Inventory Mgmt Software

Does your small business have a complex inventory that is difficult to keep track of manually? Read here to find out how inventory management software can streamline your inventory tracking today. 

Inventory management helps you keep track of products in your storage warehouse, as well as individual parts in use by your company. This system tracks everything used to produce individual services or products. It is able to track what is stored in your warehouse, in your parts department, and what your customers and suppliers have in stock. 

Keeping track of the totality of your inventory detail can become overwhelming when you are simply manually updating a spreadsheet. That is where inventory management software comes in, to help you keep track of all your inventory data and connect that information through data processing to the rest of your company’s software processes. Read more to find out more about how inventory management software can improve your business today. 

Industries that Use Inventory Management Software 

A variety of industries benefit from the streamlining of processes offered by inventory management software. Automotive industries have a large amount of inventory to keep track of. From assembled automobiles that are up for sale, individual parts needed for assembly, and individual parts needed for repairs. Keeping track of this wide variety of inventory can become cumbersome, and this is where inventory management software can be a big help to the automotive, and other similar, industries. 

Some other industries which benefit from inventory management software include: 

  • industrial machinery enterprises

  • furniture businesses

  • electronic companies

  • food service establishments

  • medical industries 

  • chemical fertilizer businesses 

All these industries require many moving parts to function, and many need components to produce their product before the product is ready to sell to the customer. This means for all these industries there are many different levels to their inventory management, from component acquisition, to assembly, and sales. 

Types of Inventory Management Software 

Inventory management software is important to streamlining the function of your business and connect your inventory database with your accounting database. Here are some of the best inventory management software available to help you grow your business today. 

  • Cougar Mountain Denali Software This inventory management software is great for mid-sized businesses and combines an advanced enterprise resource planning system with inventory management to streamline the backend of your company’s function. This software costs $275 per month and $65 per additional user. 
  • SYSPRO This is a great software for small to medium sized businesses. The goal of SYSPRO software is to streamline backend functions by connecting inventory management, warehouse, and financial systems into a simplified enterprise resource plan. This software connects manufacturing and distribution processes to organize your supply chain and business function. 
  • Oracle NetSuite OneWorld This software is made to function with the cloud database. It has special features to support your customer relationships and has an expansive enterprise resource planning system making this software applicable for many different industries. You can customize your workflows in this software, making this a great software for easy navigation. Oracle NetSuite OneWorld software costs a one time fee of $1000 and $99 per user per month. 
  • Automatica Automatica’s software is made with an intuitive interface and offers flexible pricing which can be especially helpful for small businesses. This software works with cloud data or local data and does not charge per-user. It also offers a browser-based interface which makes it easier to use since it can be accessed through your phone.
  • AccountMate AccountMate offers a simple and easy-to-use software that is great for small to mid-sized businesses looking for an entry into inventory management software. AccountMate offers online training tutorials and help services if you are hoping to cut costs on installation and integration. It offers a modular-based system which allows you to customize your software to each individual user’s needs. The price point for this software starts at $3,125 for each individual user for on-site installation. 
  • Open Systems Traverse This software is a comprehensive system that offers accounting and inventory management combined, as either a software product or software-as-a-service purchase, which includes installation and maintenance upkeep. This software offers thorough enterprise resource planning features, and mobile access. The price point for this software begins at $175 per user per month. 
  • Fishbowl Fishbowl offers software that provides complete inventory management combined with QuickBooks accounting for streamline systems processing. This is a great option if you are looking to access a full enterprise resource planning feature while cutting costs. This software helps you organize your raw material, product, and sales inventory to keep track of all aspects of your business in one place. The cost of this software is a one time purchase of $4,395 which allows unlimited access to the software. 
  • QuickBooks Desktop Enterprise QuickBooks is a great option if your small business is already using QuickBooks for accounting, because the interface will be familiar and easier to use, cutting costs on installation. This software offers an easy integration between raw materials, product, sales, and purchasing, and is an easy crossover for small businesses looking to expand. 

Cost of Inventory Management Software 

The cost of inventory management software varies, depending on the size of your business, how complex your inventory system is, and if you decide to implement the software with IT assistance or independently. It is important to research inventory management software to decide which option is best for your company. Be aware that you may be inclined to choose a cheaper software only to find out that a slightly more expensive software solution could have fit your company better and saved you money in the long run. 

Depending on the size of your business and prospective growth opportunities, you need to decide if an introductory system is correct for you or a more complex system that incorporates enterprise resource planning (ERP) features. Hiring an IT professional to implement a more complex software system and train your employees in the software might seem more expensive at first, but in the long run might save you money when your company grows, and the software can keep up with your company’s expansion.