Top 10 Inventory Management Softwares (2023)

The inventory tracking methods today are highly sophisticated and are capable of handling huge load. The tedious job of maintaining inventory operation and evaluating cost of production is now easily performed by an automated system.

But in today’s software market there has been an outpouring number of such softwares. Business owners find it hard to choose the very best software to track inventory operations. A software possesses a multitude of strengths and weaknesses thus it becomes a complicated task to figure out the most suitable software for a particular administration. We have compiled 10 software’s which are the best performers in the inventory management software criteria.

Fishbowl Inventory

Fishbowl is a recognized inventory management software that has a clean and modern interface. Fishbowl is one of the most organized system for managing inventories in the market. Fit for small to midsize companies Fishbowl offers inventory control, material requirements planning, manufacturing and integration with QuickBooks.

Fishbowl is used mostly to manage inventories. So, it comes with features such as asset management, barcoding, cycle counting and customized reporting. It automates functions like ordering products, quoting and purchase processes.

Fishbowl’s detailed training materials like online tutorials and text manuals. The in-house software specialists deliver solutions for smooth management of software functionalities. The inventory management system has the ability to integrate with third-party accounting, shipping and merchant services.

Fishbowl is the only inventory software which allows manufacturers to send bills of materials. It also enables serial tracking and lot numbers tracking- features that make Fishbowl ideal for managing warehouses.

TradeGecko

TradeGecko is an inventory management system ideal for small to midsize retailers, wholesalers and distributors. It is a cloud based system which combines inventory management and online commerce platform. It supports popular platforms and integrates with Amazon, Shopify, Magento and WooCommerce.

(Video) Best Inventory Management Software For Small Business (2022)

The system allows users to sell products directly to retailers through it’s storefronts. It also serves sales reports, ordering, accounting and customer relationship management. The system supports multiple currencies and tax types to cater global users.

Support is provided via video tutorials, live chat and voice calls. This software is most useful for those who are frequent traveler and needs to check on their business operations from any computer or other devices.

InFlow

InFlow is known for it’s strong sets of sales, order tracking and administrative features. The software can allow orders in multiple currencies and it has a flexible partial orders management system. InFlow users can customize reports to fit the needs of their business. This system is available in multiple languages making foreign dealings easier.

The software integrates with e-commerce sites, which adjusts the inventory levels whenever an online order is made. The system also gives warnings when the inventory level becomes lower than usual.

The software is easy to learn making it ideal for small type businesses. Many start-ups prefer using the free version of InFlow as it provides barcoding, multiple locations, 100 products and customers and reporting. For more features InFlow offers two more editions which are designed keeping manufacturers in mind.

Quickbooks

Quickbooks is an inventory solution best suited for small to medium sized businesses. It has 3 versions and all of them provide basic accounting features. But the premium package provides advanced features which matches the specifics of a business model. The software provides varieties of premade templates to use as invoices. However, users can customize their own invoices according to their taste.

The system organizes products with images, categories and prices. Calculates cost of products using first in, first out (FIFO) procedure. It also provides reports of best-selling items to keep the user updated on products.

Quickbooks provide flexibility on the run. Users can access their dashboard through mobile browsers or mobile apps. It also has a stellar support team to provide exceptional service. With the minimal wait times, the representatives provide support with ease and accuracy.

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Users can also log into the QuickBooks online community to acquire more information about the updates and ongoing trends.

Stitchlabs

Stitch inventory management software is compatible with various ecommerce and accounting platforms. Importing online goods becomes easy through these ecommerce integrations. The inventory stays on track through the barcode inventory system. The most important feature of this system is its ability of printing shipping labels.

This inventory management system is very unique compared to all the softwares found in the market. With the general features of adding products it also lets user to add notes, images and lot numbers. The system alerts when the inventory runs out of stock.

Another unique feature of this system is the ability to add tags to products making searching of products easy.

Stitch is an excellent inventory management system which provides solution for businesses having multiple online outlets. The support service is provided via email and FAQs.

Inventoria

It is a stand-alone software ideal for small business. It’s simple interface makes it a favorable choice for local stores, telephone or mail orders, recurring sales etc.

The software does not integrate with any e-commerce platform but it allows start-ups or manufacturer companies to build their database and complete the basic inventory related tasks.

The software has multiple currency configurations, multiple tax levels and emailing feature to send purchase orders. It follows barcode system to add stock to the system. It’s unique feature is the ease with which recurring orders are managed. The system automatically saves the information and sets up the order for shipment.

(Video) Best Inventory Management Software For Warehouse (2022)

The software lets the user maintain multi-user accounts. This keeps data secured as information is only shown to certain people.

The software alerts during low inventory levels plus the complete inventory level is visible and updated after every sale. A history is kept showing the items received and sold. This feature keeps the user updated on the stock.

The inventory management system offers support via phone and handles any kind of request at once.

Acctivate

Activate is an inventory management system for small to midsize organization. The software helps businesses manage acquisition, warehouse operations and distribution. The functionality of the software includes inventory matrix, packing, order tracking, assembling, barcoding and serial number management.

The software integrates with Quickbooks and offers additional functions like business management and customer satisfaction options. The inventory management functions provide tracking and monitoring projects or tasks.it also offers over 100 standard type reports and are optimized to run faster with larger database.

It has CRM, multiple warehouse management, location and bin tracking, cost methods include FIFO, LIFO or average cost.

EZOfficeInventory Software

The software is an inventory management solution for companies of all sizes. The software offers barcode scanning, order management, purchasing, supply management and so on. The solution tracks inventory levels using barcode tags. It also allows users to track their inventory using mobile devices.

Users can also identify lost or misplaced assets using GPS tracking capabilities. Every item can be tracked location-wise. Reports are customizable and history of inventory operations enables the user to monitor assets.

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The software can integrate with third-party applications. Support service of the system is provided through email.

Zoho Inventory Software

It is a web-based inventory management system ideal for small to midsize enterprises. The software features inventory management, reporting, inventory optimization and so on.

It has built-in delivery estimation features, tracking and deliver confirmation. Furthermore, the system integrates with e-commerce platforms like, eBay, Etsy and Amazon. As a Zoho product it integrates with other Zoho platforms.

It also has mobile apps for windows, Android and iOS.

Skubana

Skubana is a cloud-based inventory management software designed for small and medium retailers. The features include order management, purchasing, inventory management and reports. The inventory management feature allows users to manage inventories across multiple sales channel.

Skubana provides a clear view of vendor information like vendor history, pricing, roles and so on. The software provides in-depth analytics and generates multiple formats of reports to provide information about the business.

PrismERP

PrismERP is another inventory management software which is designed for medium to large enterprises. It has all the features of the above software’s and more. The system performs well with huge load of retail, manufacture industries. To have an idea of the system, check the below feature list which will give you the detailed picture of the heavy-duty inventory management system.

FAQs

Which software is recommended for inventory management answers? ›

Zoho Inventory is an online inventory management software with a robust free version and affordable paid plans. For small businesses or start-ups, Zoho Inventory lets you add items, fulfill orders and view inventory from any device, making it the best free option.

What is the best program to keep track of inventory? ›

Best Inventory Management Software Platforms
  1. Orderhive. Starting out our list of the best inventory management software platforms is Orderhive. ...
  2. inFlow. Another one of the best inventory management software programs available today is inFlow. ...
  3. Lightspeed. ...
  4. Megaventory. ...
  5. Upserve. ...
  6. Zoho Inventory. ...
  7. Oracle NetSuite.

What is the most effective inventory management? ›

Tips for managing your inventory
  1. Prioritize your inventory. ...
  2. Track all product information. ...
  3. Audit your inventory. ...
  4. Analyze supplier performance. ...
  5. Practice the 80/20 inventory rule. ...
  6. Be consistent in how you receive stock. ...
  7. Track sales. ...
  8. Order restocks yourself.

What is the most commonly used inventory system? ›

What are the three most common inventory control models? Three of the most popular inventory control models are Economic Order Quantity (EOQ), Inventory Production Quantity, and ABC Analysis. Each inventory model has a different approach to help you know how much inventory you should have in stock.

Is Excel Good for inventory? ›

When you're low on resources, Excel spreadsheets can be a good way to start tracking inventory management. It's also a very accessible tool to help get you up and running with an easy way to manage maintenance inventory.

What are the 4 types of inventory management? ›

The 4 Types of Inventory Management

The types of inventory management are Raw Materials, Works-In-Process, Maintenance, Repair and Operations or MRO and Finished Goods.

What is a good inventory system? ›

Good inventory management software should:

Prevent product and production shortages. Prevent excess stock and too many raw materials. Allow for easy inventory analysis on any device. Be accessible right from your retail point-of-sale.

What are the 4 methods of inventory? ›

There are four accepted methods of inventory valuation.
  • Specific Identification.
  • First-In, First-Out (FIFO)
  • Last-In, First-Out (LIFO)
  • Weighted Average Cost.

What are the 3 major inventory control techniques? ›

In this article we'll dive into the three most common inventory management strategies that most manufacturers operate by: the pull strategy, the push strategy, and the just in time (JIT) strategy.

What are the 6 types of inventory? ›

The 6 Main classifications of inventory
  • transit inventory.
  • buffer inventory.
  • anticipation inventory.
  • decoupling inventory.
  • cycle inventory.
  • MRO goods inventory.
29 Sept 2020

What are the 3 main methods of taking inventory? ›

The three inventory costing methods include the first in-first out (FIFO), last in-first out (LIFO), and weighted average cost (WAC) methods.

What type of software is inventory system? ›

Inventory management software is a tool that automates aspects of inventory and warehouse management, streamlining the tasks required to effectively track inventory, manage reordering and update accounting data.

What is software any five? ›

Software is a set of instructions, data or programs used to operate computers and execute specific tasks. It is the opposite of hardware, which describes the physical aspects of a computer. Software is a generic term used to refer to applications, scripts and programs that run on a device.

Is SAP an inventory management software? ›

SAP Inventory Manager is a complete wireless inventory management solution. It provides the tools to improve and manage inventory levels, efficiently fill customer orders, and track the movement of materials using mobile devices with scanning functionality.

What are 5 types of inventory? ›

Depending on the business, inventory can include raw materials, component parts, work in progress, finished goods, or any packaging.
  • Raw materials inventory. ...
  • Maintenance, Repair, and Operating (MRO) inventory. ...
  • Decoupling inventory. ...
  • Work In Progress (WIP) inventory. ...
  • Finished goods inventory.
3 Dec 2021

What are the 2 inventory systems? ›

There are two systems to account for inventory: the perpetual system and the periodic system. With the perpetual system, the inventory account is updated after every inventory purchase or sale.

What are the 2 methods of inventory control? ›

There are two key types of inventory control systems.
  • Perpetual inventory system. A perpetual inventory control system tracks inventory in real-time. ...
  • Periodic inventory system. A periodic inventory system is kept up to date by a physical count of goods on hand at specific intervals.

What is the easiest way to track inventory in Excel? ›

How to Create An Excel Inventory Management System
  1. Create a spreadsheet. To manage your inventory in Microsoft Excel, begin by creating a new spreadsheet. ...
  2. Add any necessary product categories as columns. ...
  3. Add each product that you carry to the spreadsheet. ...
  4. Adjust the quantities as you make sales.
23 Mar 2021

What is MRO inventory? ›

Maintenance, repair and operations (MRO) refers to a range of activities that keep a company running on a day-to-day basis. Companies rely on their supply chains to provide the materials, tools and components they need for MRO activities. The items that each company stores for this purpose are known as MRO inventory.

What is the inventory formula? ›

The first step to calculating beginning inventory is to figure out the cost of goods sold (COGS). Next, add the value of the most recent ending inventory and then subtract the money spent on new inventory purchases. The formula is (COGS + ending inventory) – purchases.

What is the 80/20 inventory rule? ›

The 80/20 rule states that 80% of results come from 20% of efforts, customers or another unit of measurement. When applied to inventory, the rule suggests that companies earn roughly 80% of their profits from 20% of their products.

What are the basics of inventory? ›

The most basic definition of inventory is the materials or “things” your business owns. These can be tangible (products and raw materials) or intangible (e.g., software). In most cases, when we refer to inventory, we simply mean all the materials the business has kept in stock—to sell.

What are the 5 methods of control? ›

Types of control methods
  • Introduction.
  • Biological control.
  • Chemical control.
  • Physical control.
  • Land management methods.

How do you track inventory? ›

The best way to keep track of inventory is with an easy-to-use, robust inventory management software system. With inventory management software, you can get real-time alerts, add meaningful pictures to your inventory list, and utilize barcodes and QR codes to automate otherwise tedious, error-prone processes.

What are the 5 steps to effective inventory systems? ›

5 Steps to Successful Inventory Management
  • Create a System to Get Accurate and Accessible Information on Your Inventory. ...
  • Create a Unique Process Customized for Your Business Type. ...
  • Keep an eye on Contemporary trends in the industry. ...
  • Be prepared for fluctuations in supply and demand.
29 Sept 2021

What are the 4 inventory costs? ›

Ordering, holding, carrying, shortage and spoilage costs make up some of the main categories of inventory-related costs.

What is a cycle inventory? ›

What is cycle inventory? Cycle inventory is the products, materials or raw ingredients that a company keeps to fulfill its minimum production quotas. Cycle inventory is crucial to the company's operations because regular business operations use or "cycle" the inventory frequently.

What are the 2 methods of inventory costs? ›

There are three methods for inventory valuation: FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost).

What are the 10 examples of system software? ›

System software is software designed to provide a platform for other software. Examples of system software include operating systems (OS) like macOS, Linux, Android and Microsoft Windows, computational science software, game engines, search engines, industrial automation, and software as a service applications.

What are the 4 types of system software? ›

System software includes:
  • Operating systems.
  • Device drivers.
  • Middleware.
  • Utility software.
  • Shells and windowing systems.

What are the 3 types of system software? ›

Your system has three basic types of software: application programs, device drivers, and operating systems.

What are the 7 categories of software? ›

This classification has seven major elements. They are: platform and management, education and reference, home and entertainment, content and communication, operations and professional, product manufacturing and service delivery, and line of business.

What is the first software? ›

Google released a tribute to the Manchester Baby, celebrating it as the "birth of software". FORTRAN was developed by a team led by John Backus at IBM in the 1950s. The first compiler was released in 1957.

What is common software? ›

Some common examples of software include Microsoft Word, Adobe Photoshop, Adobe Reader, Google Chrome, Gmail, Powerpoint, VLC, and many other similar computer programs that we often use in our daily life.

Which SAP software is best? ›

Some of the top SAP certifications that validate your skills and knowledge are as follows:
  • SAP BusinessObjects Business Intelligence Platform 4.2.
  • ABAP with SAP NetWeaver 7.50.
  • SAP Commerce.
  • SAP HCM (Human Capital Management)
  • Financials in SAP/4HANA for SAP ERP Finance Experts.
  • SAP S/4HANA Cloud - Supply Chain Management.
11 Jul 2022

Is ERP used for inventory management? ›

Enterprise Resource Planning (ERP) inventory management is a system that allows businesses to manage all aspects of their business on a single platform, including: inventory, finance, planning, logistics and operations.

What is Oracle inventory management? ›

Oracle Inventory Management allows you to consolidate your disparate inventory tracking and control systems into a single, global inventory management solution for material in every stage of the product lifecycle across all of your types of business.

Where is inventory management software used? ›

Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents.

Which of the following is an example of inventory management software? ›

NetSuite ERP: No. 1 In Inventory Management Software.

What is inventory management used for? ›

Inventory management, a critical element of the supply chain, is the tracking of inventory from manufacturers to warehouses and from these facilities to a point of sale. The goal of inventory management is to have the right products in the right place at the right time.

What are the 3 inventory accounts? ›

Answer and Explanation:
  • Raw Materials Inventory Account. Raw materials inventory account includes all the materials owned by the company needed in the manufacturing process.
  • Work-in-Process Inventory Account. ...
  • Finished Goods Inventory Account.

What are the 9 types of inventory? ›

9 Inventory types: From raw materials to finished goods
  • Raw materials inventory. ...
  • Maintenance, Repair, and Operating (MRO) inventory. ...
  • Decoupling inventory. ...
  • Work In Progress (WIP) inventory. ...
  • Finished goods inventory. ...
  • Safety stock and other types of stock. ...
  • Packing materials inventory. ...
  • Pipeline (or in-transit) stock.
3 Dec 2021

What are the 3 major inventory management techniques? ›

In this article we'll dive into the three most common inventory management strategies that most manufacturers operate by: the pull strategy, the push strategy, and the just in time (JIT) strategy.

How do you manage inventory in Excel? ›

How to Create An Excel Inventory Management System
  1. Create a spreadsheet. To manage your inventory in Microsoft Excel, begin by creating a new spreadsheet. ...
  2. Add any necessary product categories as columns. ...
  3. Add each product that you carry to the spreadsheet. ...
  4. Adjust the quantities as you make sales.
23 Mar 2021

How is inventory a software? ›

Software inventory management is the process of keeping a record of all the software and applications used within an IT environment. It is a part of IT asset management that enables the recording of type, size, data, vendor and other related data of software installations.

What is SAP inventory management? ›

Inventory management deals with the management of stock, either on value or quantity basis. It includes planning, entry, and keeping records of all the movements of goods. Goods movement creates a document that updates all the stock quantity and value in the inventory that is known as the material document.

How is inventory tracked? ›

Barcodes track the movement of inventory throughout the supply chain. The barcode contains data on the item's description, the item's price and the item's unit of measure. Radio frequency identification (RFID) is another method used to track inventory.

What is inventory example? ›

Inventory refers to all the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit. Example: If a newspaper vendor uses a vehicle to deliver newspapers to the customers, only the newspaper will be considered inventory. The vehicle will be treated as an asset.

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