Why Inventory Software?
Running a business is time-consuming and stressful, even more so if you're having trouble tracking what you have in stock and when you need more of it. You don't want to oversell a product or end up having to backorder an item unexpectedly. Inventory software is perfect for making sure your stock is full, and you can order products whenever they are needed.
The best inventory software warns you when certain items are low, allows you to reorder those items automatically, syncs your inventory in real time with recent sales, updates your product stock when you receive new orders, tracks inventory movement to decrease costs, and organizes your vendor and customer information.
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Inventory Software: Features to Look For
There is inventory software for nearly every type of business, but it's important to know the needs of your business to determine the one that best suits you. Fishbowl focuses on the accuracy of managing inventory, keeping track of purchases and organizing product lists and serial numbers. This software is perfect for any business that has warehouse locations.
If your business is looking for software to fit your budget, consider Inventoria, which is a one-time purchase instead of a subscription-based software. You might also consider TradeGecko, the most efficient software to use. It works best for companies that are based online, allowing you to update products manually or even use barcode scanning and serial numbers.
While some features with certain inventory-management applications are geared toward certain businesses (e.g., manufacturing) than others (e.g., retail), in general, there are three features you want to ensure your inventory software program has.
Running a business can mean running around, tracking orders and making sure products are where they need to be and ensure inventory is fully stocked. Mobile apps can help you do these things while on the go. They allow you to scan barcodes, track orders, view product photos and details, and even customer information.
Inventory software, like TradeGecko, offers a cloud-based backup for all your inventory and order details. Within the cloud, your information is stored, synced and is secure. You can access it anytime from the cloud.
If you want to know the most popular products in your inventory, the history or location of certain products, or track sales over a period of time, you want software that provides inventory reports. These reports will give you data that can help boost the future sales of your business by looking at the history and trends of your sales and products.
Most inventory software companies offer a limited free trial or demos where you can explore the software and speak with experts about any questions or concerns you may have.
Once you feel comfortable about which software you want to purchase, there are a few options. Such companies as Stitch and TradeGecko offer monthly or annual subscription plans that range from $79 to $799 depending on the plan and the number of users. There are plans specifically for small businesses, large businesses and even entrepreneurs.
Companies like Odoo offer the option to select only the features, or apps, you want or need. Odoo's price is dependent on the number of users and the apps you choose. The price per user is $24 per month, and each app can range anywhere from $12 to $72 per month.
The most budget-friendly software is Inventoria; you can purchase a corporate or business edition of the software. The corporate edition consists of a one-time payment of $159 with fully functioning features and a single installation license. The business edition costs $139, has fully functioning features, but does not have multiple user support or access to the web. You have the option of adding on bundle packages of income management software, invoice management, point of sale software and more. These bundles can cost anywhere from $13 to $500 each.
Common Inventory Software Questions & Answers
A good accounting program would automate a lot of the routine ordering for you. You can set up order quantities, preferred supplier, minimum inventory and standard order quantities which would trigger a purchase order. This would free up a lot of time and give you more time for shopping suppliers. Sometimes you need to be hands on with the purchasing process but when you reach the point that your employees can do this with little supervision it is much better. Over time you will find...
Daniel, I've been implementing ERP (once upon a time MRP) systems for over 30 years. The simplest answer is to simplify! If you aren't using an integrated system to begin with, you are destined to suffer additional inter-system handling processes... and errors. Even if you could automate the interfaces between your separate system, you will still suffer issues related to planning and execution due to visibility. Remember, each "interface" becomes its own system so, in this case, you wind...
You may want to consider this purchase as an initial investment and "owner contribution" on your financial statements. You would relocate the cost of the clothes into your inventory, and credit your owners capital account for the same amount, perhaps with a note stating owner contribution at startup. Again, as always, consult with your tax advisor to see if this works for you. Hope this helps.
Congrats on your launch! Always happy to support entrepreneurship! Not a very easy question to answer though!. Most "launchers" don't have a budget for a major accounting system and probably wouldn't have the staff to manage it anyhow. I would suggest you first speak with your web designers (if its not you) and find out what e-commerce platform you are using. You'll be able to use that information to find out what it might integrate with. Then you can look into those GL/reporting systems...
Peter, For just time tracking & expense logging you can probably "make do" with Google applications. I'd use a google form for employee data capture. This limits them to just adds as well as blocking access to recorded data. Good Luck! Doug
List of the Inventory Software Buying Guide for 2019
Fishbowl is a comprehensive inventory management platform that is especially useful for warehouses.
Inventory Pro is a basic inventory tracking solution, compatible with Macs and PCs.
With order management and purchasing features, AdvancePro helps increase efficiency in the inventory management process.
Inventoria is a stand-alone inventory-management application that has strong inventory-management features plus some extras that make it a good choice for local businesses that handle recurring orders.
Inventory Tracker Plus
SpiritWorks Inventory Tracker Plus helps you organize your inventory and track customer and vendor information, plus expenses and goals.
Zoho - Inventory Management
Based in India, Zoho's inventory management platform provides businesses with a user-friendly dashboard as well as features to manage orders and track sales.
Odoo is a capable inventory management system that comes bundled with other business applications.
Goods Order Inventory
Goods Order Inventory Management System Pro is well suited for retail businesses with multiple stores or stores or that work with different currencies.
Based in Nigeria, ikOOba technologies offers BMAC (Business, Measurement, Assurance and Collaboration) IMS. Features include access to inventory records from multiple locations and real-time inventory reporting.
Contalog inventory software is a SaaS-based application that integrates easily with many e-commerce platforms so inventory is updated in real time.
Stitch offers user-friendly inventory management software that's especially useful for businesses with online and physical stores.
TradeGecko is an easy-to-use inventory tracking system with a clean and up-to-date user interface.