Stock keeping, accounting, and sales are important components of any successful business. Maintaining an optimum level of stock is necessary to help you meet your sales target.
Thankfully, you don’t need to spend hours on record keeping anymore. Now, there are inventory management software programs to make this process easier for you.
These tools manage optimum inventory levels at all times during a business cycle. From manufacturing to sales, they can help you keep track of your inventory throughout the cycle. Maintaining the right stock will help you meet customer demands on time and prevent you from running out of your best sellers.
Table of Contents
Best Inventory Management Software Programs for Your Business
If you sell physical goods, you need to invest in good software that will automatically update your inventory levels. It gives you control over your inventory and can eliminate any scope of guesswork and errors.
We have compiled a list of the best inventory management software for 2024. The features and prices will give an idea about the tools and help you make an informed choice.
1. Square
With the help of Square inventory management software, small businesses can easily import thousands of products with CSV spreadsheets. You can also export and print your inventory stock levels without any hassle.
Through this tool, you can also receive daily reminder emails informing you about items that are low or have gone out of stock.
The Square dashboard or Point of Sale (POS) app helps you manage inventory details like names, prices, and quantities. More advanced inventory tools like Square for Retail allow you to manage inventory for multiple locations from a single dashboard.
You can sign up for Square for free. For complete pricing information, you can get in touch with them.
Image via Square
2. Xero
Xero’s inventory management software tools can help you keep track of your business’ stock in real time. It uses an average cost method to calculate the total value of the stock on hand. It is great for small retailers and wholesalers as it is very simple to use.
This software uses CSV spreadsheets for the easy import and export of inventory data. Using this software program, you can find which products are you your best sellers.
Xero ensures that you don’t spend a lot of time on data entry. The whole process is automated to save time and to avoid errors.
You can get a demo of Xero inventory management software and try it for free. Their Early plan starts from $6.75 per month. Other upgraded plans are priced at $22.50 and $45 per month.
Image via Xero
3. Vend HQ
Vend HQ is powerful inventory management software that will bulk import your stock entries into a CSV file.
It provides options for you to create variants for your stock like size, color, and unit and edit them in one click. You can easily create combo offers and update inventory using this tool.
Also, you can import barcodes and labels, both old and new. You can customize your product description categories according to your products. You can also integrate your online stores’ collections and perform inventory counts.
This tool makes it easy for you to duplicate a product or its variants. Before you save it as a new product, you can make the required changes to it.
You can get a free trial of this software program. Their Lite plan starts at $99 per month while the Pro plan is available for $129 per month.
Image via Vend HQ
4. Wasp Barcode
Reduce errors and maintain exact stock counts using Wasp’s inventory software solution. Using it, you can compile and analyze inventory data with real-time reports.
You can easily manage warehouse inventory at any stage — be it picking, packing, or delivering the products. You can quickly track critical supplies and streamline your purchase orders.
This software uses a mobile barcode scanning system to find errors at the source itself. It’s an efficient system that will help you save a lot of time.
Wasp Barcode also notifies you if your stock level goes below the permitted level. You can set automated re-order for any preferred inventory or vendor.
You can request a guided demo for a better understanding. The basic plan will cost you $595 annually.
Image via Wasp Barcode
5. Sellbrite
With Sellbrite, you won't have to sweat over overselling. This system automatically syncs the inventory that you have available to your sales channel.
This inventory management software can centralize control of your stock across all platforms from a single interface. With its FBA (Fulfilled by Amazon) inventory management system, you can sync your merchant-filled quantities and FBA quantities across different channels.
They give you a free trial for 14 days. For basic plan, you will have to pay $49 per month. As your orders increase, you can upgrade your plan. It will be $399 per month for up to 10,000 orders per month.
Image via Sellbrite
6. TradeGecko
Managing stock with TradeGeko’s inventory management software gives you complete control over warehouses at different locations. It allows you to boost your business productivity by syncing orders with purchase and sales orders.
TradeGeko enables you to search for products using barcode scanners. Using this software program, you can see if you have enough stock on hand at any point. It allows you to filter your results by product type, location, available stock, and number of units that you’ve committed.
You can start a free trial with all the features and pick a plan later according to your requirements. Their Founder plan starts at $39 per month.
Image via TradeGecko
7. Brightpearl
Retailers and wholesalers can track and maintain their stock levels using Brightpearl’s inventory management software. It helps you maintain an accurate level of stock at various locations to meet the sales demand.
It gives you updates about your stock and inventory through multiple channels — marketplaces, brick-and-mortar stores, and ecommerce platforms.
With this software, you can even assign multiple barcodes to one product. It supports the common barcode variants including Barcode, EAN, UPC, and ISBN.
To check more features, you can book a demo with them. They have two inventory solutions available for you to choose from according to your business and order size.
Image via Brightpearl
8. Stitch Labs
To have visibility and control over your stock across all of your channels and warehouse locations is very important to boost business productivity. Stitch Labs’ inventory management software gives you the power of better forecasting stock levels and sales velocity.
This tool gives timely notifications so that you can avoid over-purchasing and overselling. You can set reorder points for your stock based on the number of days or units. Once you’ve done that, you’ll receive replenishment alerts through email.
This simple inventory app can maximize your sales opportunities by effectively using bundling and pre-order merchandising techniques. You can also easily track and allocate landing costs like freight, import duties, etc.
You can request a demo and price quote according to your inventory needs.
Image via Stitch Labs
9. Sortly
Sortly’s inventory management software can track, scan, and update stock units using QR and barcode labels. You can set minimum stock levels and receive automatic updates for replenishing inventory.
You can download their app on any device and manage your inventory from anywhere and at any time. Multiple users can access and manage the inventory. You can grant permission to any user, and you will be notified about any change in the inventory.
You can easily export data through CSV spreadsheets, Dropbox, and PDF reports. This software can be used by any kind of business be it retail, medical, IT, or real estate.
You can sign up for free and start using this software if you have a single user. For multiple users, you will have to pay $39 per month.
Image via Sortly
10. Plex
This cloud based inventory management software will manage your stock with real-time reports.
With Plex, you can use the history of inventory flow to analyze and forecast your orders and sales. To avoid errors, this software uses barcode printing and scanning.
It offers pre-formatted templates that you can use to generate labels. They can be based on your destination or inventory part. You get easy access to updates on your stock quantities at all times. From shipment to receipt, you can stay updated with the whole process.
You can get a demo to understand the features better. To get pricing details, you can contact their sales team.
Image via Plex
11. Fishbowl
Fishbowl’s inventory management software is apt for all kinds of businesses like manufacturing, distribution, retail, etc. You can streamline your operations across multiple platforms.
With this software program, you can scan barcodes to reorder stock and avoid the manual data entry process which saves time and reduces errors.
Also, you can seamlessly integrate your ecommerce platforms and online shopping carts with this program. It is also one of the best software solutions that integrates with QuickBooks. It helps you with automatic reordering and helps you avoid stockouts.
You can request pricing info from their team and get a free trial for 14 days. Pricing plans for this tool start at $4,395.
Image via Fishbowl
12. inFlow
Tracking your inventory at every step can be a difficult task. But with inFlow’s inventory management software, you can track items’ prices and stock at any time and on any device.
Before you run out of a product, this software system sends you an email reminding you to reorder. You can also check reorder points to keep track of your inventory. inFlow offers more than 32 customizable reports with updates on your stocks.
You can sign up for their 14-day free trial to get a better understanding of the features. Their basic plan starts at $69 per month. You can choose from various options according to your business size. For large organizations, they have a special plan which is priced at $599 per month.
Image via inFlow Inventory
13. UpKeep
This software program comes with an integrated inventory tracking app which you can download on any device. It helps you stay updated with your stock status at all times.
It’s unique barcode creation feature helps you scan and track inventory easily. With this software tool, you can get immediate notifications if the stock goes below the required quantity limit. That way, you can order stock on time and meet the sales demand.
The inventory tools can help you generate purchase orders and send them to suppliers for replenishment.
You can get a 7-day trial for free. The price of their Starter plan is $35 per user per month. For small and medium-sized businesses who want access to more features, their Professional and Business Plus plans are apt. They are priced at $60 and $100, respectively.
Image via OnUpKeep
14. Veeqo
Managing orders and tracking stock with accuracy is made easy with Veeqo’s cloud-based inventory management software. This software system directly integrates with ecommerce platforms like Shopify, BigCommerce, Magento, and others.
The real-time reports helps you reduce overselling and instantly update stock levels. You can also manage your sales orders and purchase orders using only one software solution. This way, you can streamline all of your business processes.
If a particular warehouse is running low on stock, then you can route your orders to another warehouse which is loaded. This helps you continue to make sales according to the demand.
Their basic plan costs $156 per month, while the advanced plans are priced at over $200 per month.
Image via Veeqo
15. Orderhive
Orderhive’s inventory management software solution allows you to keep optimized inventory levels with the help of accurate real-time reports. You can analyze your best sellers and keep the required inventory at all times.
You can sync inventory data across all platforms like retail, warehouse, and ecommerce. Your online and offline channels can be streamlined with the help of the inventory tools.
Their inventory system follows the FIFO (first-in first-out) rule. So, you can maintain a balance between your older and newer stock items. It makes the process of inventory management smoother.
You can book a free trial of this software and pick a plan according to your needs. The Lite plan costs $44.99 per month and the Starter plan will cost $134.99 per month.
Image via Orderhive
16. Emerge
Emerge’s inventory management software program is apt for trading, wholesale, distribution, import, and export.
This software program allows you to scan and pull out your products using a USB barcode scanner or bluetooth.
For pharmaceutical, biomedical, and food industries, it’s important to keep track of expiry dates. To make the process of managing inventory easier, Emerge allows you to select batches for your inventory.
You can try this software solution for free. For more transactions, you will have to pay $39 per user per month. You can choose from various plans according to your use.
Image via Emerge
17. SalesBinder
The all-in-one inventory management software from SalesBinder will efficiently manage your sales, purchase, stock, and more. You get real-time reports for managing stock levels and notifications for replenishing low inventory.
It allows you to organize and maintain your inventory across all of your warehouses, retail outlets, and online channels. You can use custom attributes such as color, size, and location to organize your inventory. This software program can generate a detailed inventory and sales report to analyze your business processes.
You can try a 30-day free trial of all of their plans. $9 per user per month is the cost for the Starter plan (for 2500 transactions). To get access for 50 users and to get unlimited integration, you will have to sign up for their Gold plan. It is available for $99 per month.
Image via SalesBinder
FAQ
Q1. What is inventory management software?
A. Inventory management software consists of tools to track, organize, and manage material purchases, stock levels, and product processes. Most of these solutions are based on barcode scanning and RFID to track shipments.
Q2. What is the best software solution for inventory management?
A. Few of the best inventory management solutions are:
- Square
- Xero
- Vend HQ
- Wasp Barcode
- TradeGecko
- Brightpearl
- Stitch Labs
- Sortly
- Plex
- Fishbowl
- inFlow
- UpKeep
Q3. What does inventory management software do?
A. Inventory management software can help with:
- Consignment tracking
- Transfer management
- Product purchasing
- Drop-shipping
- Process reporting and analytics
Q4. Which inventory management software does Walmart use?
A. Walmart follows a proprietary perpetual inventory management system, which is vendor-managed. By automating their supply chain management, Walmart is able to minimize their overheads and pass their savings to end consumers.
Their vendor-managed inventory system (VMI) cuts out the middlemen, goes straight to the manufacturer so that they can procure merchandise at the lowest cost. At all times, Walmart maintains inventory in a centralized database, which is accessible to manufacturers. This way, vendors know exactly when a product needs to be restocked or removed off the shelf.
Q5. What is the best inventory management software?
A. Square is one of the best inventory management solutions out there. With the help of Square, small businesses can easily import thousands of products with CSV spreadsheets. You can also export and print your inventory stock levels without any hassle.
Through this tool, you can also receive daily reminder emails informing you about items that are low or have gone out of stock.
Q6. How does inventory management software work?
A. Inventory management tools have the ability to be seamlessly integrated with software used for shipping, point-of-sale check-out, and channel management. This way, they track supply chains end to end and alert merchants when items need to be replenished.
Q7. How much does inventory management software cost?
A. Inventory management software has a broad price range. Lower-end tools like Sortly are available for free, but only as single user licenses. On the higher end of the spectrum are tools like Xero and Square that cost $39 monthly, even for single users. While comparing tool prices, pay special attention to tool features, integrations, and operating system compatibility.
Q8. Does FreshBooks offer inventory management?
A. FreshBooks has recently added an inventory tracking feature. It enables users to add, edit, and track stock items, while updating inventory levels by deducting invoiced items from stocks.
Q9. What are the advantages of inventory management software?
A. Inventory management software offers many benefits, including:
- More efficient and productive operations
- Reduced counting inaccuracies
- Better utilization of productive time
- Uncluttered supply chain
- Higher customer satisfaction rates
Q10. What are the essential features of inventory management software?
A. A basic inventory management tool should offer features such as:
- Product categorization
- Stock inquiries
- Product measurement
- Cyclical counting
- Product history
- Automated stock-out reports
- Ecommerce integration
- Collaborative inventory
Which Inventory Management Software is the Best?
Inventory management software systems empower you to take control of your business. Knowing that the stock is available for sales helps you focus on your customers. You can avoid those tedious tasks that could take up a lot of your time and focus on increasing productivity.
These were some of the best inventory management software systems for 2024. We hope that we have helped you find the right tool for your business.
Have you used any of these or other inventory management solutions before? Please tell us about your experiences in the comments section below.
This is a very helpful article!
Hi Mark, I’m glad to know that my article on Inventory Management was helpful for you.