Operating a small business is stressful and time-consuming; in addition, maintaining the inventory can become a troublesome task. Keeping track of how much you have in stock of any particular product and knowing when you need to order more can help prevent situations like having to oversell or urgently needing to order an item. A good quality inventory management software can make the tedious task of tracking your inventory a whole lot easier. Check out America's Best Bookkeepers

An inventory management software can help you focus on other more critical aspects of your business. The inventory software should be able to:

  • Give you timely alerts for reordering when any particular product is low
  • Track sales and adjust the number of products in stock accordingly
  • Record and display accurate customer information in an organized manner
  • Check for and update any product requirements upon the receipt of new orders
  • Provide sales and purchase data that can be used for accounting and bookkeeping purposes

When choosing the right inventory software, many things need to be factored in before making a decision. When it comes to utilizing the services of particular software in your business, trial and error isn’t always a feasible option. The many aspects used in selecting the right inventory management software can be related to User Interface, Accessibility, Data Representation, etc.

The primary criteria for our top 5 list below are accuracy and efficiency. Any inventory management software should be able to report your inventory accurately. Furthermore, it should have a good enough user interface to allow the user to utilize its services and features with ease. The primary purpose of inventory management software is to make the job of tracking your inventory easier, and it will serve no purpose if it complicates the process altogether.

Another aspect of inventory management software is Product Importing. A good inventory software makes adding new products to the stock an easy process with accurate results. One of the most common ways to import products into the system is via a bar code. Still, recent innovations in product logistics require software to have the ability to import through CSV files and other methods.

Finally, the decision as to which inventory management software you should use for your business depends on your business’s requirements. Warehouses and stores each have different requirements when it comes to inventory software. Similarly, the way you sell your products also impacts what you may need from your inventory management software. Check out America's Best Bookkeepers

The Final Verdict – Top 5 Inventory Management Software

  1. Fishbowl

Fishbowl is the best inventory software on the market. It is especially useful for warehouse businesses, as it can handle more extensive inventory needs. It is also great for companies without warehouse-sized inventories.

  1. inFlow

This inventory management software provides a good set of features. It has an easy to learn user interface. This ease makes it an excellent choice for new business owners who are still learning the retail business’s ins and outs and how inventory works.  

  1. TradeGecko

This software is efficient in terms of product importing. It is also known for having a fantastic user interface. This ease of interface makes it an excellent choice for businesses’ inventory needs, no matter the size of the company and inventory.   Check out America's Best Bookkeepers

  1. Odoo

Odoo offers the ease of integration with various parts of your business. This integration will make inventory easy to work through since it is part of your business operations. 

  1. Inventoria

Inventoria is one of the more cost-effective solutions for inventory management software. This low cost is especially attractive for start-up businesses that have to watch spending since capital is stretched.

 

Each year new business software evolves or comes on the market. It is important to research and understand which one works best for you and your business.

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