How My Small Business Inventory Software Helps Run my Business Efficiently

Benefits of using small business inventory software

Running a small business can be difficult. Inventory management is one of the most difficult aspects of the job. As the owner, you must keep track of what items are in stock, how long they have been in stock, and when they will run out. With so much going on, it can be difficult to keep track of everything. Fortunately, there is a simple solution for business owners who are beginning to feel this pressure- small business inventory software. The best thing about these programs is that they are specifically designed for small businesses. They include numerous features that make the job easier, such as automatic tracking and syncing with your point-of-sale system, as well as customizable reports that show you how you're doing.


Here are a few more advantages of using inventory software for small businesses-

Improves warehouse layout and minimizes storage costs

With the right inventory management system, you can keep your storage units in better condition. It enables you to plan the warehouse space, categorize products correctly, and allocate storage bins accordingly.

To provide real-time information on inventory levels and movement, the warehouse management system can be linked to an RFID or barcode scanner. This maximizes warehouse space utilization while lowering storage costs.

Up-to-date data

To get the most out of your inventory, you must know everything about it, including which products sell the most, when to refill, how much to order, and so on.

An inventory management system displays all detailed information at a glance. You can review all of your sales orders to ensure that you're spending wisely and earning more money.

Automates inventory tracking

The inventory and sales management software automates manual operations like stock updates, tax computations, and invoice preparation for all purchase orders. This saves you time and works while also preventing manual handling errors.

Manages multiple locations

You require agile and adaptable cloud-based inventory management software that can help you work beyond timeframes and geographic regions to gain visibility across all of your offices operating in various locations. The cloud platform enables you to consolidate all of your business data into a single database, making it easier to monitor and manage.

Understands market trends

You must understand the commodity's present and future demand to ensure that you have enough supply to meet demand. Data analytics capabilities in an advanced inventory management system collect data from the point-of-sale system and consumer interactions to provide deeper insights into market patterns. As a result, it aids in increasing product availability.

Improves order accuracy

When you have a robust inventory management system in place, you can be sure that the right goods go to your consumers on time. This improves your consumer experience, and you'll get more repeat customers as a result.

Why small business inventory software is important?

As inventory is important, many firms feel obliged to overstock their shelves, resulting in products accumulating dust or becoming rotten, inevitably losing the money spent in the process. Again, if you have too little inventory, you will disappoint a customer by not being able to meet their needs.

Both scenarios spell doom for the company and have the potential to result in losses. As a result, having adequate inventory management software is critical since it allows you to supply your store with an accurate amount of goods to satisfy projected demand while keeping warehousing costs low and completing orders on time.

What to consider when buying small business inventory software?

Purchasing inventory software for a small business is not something to be taken lightly. It will have a significant impact on how you conduct business. You must investigate your options and select the best one for you. When it comes to purchasing small business inventory software, there are numerous options available, each with its own set of advantages and disadvantages. However, there are some fundamental factors to consider when shopping around.

Here's what you need to know to make an educated decision about which small business inventory software is best for your business.

Cost

While price is an important factor to consider in any business choice, it should not be the sole one. Making a selection only based on cost may not ensure that your organization gets the best deal. Keep in mind that the price of a piece of software does not always reflect its worth.

Purchasing more expensive software with a large list of extra features isn't always the best choice, as many of those functions may not apply to your business or be usable by your specific system. Start with a basic budget and decide on your "should have" features within that price range when settling on a price point. Then develop a list of features that are "good to have" and those that are "not required."

Be aware of software that can't grow with you while looking into products at the lower end of your budget. Consider what your company's demands will be in five or ten years, and how software expenses will rise as the number of users, processes, or goods grows. You might discover that the less costly product becomes prohibitively pricey when compared to alternative options. When choosing software, think about the future. This will help your team select a solution that will be useful in the long run.

Assisted implementation

You'll want to pick software that your employees can rapidly and easily learn. Adoption rates will be significantly impacted if you choose a highly complex model that takes a long time to grasp. Research prospective software options to make the most effective and useful decision for your organization and team.

If you decide that a more complex or lengthy piece of software is required, check into how they assist with implementation. This will ensure that you can get the software up and running promptly and provide employee training. If you must commit to a significant upfront expenditure for implementation, make sure you have clear timetables and costs in place before purchasing. Understand the software firm's satisfaction guarantee; don't put your faith in a company that doesn't believe in their product enough to ensure its success and your happiness throughout the deployment process.

Bug solutions

Every piece of software contains flaws. When it comes to selecting the correct software for your business, you should be aware of the software company's protocols for resolving defects. Understand how any problems you could have will be handled. Make certain that the company will solve the issues that are unique to your company's use of the program, rather than merely the major issues that the majority of the product's customers face.

Push updates

The top software companies keep their products up to date. When speaking with software suppliers, inquire about how often their products are updated and how those updates are conveyed. It's also worth noting if service is ever restricted or reduced due to product changes, as this could have an impact on your organisation.

Customization

On paper, personalization sounds fantastic. Who doesn't want their system to be tailored to their exact requirements? Customization, on the other hand, is a tradeoff, particularly when it comes to your company's specific software requirements. An extremely customizable software system could also be a bulky and complex system that is difficult to implement. The more you modify, the higher the price.

Simplicity, on the other hand, may come at a cost. The less configurable the program is, the more difficult it is to tailor it to your company's demands. As your company's demands and systems evolve, it may become increasingly challenging to use the program. To determine how much customization is required, you must consider the trade-offs and the expertise of the team that will be utilizing the software.

Support

Support can make or break whether a piece of software is a success for your company. This is especially true if your IT team is small, the product is complicated, and/or all employees use the software. In these cases, you may need to seek assistance from the software's support team.

Make a list of every software company you're considering and make a note of their support hours. The question of support hours should not only cover the times when you can get help but also how you can get help. Is phone support available, or is everything handled via email or a ticketing system? What is the expected response time for a request if you are utilizing a ticketing system?

Security

Data collection, security, storage, and sharing are all critical components of any software. Check the security page for any software you're considering purchasing. You may want to have a compliance officer or a lawyer review the security documentation before signing any contracts. Depending on the product use case and your industry, you should consider PCI, HIPAA, Section 508, GDPR, and WCAG compliance regulations.

Types of small business inventory software

Picking the right type of inventory for small business is critical. With the right tool, you will be able to simplify your business and reduce costs. But with so many options out there, it can be hard to know which one is best for you.

Here are some different types of small business inventory management software available today-

1. Cloud-based small business inventory software

Modern businesses need to be able to run and manage the inventory for their business on the go. They need access to this data when they are outside of the office, on the go, or in remote locations. Cloud-based inventory software enables all of this. One thing that makes it great is that companies can get a real-time view of their inventories, no matter where they are.

Cloud-based stock management solutions save businesses time and money while also reducing the possibility of human error.

2. Desktop-based small business inventory software

Desktop-based inventory software The desktop-based version is often favored by retailers because it is easier for users to find what they are looking for and can be used on any computer or laptop. It also has more features, so users have a lot more control over the system. For these reasons, desktop-based inventory software is the best choice for most large retailers and eCommerce stores.

3. Mobile-based small business inventory software

It can be difficult to keep track of everything if your company has a large number of products. Fortunately, a plethora of mobile-based inventory software has emerged in recent years. These programs provide numerous advantages, including intuitive design, simple integration with third-party systems, and offline access, among others.

Six best small business inventory software in 2022

Small businesses are the engine that drives the American economy. Many industries would be in serious decline if they did not exist. Maintaining an inventory management system for small business, on the other hand, can be a daunting task. It is time-consuming, costly, and labor-intensive. But there is some good news! This task can be aided by inventory software, which is widely available.

The following are six examples of inventory system for small business-

1. FreshBooks

FreshBooks offers easy small business inventory management software with extremely modest needs, despite its reputation as an accounting system and software.

Managing even little amounts of inventory takes effort, whether you only offer a few different goods or want to start selling physical items in addition to your service business. Especially if you sell through more than one channel. If you also use FreshBooks for accounting, it's the ideal choice for inventory monitoring.

FreshBooks works along with 2ship and Barcloud to bring your inventory tracking, accounting, shipping, and asset management needs together in one place. If you're already using Squarespace or Shopify to track inventory, data from those platforms can be seamlessly imported into FreshBooks for an even better inventory management experience.

FreshBooks is the greatest option for individuals who want to try out inventory management software for the first time. It's also a wonderful option for individuals who aren't sure whether inventory software is right for them.

2. Zoho Inventory

For organizations that need to sell across many channels, Zoho Inventory is a popular choice. It works with a variety of platforms, including Shopify and Amazon. This helps you to sync data across sales channels, making stock levels and inventory expenses easier to monitor.

Most of the fundamental inventory management software functionalities are also available on the platform. This makes it an excellent choice for small enterprises with basic inventory requirements.

Inventory control software, warehouse management, order management, analytics and reporting, and barcode scanning capabilities are all basic inventory management software characteristics.

End-to-end inventory tracking is another significant Zoho Inventory function. This feature allows you to keep track of inventory items using features such as serial numbers.

Zoho Inventory is a cost-effective choice, although it does not provide the most flexible
small business inventory management software. It also has limited forecasting and reporting capabilities when compared to several of the other solutions.

3. Veeqo inventory software

Veeqo is yet another popular inventory control software for retailers and wholesalers who must sell through multiple channels. The software promotes itself as an inventory and shipping platform.

It brings together each sales channel into a centralized location, allowing you to quickly keep track of and manage everything. Order management, inventory control, analytics and reporting, and warehouse inventory management are all part of the package.

Veeqo has its own barcode scanner, which allows it to process large volumes of orders more quickly. It also expedites the stock-counting process.

The platform is known for delivering excellent shipping services. Over 15 major delivery couriers, such as UPS and FedEx, are included in its shipping integrations. Shipping features such as lower shipping rates and real-time tracking are also available on the platform.

Although the onboarding process can be lengthy, once you're up and running, everything runs flawlessly. This makes the software a decent choice if you need something scalable and adaptable.



small business inventory management

4. Sortly inventory software

Sortly is one of the best small business inventory management software. It's a wonderful choice for companies searching for a quick and simple inventory and asset management solution. Those who dislike reading words on spreadsheets would appreciate its visual appearance.

Its user-friendly interface enables your team to rapidly learn how to track vital facts about your merchandise. This also implies you won't require lengthy product training. Sortly includes the majority of the standard inventory management software capabilities, such as warehouse management, inventory control, barcode scanning, and basic inventory reports.

You may use the app to scan QR codes, receive stock notifications to keep track of stock levels and returns, and simply categorize goods.

There are a few things to keep in mind when using Sortly. Unless you're on the premium plan, you won't be able to interface with other apps or services. It also doesn't work with eCommerce or accounting software currently. Finally, even if you're on the ultra plan, you'll need to contact support to perform API integrations.



inventory system for small business

5. Brightpearl

Brightpearl is a multi-channel retail management and inventory solution designed primarily for wholesalers and multi-channel retailers. The platform aids firms in streamlining their inventory management systems. Its more expensive plan includes all of the basic inventory management capabilities. The cheaper option for businesses with less than 1500 orders per month, on the other hand, is significantly more limited.

Brightpearl has the advantage of being designed expressly for higher transaction volumes. Although Brightpearl's continuous software updates are a desirable thing, they often come at the cost of having to cope with software flaws.



inventory management system for small business

6. Zip Inventory - inventory management software

Zipinventory was created with businesses like yours in mind, and it offers a variety of tools to help you grow your business and maintain order without stress. Zip Inventory is the ideal solution for any type of inventory you have. With its impressive features, this simple inventory management system will save you time and money.


Here are some Zipinventory Features-

• It configures variable count frequencies
• Views the total number of sales for each menu item
• Rectifies errors before they become a problem
• Looks for ways to reduce food waste
• Improves and standardizes recipes in collaboration with your team
• It can search your inventory with its voice feature. You speak and Zip Inventory delivers.
• Keeps recipes up to date for your staff
• Obtain inventory reports at any time