The Best Inventory Management Software For Small Businesses

There’s much more to inventory management than simply keeping track of your products.

You need to consider other factors such as when to order stock, how much stock you should order and how much to sell it for. This can often feel like trial and error if the correct systems aren’t put in place initially. Investing in inventory management software can help eliminate the guesswork and give you more control over your business. This is especially true of a small business so that, as you expand, you can stay organised and expand efficiently and effectively.

What is inventory management software?

When we think of inventory management, we often think of ‘spreadsheets’; however, inventory management is much more than that. A spreadsheet takes up your valuable time and effort, plus it can be wrong up to 90% of the time. Rather, an inventory management system should always integrate with at least one other back-end office system, namely your accounting package. The function of an inventory management system is to track your items through sales, acquisition, cost and locate your products across one or many warehouses which all helps allow you know the value of items you have in inventory for accounting purposes.

Below are some of the best inventory management software choices for small business.

1. Cloud-based inventory management software

Everything seems to be moving to the ‘cloud’ these days, and it’s no different with inventory management systems. Your retail business might be small today, but your inventory will grow with you and you’ll want to have the correct systems in place to support your growth. Modern inventory management software makes it easy to add products or sales channels. Some benefits of using cloud-based inventory management systems include the fact that the cloud allows you to sync with other retail software meaning your data can flow automatically between systems. It also allows you to have access to up-to-date ‘real-time’ data that can allow you to make correct and informative decisions. Finally, a cloud-based system allows you to manage your inventory on the go, which is perfect for those who are always on the move. All you need is an internet connection. Some companies that offer this style of inventory management are Delivrd, who offer a free trial, and Unleashed software.

2. inFlow

inFlow is an inventory management software that focuses on small and medium businesses. inFlow comes in a free and paid version, and naturally, the paid version will gain you access to more features. Small businesses will be well-served by the small set of options offered by the free option with access to features such as barcoding, automatic data backup, and different accounting methods, among others.

3. Infoplus

Infoplus is a brilliant inventory management solution for small businesses in a variety of industries, including electronic, food and beverage, retail and more. The system is offered primarily as a web-based solution and is both PC and Mac compatible. Key features include demand forecasting and replenishing, core inventory management, inventory optimisation, inventory traceability and more. You can even integrate the system with ordering channels if you decide to take your business online in the future. This is the perfect solution for a business that has its sights on growing.

4. Losoftware

This inventory management software is specifically designed for small to medium business and provides a cost-effective, secure and reliable platform to successfully streamline your inventory management. This is perfect if you are running a small independent business solo. Features include receipt and invoice generation tools. As a small business, you don’t want to waste money, so Right Control by Losoftware ethos prides itself on giving you a complete system that is affordable.

Whether you decide to invest in inventory management software or try a free version of the software for your small business, it’s a good idea that you consider a product that fits your business’ style and needs. Inventory management software is an essential component in helping your small business grow and expand along with ensuring everything runs smoothly. Small retailers can take advantage of these inventory management software solutions today!

If you’re interested in finding a locally based Gloucester accountant, then get in touch with Virgate Accounts today to start taking control of your inventories and see how we can help streamline your accounting needs.