InFlow Inventory also connects with over 3,000 apps with the help of Zapier. APIs may require a developer for seamless integrations between inventory management software and apps. Although the Zoho Inventory management software solution is affordable, it doesn’t offer the most customizable inventory management solution. Its forecasting and reporting capabilities are also limited compared to many other options. Inventory management software is the backbone of the most powerful inventory management systems.

If there is a quality control issue or a discrepancy with a purchase order, having a good relationship with your supplier can help resolve these issues quickly. A perpetual inventory system calculates your COGS after each sale, as opposed to periodically. This is also called live sales tracking in a POS system and simply means that your inventory information will update as transactions happen. You will also want to be sure that this includes all your sales channels, including online and additional locations.

How to Take Inventory for Your Small Business: 7 Tips to Kickstart Your Strategy

This makes it the best inventory management software if you’re looking for something scalable and customizable but not if you’re looking to get started quickly. Like Zoho Inventory, it has a simple and intuitive platform that combines each sales channel into a centralized place so that you can easily keep track of and manage everything. It also provides features for order management, inventory management control, analytics and reporting, and warehouse inventory management. FreshBooks is the best inventory software for those looking to experience the power of inventory software for the first time.

When coupled with a comprehensive cloud-based warehouse management system (WMS), even more information is at a small business owner’s fingertips. They will be able to anticipate demand, communicate with partners up and down their supply chain, and even receive guidance on how to set up their space. In short, they will be able to avoid mistakes or fix issues before they reach a crisis level. Thirdly, proper inventory management leads to improved customer satisfaction by ensuring products are always available when needed.

The Drawbacks of Inventory Management

Unlike some of the other inventory management software on our list today, inFlow is not QR code friendly and doesn’t offer a free version. Although it’s good that Brightpearl is constantly updating the inventory management software, this often comes at the price of having to deal with inventory software bugs. Once you’ve enabled inventory, bookkeeping for startups you will receive alerts in your Dashboard for low-stock or sold-out items, so you’ll know when to reorder and restock. Get the step-by-step instructions for managing items in our Support Center. Download reports and receive a daily stock alert with items that are low or out, so you always know how much you have in stock.

After that, you need to record the dollar value lost due to the shrinkage in your inventory. Use our guide on how to create barcodes (plus a barcode generator) and check out our picks for https://www.apzomedia.com/bookkeeping-startups-perfect-way-boost-financial-planning/ the best barcode label printers to get started labeling your products. This post is to be used for informational purposes only and does not constitute legal, business, or tax advice.