used both as an inventory management software and a point-of-sale system gives it a distinct competitive advantage. Because of this, firms are able to further simplify their stock management across all of their sales channels to avoid stock-outs. This is important for firms who have locations both online and offline to sell their products.
The system markets itself as an all-encompassing answer to the problems faced by a diverse range of companies, including wholesalers, retailers, and those involved in straightforward production. Customers who have previously purchased Brightpearl from Stitch Labs might also consider switching to Cin7 as another excellent choice.
In addition to having all of the other typical functions that are included in less expensive inventory management software, it also offers a great deal more capability and capabilities.
Highlights from Cin7:
Advanced reporting means that you will have access to over one hundred different reports that may be customized. In addition to that, it has demand planning and forecasting capabilities.
You’ll have access to data that may help you improve the judgments you make about inventories as a result of this.
Cin7 is well-known for its extensive integrations, which number over 550, and includes numerous connectors for eCommerce, accounting, and other areas. Because of this capability, it will be simple for you to take your company to the next level as it expands.
Enterprise resource planning (ERP) that won’t break the bank: ERP vendors often charge more money for capabilities that come with extra modules. Cin7 went about things in a different way. They come with a substantial amount of pre-installed functionality at no additional charge.
Cin7’s point-of-sale enables you to do a great deal more than simply process transactions on their point-of-sale system because to the fact that it is a fully integrated point-of-sale system. Additionally, you are able to monitor inventory, ship orders, and do a great deal of other tasks using their point-of-sale system.
Cin7’s point-of-sale module may be installed on a mobile device and used to process orders even when the device is not connected to the internet.
Cin7 Price Cin7’s small business plan begins at $299 per month, making it one of the solutions with the highest price on our list. Cin7 also has an enterprise plan, which begins at $4,999 per month. When compared to other ERP software, the cost of this one is seen as being rather reasonable.
Conclusion: Cin7 is ideal for bigger organizations or smaller establishments that are experiencing rapid growth and have complicated requirements. If you participate in pop-up stores or trade events, then the investment will be well worth it.
Questions to Ask When Buying Inventory Management Software
Before committing to any inventory software, there are a few things you should be aware of in order to prevent any unpleasant surprises.
When looking at different inventory software options, here are some questions that you should think about asking the support staff:
If you follow your strategy, will you be able to operate more than one warehouse?
This program allows you to centralize some or all of your data, but not all of it.
Is it possible for this inventory system to scale up as your company expands, and if so, to what extent?
What is the maximum number of user licenses that the subscription allows?
Is it simple to transfer data from one location to another using this software?
Does this program interface with the majority of the other software that you make use of, such as accounting software?
How long does onboarding take?
Is there a limit on the number of devices that a single installation of the program can run on?
Could you show me any case studies of customers who use your product or service?
How long would it take to teach a worker that is brand new to using the software?
What precisely is included in the pricing that you’ve listed? And what are some popular add-ons that will bring the total price closer to the one that was quoted?
Which pieces of hardware are most likely going to be sold separately?