What is best inventory management software for small businesses ?
The answer to this question is yet another important question - What are your business goals? Your business requirements can be completely different from 20 other small businesses in your state. So, you need to weigh your current demands and plans before investing in any inventory management software. Ideally, the best inventory management software is intuitive, integrates seamlessly with your accounting software, and can grow with your business. But if you haven't found something on these lines, don't worry! By the end of this article, you will know which inventory management software works best for your business.
The Best Inventory Management Software for Small Businesses in 2022
What is an inventory management software?
Remember writing down inventory with a pen and paper? Well, that method is outdated now. What has replaced this is an efficient tool called inventory management software. Inventory management software tracks your current stock levels and quickly identifies what products you need to buy or how much of the product you have left in stock so it can make suggestions on where to purchase these products from.
The inventory management software is also capable of automatically reordering the missing items, giving an insight into your business performance, and organizing your customer and vendor information on the cloud.
Inventory management software has evolved over the years and its latest versions are cloud-based, this cuts down on your hardware costs and makes the software more accessible. Thus, having inventory management software is a must in today's tech-savvy day and age.
Why do small businesses need such control software?
According to Comparesoft, 54% of small businesses identified cash flow issues as a major roadblock for the growth of their business in 2019. The same year the website mentioned that 76% of the small businesses depended majorly on cash flow generated from operations to grow and survive. It also pointed out that 70% of these businesses held poor cash flow as the greatest threat to their companies. Comparesoft further highlighted that 7 in 10 companies were constrained by poor cash flow as it led to an inability to pay suppliers on time.
Now, these are pre-covid numbers. The pandemic shut down more than a quarter of small businesses in the US as of early June 2021 according to Chepasim. More than 40% of small businesses shut down in the states that were hit the hardest by covid-19.
Even if you do not want to consider the post-pandemic - small business shut down - numbers there is no denying the fact that poor financial management has been the root cause of their trouble. So, everything boils down to efficient inventory management as inventory is nothing but tied up cash, and not managing it well clearly means losing money. An inventory management software will optimize operations and that, in turn, will lead to better business decisions and profit margins.
You’re tired of doing things manually and you don’t want to spend money on software that could be a waste of time
Zip Inventory will help you navigate the technicalities involved in inventory management softwares
Factors to consider before buying an inventory software
An inventory management software is the backbone of any business, therefore, it's important to research well before finalizing a software best suited to your needs. Here are a few points that you must consider before investing in inventory management software.
Prioritize your requirements
It's not hard to see that as a business owner or manager you're facing challenges. All you need to do is look at your inventory management software, which will have solutions for the same. Keep in mind that there are other requirements such as back-up plans and future needs of the company when looking at this investment decision.
Cost of the software
Depending on the complexity of your software needs, determine if the vendor's price is reasonable or excessive. If it seems like a fair price for what you are getting and there aren't any options available within this cost range, then it will be worth your investment to purchase from that vendor.
Your inventory management software is outdated and not working properly
Zip Inventory will help you know the best inventory management software for small businesses
You may need to tailor your inventory management software for particular details if you have extremely specific requirements. You should inquire with the vendor about whether their system is able to fulfill such needs and how much time it might take them to customize their product for you. If, on the other hand, this isn't an issue, then a pre-existing inventory management system could be utilized in order to save time and avoid additional expenses.
Usability defines how well an inventory management system is used in a firm, which is often overlooked by business owners. If employees have to spend hours learning the ins and outs of the software, it's generally not worth purchasing. Remember that you're searching for a solution that will make inventory management easier for you, so go with the simple one rather than the convoluted one.
Integration with other systems
You might not have considered connecting your inventory management software with other software products, but you may need them as your company grows. So, make sure that the software you select integrates with other systems like POS, warehouse management, accounting, eCommerce, and purchasing.
Flexibility is another crucial factor to consider when selecting an inventory management system. Find out if the inventory management software that you're considering is mobile-friendly, how many people it can accommodate, whether it's a web-based or on-premises solution, and so on. Flexibility is a critical consideration, especially if you have many stores or warehouses in various locations.
You may not be able to fully trust your inventory management software, as problems are bound to arise and you need someone on the team to troubleshoot. You should ensure that you work with a vendor who offers full support services-training, warranty, and assistance.
Consider your financial status
Before you invest in inventory management software, be sure your company's financials are secure enough to handle the big project. Consider if now is a good time for your business by examining how much money it will cost and whether cloud-based software solutions would work with what you need. If this sounds like something that could benefit your business, start planning on how best to implement that technology.
Top inventory management software in 2022
Here is our list of inventory management software that are good for businesses!
Zip Inventory is a mobile-friendly application that helps you manage your inventory and keep track of your food costs. It monitors inventory levels in real-time and identifies opportunities to reduce food waste. It provides the best inventory for restaurant owners.
Highlighted food cost- Zip Inventory provides a variance report that highlights the cost of food waste for each ingredient. You'll be able to see the waste in monetary terms and compare actual vs. theoretical usage.
Improved and standardized recipes- Consistent meal preparation and ingredient usage are difficult to enforce without the proper tools. With Zip Inventory, you can ensure that recipe instructions for menu and prep items are followed with instructional videos, ensuring that the food is prepared consistently regardless of who prepares it.
Voice feature- To count inventories, Zip Inventory uses voice search. As a result, a manager can take inventory simply by stating the name of the object to be counted.
24x7 access to inventory- The app's inventory usage reports are provided in two different file formats, CSV and PDF. Inventory reports can be shared on a variety of devices.
Pricing- You'll have to connect with the Zip Inventory team for pricing.
QuickBooks Commerce is a strong and versatile solution that is fully integrated with the QuickBooks accounting software. As a result, you'll be able to keep track of your inventory and work on your invoices.
Overall, QuickBooks Commerce simplifies accounting and improves financial management with capabilities like tax calculation, sales reporting, cost monitoring, and invoice management.
Advanced Inventory- This feature allows for real-time inventory tracking and provides a comprehensive perspective of inventory management.
Order Management- Improve your business's growth by streamlining your order management.
Advanced pricing- This tool allows you to personalize, automate, and maintain control over your pricing.
Field service management- Provides real-time field updates.
Accounting- Easily keep track of invoices, taxes, expenses, sales, bills, and other financial information.
Advanced reporting- The software puts all of your important reports at your fingertips.
Pricing-$50 per month for the first three months.
SellerCloud is one of the most popular inventory management platforms for e-commerce firms, with some of the most notable features including shipment processing, scheduled listings, customer feedback management, and much more.
It also has a large number of third-party connectors with payment gateways, shopping carts, e-commerce software, and other services. For example, it's well known for its capacity to link to many channels for greater commerce, such as eBay and Amazon.
Creates a catalogue- The SellerCloud creates a catalogue for all of your products and inventory items, making it easier to discover product details for all of them in one place.
Inventory management - It enables you to keep track of your stock across all of your sales channels. You may also track your order from the moment it is placed until it is delivered.
Order management- It oversees all incoming orders as well as related operations. It also sends out a low stock signal.
Create reports- SellerCloud assists in the creation of detailed business reports that can be used to assess the performance of business items across numerous channels.
Pricing- The monthly pricing plan starts at $1000.
ChannelAdvisor serves as both inventory management software and digital marketing assistance for your company. ChannelAdvisor is suitable for all your e-commerce needs, from streamlining sales across 100+ platforms to tracking the buyer's journey.
Syncing with numerous channels- ChannelAdvisor is a digital marketing solution that allows you to spread your products and content across multiple platforms, including Google, Bing, Yahoo, Facebook, and others.
Paid search marketing- It provides paid search marketing to help your company grow and convert more customers.
Analytics and reporting- The inventory tool generates detailed analytical reports to help you gain a better understanding of your business and maintain track of your inventory.
Digital marketing channels- ChannelAdvisor includes digital marketing features to help businesses boost sales across many channels and increase profits.
Pricing- The costs vary based on your company's demands and requirements.
An excellent inventory and warehouse management solution is Fishbowl Inventory. It manages accounting systems and FIFO tools in addition to inventory tracking.
It's a low-cost inventory management application that may assist you in streamlining all of your activities, including distributing, manufacturing, selling, and servicing.
Multiple locations- You can use all its services at multiple locations of your business.
Asset tracking- It regularly monitors and tracks all the assets in your inventory.
Service management- Fishbowl gives better service management schemes for business profit.
Vendor management- It also helps in storing information and managing the vendors for better business outcomes.
Pricing- Fishbowl Inventory starts from $4,395.
nChannel is a cloud-based inventory management system that allows you to connect your sales and fulfillment channels. It prevents overselling by updating inventory in real-time, resulting in a better customer experience.
Product information management- It organizes and maintains product information in a distinct section so that you can find it quickly.
Multi-channel listing- To increase business sales, you can sell business products on numerous channels.
Dropshipping management- The nChannel inventory allows you to handle dropshipping without sacrificing financial control.
Order management- In addition to managing product data, catalogs, and more, nChannel offers order management services.
Pricing- To get a quote you'll need to complete a form with your company's details.
Unlike the other inventory management solutions, Katana concentrates on small manufacturers and business owners, assisting them with production scheduling and planning. It is the right tool for you if you need skills like raw material monitoring, priority-based production planning, and an automated book engine.
It also gathers all of your business-related data, such as sales status, warehouse status, low stock warnings, and more.
Improved productivity- It improves job efficiency and sales, resulting in increased productivity. You can also focus more on bringing in a more targeted audience with effective management efforts.
Instant inventory control- Katana provides real-time inventory control software that allows you to keep track of both in-stock and out-of-stock products. The stock information assists you in restocking new products.
Monitors the order cycle- It assists you with the full sales process. It also enables you to keep a close eye on the order's progress till it is delivered.
Pricing- It starts from $99 a month for Essential and $299 per month for Pro.
4PSite is a multi-channel inventory management platform that runs on the cloud. It has a single dashboard for managing all inventory management operations, and you can handle it totally through the web. It also works with a number of popular web platforms, like Volusion, Shopify, and others.
Inventory management- It provides high-quality inventory management to help you manage your business's burden. It handles stock notifications, invoicing, and shipment tracking, as well as providing third-party interfaces to help your company develop.
Order monitoring- 4PSite additionally assists with order monitoring in order to trace the shipment's current location. When dealing with consumer questions concerning delivery, order tracking is critical. It also allows you to provide your consumers with precise tracking information.
Order management- It manages all incoming orders as well as the operations that go along with them. During peak seasons, when order inflows are high, 4PSite can handle the load without lags or malfunctions.
Pricing- You'll have to get in touch with 4Psite for a quote.
TradeGecko manages both your wholesale and retail e-commerce businesses. They manage and track inventory across various warehouses. It also gives frequent advice to help you enhance your business sales and generate more market revenue.
Inventory reports- It generates inventory levels reports to keep track of stock levels and also sends out a warning if there is a shortage of stock shortly before it needs to be replenished.
Online payments- TradeGecko processes online payments through trusted gateways to ensure that transactions are safe and secure.
Order management- It oversees all incoming orders as well as related services.
Pricing- TradeGecko's starts at $50 per month for the first 3 months.
Dear Systems is another well-known brand among inventory management software for businesses. It's suitable for a wide range of businesses, including e-commerce, food processing, wholesale, distribution, and more.
Furthermore, it automates all time-consuming operations such as warehouse productivity tracking, accounting data entry elimination, and more.
Stock adjustment- Dear Systems handles stock adjustments and sends out alerts when a product's stock is low.
Product reports- It generates detailed reports on sold-out or expired products in order to keep track of the company's inventory investments.
Multiple channel integration- It allows you to connect to a variety of third-party apps to run your business from anywhere at any time.
Real-time analysis- Provides real-time analysis and accurate answers to stock-related questions.
Package tracking- It not only manages the order but also keeps track of the shipment till it arrives at the customer's doorstep.
Pricing- The plan starts at $3575 per year (billed monthly)
Veeqo is an excellent inventory management system for small businesses, allowing them to keep track of inventory, shipping, and order procedures. It offers wholesale order tracking and interfaces with up to 16 channels. It also manages numerous warehouses.
Order management- Veeqo has an order management tool that allows you to keep track of all orders coming in and going out.
Quick notifications- It sends out notifications about inventory stocks and other information almost instantly.
Product comparison- Veeqo provides product comparison information on a single page for improved business management.
Multi-location feature- Veeqo's Multi-Location feature allows users to track inventories and manage services across different locations of their company without incurring additional costs or difficulty.
Accounting integration- In the long run, accounting integration proves beneficial.
Pricing- Their pricing is based on order numbers that can change every month.
Ordoro is a time-saving inventory management software that helps small businesses run a smooth sales process. It facilitates drop shipping and manages all of the accompanying operations. You'll find unique features like batch-print shipping labels, kitting capabilities, barcode scanning, and more.
Multi-user- Ordoro is a popular Inventory Management platform that allows several users to utilize the software at the same time.
Multi-location- With a single inventory management application, organizations may function from many locations.
Dropshipping- It contains dropshipping-specific capabilities like automatically routing dropship requests to your vendors, bespoke API connectivity, and more.
Order management- This program keeps track of all incoming orders as well as syncs and tracks any inventory modifications.
Order tracking- This allows you to track and obtain reliable information about the location of your products.
Product warnings- It sends out alerts when there is a shortage of stock and helps you avoid overstocking the warehouse.
Pricing- It's free for up to 1000 orders a month and then starts at $499 per month.
Zoho Inventory is a well-known inventory management software that allows you to manage your inventory across several channels. Additionally, Zoho provides capabilities such as stock management, accounting and CRM connectors, numerous shipping integrations, and more to help you keep track of every unit. Furthermore, the software is best suited for small and mid-sized retail establishments.
Stock management- It enables the bundling of items and aids in the tracking of different items' stock flow.
Extensive interface- It allows for seamless integration with the leading e-commerce platforms, allowing for easy stock-flow monitoring.
Order management- With this tool, you can quickly manage orders, track deliveries, make sales and purchase orders, and so forth.
Shipping options- This feature allows you to choose the most cost-effective and logistically capable shipping service.
Customer and vendor management- It allows for the easy capture of vendor and customer data as well as tailored communication. Payment receipts, invoices, and orders can all have the needed field added to them.
Pricing- Zoho Inventory is a cost-effective Inventory Management system. Paid plans begin at $39 per month and go up to $239 per month when invoiced annually.
Inventory management software can be expensive
Zip Inventory will help you find the most cost effective business tools for an efficient and organised business operation