It is essential to have inventory management software that is easy to use and free. Here’s a list of the best inventory management software free for small businesses.
What is Inventory Management Software?
While flipping through a magazine about business, we might come across the word management several times. The reality is quite different. Management is often underestimated because it isn’t tangible. You might not know that effective management can make a business more profitable than cost savings and pricing.
A good manager can make a big difference in your finances, workforce, or inventory. It can help you streamline your team’s activities and make your business more efficient.
Effective inventory management can also help increase your revenues and profits. It will reduce waste and unnecessary costs.
Small businesses are switching to inventory management software. Inventory management software automates all aspects of the stock process, including order management, inventory tracking, and warehouse management.
The inventory management system begins its work right when an order arrives at the warehouse. After every sale or purchase, it updates the stock levels and allows managers to place purchase orders. Stock managers can also use an inventory management system to track inventory across multiple locations.
You can find a lot of inventory software for free on the market. Go explore!
Inventory management software is essential for small businesses
1. Inventory tracking
It can be difficult for a human to keep track of inventory after receiving a purchase order. Also, updating stock levels after each transaction can be a tedious task. It is more likely to make mistakes because it involves a lot of numbers or vendors.
Let’s get it done tech-wise! It can be linked with other key systems, such as point of sale. The barcode scanning of the item sold at the counter will reduce inventory levels and show the latest stock. The inventory management software can track stock levels across multiple stores if you have multiple stores. If there is any variance, the business owners can track it per month.
2. Correct reordering
We now know that the inventory software updates stock levels in real time after each purchase or sale. It provides managers with information about the most and least-sold items, as well as the remaining stock levels in the warehouse. Managers can use this data to make the best purchase orders at the right time.
Know that if the manager is aware of the products in high demand, they can buy them in large quantities so they can fulfill orders even during peak season.
You can set your stock limit in the inventory app. The inventory app will notify business owners if stock levels fall below the prescribed level. This is to prevent stockouts.
3. Cost Savings
Inventory comes with many additional costs, including transportation costs, insurance fees, warehouse costs, and other fees. Inventory management software allows managers to see how much stock is remaining and what additional stock is required. Managers can order the products according to their requirements, which reduces the chance of overstocking. This reduces the cost of insurance, transport, and warehouse management.
What inventory management software do you have?
1. Barcode scanning inventory management system –
Small and medium businesses assign unique codes that number the products they sell. These unique codes are known as barcodes. These barcodes contain information such as serial numbers, weight, dimensions, and the supplier of the item. Barcode scanners can be linked to point-of-sale systems, which are integrated with inventory systems. These barcode scanners scan the products and read the product information. They also update stock levels.
2. RFID Inventory Management System
Instead of barcodes, RFID tags (Radio frequency identification) are used to identify the products. The RFID tags are made up of a microchip that stores product information. To read product information, it requires a scanner capable of interfacing with radio waves. Passive RFIDs are mostly used to track inventory. Battery-powered active RFID tags can be used to track large machines like trucks and cars.
RFID tags can be used remotely, unlike barcodes that require scanning from the line of sight. This allows for faster inventory processing.
Consider these Key Criteria for Choosing Inventory Management Software
When choosing the best inventory management software for your company, make sure to look at these features:
This is a vital feature. Software integrations increase power and efficiency. Integrating your inventory management software and the point-of-sale system allows you to keep track of the items that are sold each day. It also revises stock levels after each transaction. This allows for smooth inventory tracking.
The same goes for accounting software. When you integrate your inventory management software with accounting software, it automatically updates your stock in hand or inventory account. This ensures a stress-free tax season.
2. Automated reordering
You only need to set the minimum quantity of top-selling items and then relax. Your inventory management system will generate the purchase order when your stock has reached the minimum level. You can then send it to your supplier.
This allows you to make sure your order is fulfilled on time and prevents stock-outs.
What to look for in Inventory Management Software
1. Real-time inventory tracking
2. Low stock alerts
3. Unlimited SKUs
4. Barcode scanning
5. user-friendly Interface
6. Access mobile apps on Android and iOS for quick access
These are the 4 best inventory management software for small businesses
1. Square-Cloud-based solution for inventory management. It has a $60 monthly up-gradation fee.
2. Rental – It manages inventory order management and provides real-time tracking. All this for no cost! Upgrading is only $477 per month
3. Maintenance – This allows Inventory management and improves Supply Chain efficiency. The Upkeep mobile application is available for iOS and Android and helps with cost control and updating stock levels. As an up-gradation fee, it costs $45 per user
4. Zoho inventory – This is a cloud-based inventory management solution. Zoho inventory also offers order management and warehouse management. The Zoho inventory mobile application is available for both Android and iOS. Upgrades cost $59 per month for each organization.
Conclusion to Free Inventory Management
Different businesses have different challenges. You need to identify the needs of your company. The Inventory Management system should be compatible with your business’s needs, nature, and scale. Look for the
Inventory Management provides an integrated solution for your inventory problems.