Best Inventory Management Software and Its Features and Pricing

Inventory management software is software for tracking inventory levels, orders, sales, and deliveries. It also can be utilized in the manufacturing industry to make a piece order, bill of materials, and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It’s an amazing tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets. Cool, right?

Companies often use inventory management software to scale back their carrying costs. The software is employed to trace products and parts as they’re transported from a vendor to a warehouse, between warehouses, and eventually to a retail location or onto a customer.

Inventory management software is employed for a bunch of purposes, including:

• Maintaining a balance between an excessive amount of and insufficient inventory.
• Tracking inventory because it is transported between locations.
• Receiving items into a warehouse or other location.
• Picking, packing, and shipping items from a warehouse.
• Keeping track of product sales and inventory levels.
• Cutting down on product obsolescence and spoilage.

Features of Inventory Management Software

Inventory management software is formed from several key components working together to make a cohesive inventory of the many organization’s systems. These features include:

• Reorder point
• Asset tracking
• Service management
• Product identification
• Inventory optimization

6 Best Inventory Management Software for small Businesses for 2023

1. QuickBooks Enterprise

QuickBooks Enterprise is a comprehensive accounting and inventory management software for medium to large businesses. It offers advanced inventory tracking features like barcode scanning, serial/lot number tracking, and inventory reorder points.

QuickBooks Enterprise offers a variety of pricing models and subscription plans to meet the needs of businesses of all sizes. There are currently four versions of QuickBooks Enterprise:

• QuickBooks Enterprise Gold ($1830/yr)
• QuickBooks Enterprise Platinum ($2250/yr)
• QuickBooks Enterprise Diamond ($4440/yr)

Pricing models

• On-premises: This is the traditional pricing model where you purchase a copy of QuickBooks Enterprise software and install it on your servers. You can then access the software from any computer on your network.

• Hosted: This is a cloud-based pricing model where QuickBooks Enterprise is hosted on Intuit’s servers. You can access the software from any computer with an internet connection.
• Hybrid: This is a combination of the on-premises and hosted pricing models. You can install QuickBooks Enterprise on your servers and access it from the cloud.

Subscription plans

• Annual: You pay a one-time yearly fee for the software and then have access to it for the entire year.
• Monthly: This subscription plan allows you to pay for QuickBooks Enterprise every month.

Pros and Cons of QuickBooks Enterprise

2. Zoho Inventory

Zoho Inventory is a cloud-based inventory management system suitable for small to medium-sized businesses. It helps streamline inventory operations, track stock levels, manage orders, and integrate with other Zoho applications for a complete business solution.

Features of Zoho Inventory

1. Inventory tracking: Zoho Inventory tracks inventory levels in real time. You can also track your inventory movements to see where your products are.
2. Order management: It also helps you manage your orders from start to finish. You can track orders as they move through your fulfillment process and easily generate shipping labels and invoices.
3. Warehouse management: You can track inventory movements, assign employee tasks, and generate reports on your warehouse performance.
4. Multi-channel selling: Zoho Inventory integrates with popular marketplaces and shopping carts to sell your products on multiple channels. You can also track your sales performance across all channels.
5. Reporting: This application provides a variety of reports that can help you track your inventory, sales, and finances. You can customize these reports to meet your specific needs.

Zoho Inventory Pricing

• Free: $0, Include 1 warehouse and 2 users
• Standard: $59, Includes 2 Warehouses and 3 users
• Professional: $99, Includes 5 Warehouses and 5 users
• Premium: $159, Includes 7 Warehouses and 10 users
• Elite: $239, Includes 15 Warehouses and 15 users
• Ultimate: $329, Includes everything in Elite+ and Zoho Analytics

Subscription plans

• Annual: This is the most common subscription plan. You pay a one-time annual fee for the software and then have access to it for the entire year.

• Monthly: This subscription plan allows you to pay for Zoho Inventory monthly. This can be a good option if your business needs to change frequently or want to try out the software before committing to an annual plan.Pros and cons of Zoho Inventory

Pros and Cons of Zoho Inventory

3. Fishbowl Inventory

Fishbowl Inventory is a feature-rich inventory management software that integrates with QuickBooks. It offers functionalities like inventory tracking, order management, barcode scanning, and manufacturing tools and provides real-time insights into inventory levels.

Fishbowl Inventory Features

1. Inventory tracking: Fishbowl Inventory tracks inventory in real-time. You can also track inventory movements.
2. Order management: Fishbowl Inventory helps you complete orders. Track orders and generate shipping labels and invoices.
3. Warehouse management: Fishbowl Inventory manages warehouse operations. Track inventory, assign tasks, and generate warehouse performance reports.
4. Manufacturing: Fishbowl Inventory manages bill of materials, work orders, and production tracking for manufacturing.
5. Reporting: Fishbowl Inventory offers a variety of reports to track inventory, sales, and finances. You can tailor these reports as per your needs.

Fishbowl Inventory Pricing

• Fishbowl Drive (Warehouse): Starting at $349/month
• Fishbowl Advanced (Warehousing): Starting at $399/month
• Fishbowl Advanced (Manufacturing): $499/month

Fishbowl Inventory Pros and Cons

4. QuickBooks Online

QuickBooks Online is a cloud-based accounting software offering basic inventory management features. While it may have a limited inventory capability of other specialized software, it can handle basic inventory tracking and management for small businesses.

QuickBooks Online Features

1. Accounting and Bookkeeping: Includes tracking income and expenses, creating invoices and estimates, managing accounts payable and receivable, and reconciling bank transactions.
2. Financial Reporting: Profit and loss statements, balance sheets, cash flow statements, and customizable reports are generated by the software. These reports show a company’s financial health.
3. Online Banking Integration: Simplifies bank reconciliation, automates transaction categorization, and provides real-time visibility into your financial transactions.
4. Expense Tracking: It makes monitoring spending patterns, tracking business costs, and preparing for tax purposes simpler.
5. Invoicing and Payments:  Offers online payment options, allowing customers to pay invoices online via credit card or bank transfer.

6. Mobile Access: Gives access to key features, track expenses, send invoices, and review financial reports from your mobile device.
7. Multiple User Access: Facilitates collaboration and enables businesses to involve their accountants or bookkeepers in the financial management process

QuickBooks Online Pricing

QuickBooks Online offers a variety of pricing models to meet the needs of businesses of all sizes.

• Essentials: This plan is designed for small businesses with simple accounting needs. It starts at $27 per month per user.

• Plus: This plan is designed for businesses with more complex accounting needs. It starts at $38 per month per user.

• Simple Start: This plan is designed for startups with basic accounting needs. It starts at $18 per month per user.

Subscription plans

QuickBooks Online offers both annual and monthly subscription plans. Yearly plans are more cost-effective than monthly plans, but you must pay for the entire year upfront. Monthly plans are more flexible, but you will pay more in the long run.

QuickBooks Online Pros and Cons

5. TradeGecko

TradeGecko is a cloud-based inventory and order management software suitable for businesses of all sizes. It offers inventory tracking, demand forecasting, and sales channel integrations and supports multiple currencies and warehouses.

TradeGecko Features

1. Inventory tracking
2. Order management
3. Warehouse management
4. Multi-channel selling
5. Reporting
6. Integrations

TradeGecko Pricing

TradeGecko offers a variety of pricing models to meet the needs of businesses of all sizes.

• Starter: This plan is designed for small businesses with simple trade management needs. It starts at $149 per month.

• Grow: This plan is designed for companies with complex trade management needs. It starts at $299 per month.
• Scale: This plan is designed for businesses with complex trade management needs. It starts at $499 per month.

Subscription plans

TradeGecko offers both annual and monthly subscription plans. Yearly plans are more cost-effective than monthly plans, but you must pay for the entire year upfront. Monthly plans are more flexible, but you will pay more in the long run.

Pros and cons of TradeGecko

6. Cin7

Cin7 is an all-in-one inventory management software that integrates inventory, sales, and order management. It provides advanced features like stock visibility across multiple channels, warehouse management, B2B and B2C eCommerce, and integrates with various accounting systems.

Features of Cin7

1. Inventory tracking
2. Order management
3. Warehouse management
4. Multi-channel selling
5. Reporting
6. Integrations
7. EDI
8. B2B eCommerce
9. Point of Sale (POS)

Cin7 Pricing

Subscription plans

Cin7 offers both annual and monthly subscription plans. Yearly plans are more cost-effective than monthly plans, but you must pay for the entire year upfront. Monthly plans are more flexible, but you will pay more in the long run.

Pros and cons of Cin7

Final Thought

Choosing the best accounting software depends on the best pricing model and subscription plan will depend on your specific needs and requirements. If you’re a small business with limited users and items, the free plan may be a good option for you. Consider one of the paid plans if you’re a larger business with more users and items.

To help you decide, you should consider the size of your business, number of users, features you needand your budget.

FAQs

What is the best inventory management software?

The best inventory management software depends on your company’s needs. Fishbowl, Zoho Inventory, TradeGecko, QuickBooks Enterprise, and others are market leaders. Before choosing an inventory management software, consider scalability, industry-specific features, integration, reporting, ease of use, customer support, and pricing. A well-researched decision can be made with industry peers’ advice.

What does inventory management software do?

Inventory management software helps businesses track, organize, and manage their inventory effectively. It provides features such as real-time inventory tracking, order management, stock level monitoring, automated replenishment, reporting and analytics, barcode scanning, integration with other business systems, and more. The software streamlines inventory-related processes, improves accuracy, reduces stockouts and overstocks, optimizes inventory turnover, and provides valuable insights for better decision-making.