Free Inventory Management Software 2024: Top 20 Solutions for Small Businesses

Inventory Management 22 min read Published by

In this article, you’ll learn why you shouldn’t blindly trust any free inventory management software and shouldn’t be scared of such tools at the same time. Then we’ll share tips on how to choose the right system.

Finally, we’ll give you the list of 20 top-rated software that you can use for your stock control. Some apps will be the evident choice for manufacturers, others — for retailers & sellers. There are also accounting applications with the stock modules.

  1. Is Free Inventory Management Software Worth it?
  2. What are the Benefits of the Free Inventory Management Software?
  3. What are 10 Key Features of Stock Management Software?
  4. Top 20 Inventory Management Software in 2023 — Compare All Features
  5. Best Free Inventory Management Software
  6. Frequently Asked Questions on Inventory Management Software

Is Free Inventory Management Software Worth it?

One may have worries that if they sign up for software for free, they will be snowed under with spam emails, calls, and whatsoever. In some cases, it can be true, but you can always ignore or even block annoying info.

On the bright side, if you are not sure of what software to choose or whether you need a comprehensive app at all, we recommend you sign up for 2–5 applications that look the most promising and scrutinize them during a trial period. Moreover, some companies offer free plans that may be enough for a freshman entrepreneur.

In case you are satisfied with the software and want more features, or your company grows and you need to add some users & warehouses, you can choose a paid plan. Usually, such plans are quite flexible and enable you to opt only for those features that you need — it’s like a do-it-yourself construction kit.

What are the Benefits of the Free Inventory Management Software?

AdvantagesDisadvantages

✅ You save money cause you don’t have to pay for the software.

❌ Your actions are limited: for instance, you can’t add your employees, can’t conduct more than 50 transactions, or create more than 20 product cards.

✅ You don’t cancel sales orders due to low stock. So eventually you don’t lose revenue.

❌ You get a limited list of features: for example, barcodes are not supported in the plan, print templates can’t be downloaded, watermarks on the docs can’t be erased, you can’t add custom fields, etc.

✅ You get notifications in case of insufficient items. You can also set reorder points.

❌ Using free software, you can’t make sure that your personal data & your clients’ data are highly secured. As to the paid plans, companies follow personal data processing policies and ensure that there are no leaks.

✅ Your employees have less manual work to do, so their time can be spent on more important tasks.

✅ Some kinds of software allow you to calculate the unit cost, labour & operation costs, and identify the most & the least profitable goods.

✅ You can conduct regular digital inventory counts which is way easier & faster than manual mundane.

✅ You can track stock transfers and control write-offs.

What are 10 Key Features of Stock Management Software?

  1. A free plan should be available. If you are a solo entrepreneur, maybe free features will be enough. Pay attention to the limitations: how many users, counterparties & warehouses can be added, how many items can be processed, and transactions conducted.
  2. Affordable & flexible paid plans.
  3. Ensure that the software provides all features you need or some flows can be customized. You can ascertain whether you’ll be able to create new sales & purchase orders, print documents, and generate barcodes, and to view analytics dashboards.
  4. Multiple inventory tracking opportunities: using serial numbers, batches, etc.
  5. The app should be always at hand — the cloud version is preferable, but if you need a desktop one, make sure that it exists and can be installed on numerous laptops.
  6. Look for the feature update info: if software releases new updates at least every couple of months, then it’s being constantly developed.
  7. Real-time tracking. The synchronization must be almost instant. Otherwise, mistakes are inevitable.
  8. The quick reply given by the support team during working hours, and additional resources for self-learning: a help center, how-to guides, video tutorials, FAQ blocks, etc.
  9. Detailed testimonials and case stories.
  10. API & integrations with other popular software make the inventory system adjusted to your business.

Top 20 Inventory Management Software in 2024 — Compare All Features

We analyzed the best free software for inventory management according to 15 parameters and created a useful table that can help you make the best choice. The main criteria are affordability and access to the free plan.

The following information is based on companies’ sources: websites, help centers, social media, and support teams’ replies. The data is valid on February 13, 2024.

Software NameFree OptionsPaid Plans (Yearly)Paid OptionsDeploymentIntegrationsOverall Score
UsersCompanies / WarehousesItemsCounterparties / TransactionsCRMPrint TemplatesCustom FieldsUser Access RightsWorkflowsProduction ModulesCloudDesktopMobile

Kladana

1

1

500

500

✅

✅

₹8,910–70,110

✅

✅

✅

✅

✅

❌

❌

✅

⭐⭐⭐⭐⭐

Zoho Inventory

2

1

–

50/month

✅

✅
No
download
or printing

₹28,881—2.47 lakh

✅

✅

✅

❌

✅

❌

✅

✅

⭐⭐⭐⭐

Salesbinder

1

Unlimited
locations

2,500
records

–

✅

✅

₹13,445—2.97 lakh

✅

✅

❌

❌

✅

❌

✅
iOS

✅

⭐⭐⭐⭐

Odoo

Unlimited
For 1 app

Unlimited
For 1 app

–

–

❌

✅

₹12,771—19,210
per user

❌

✅

✅

✅

✅

❌

❌

✅

⭐⭐⭐

Sortly

1

–

100
entries

–

❌

❌

₹28,881—58,759

✅
1 free

✅

❌

❌

✅

❌

✅

✅

⭐⭐⭐

Nextar

Unlimited

1

Unlimited

Unlimited

✅

✅

₹3,500

❌

✅

❌

❌

❌

✅

✅

❌

⭐⭐⭐

Swipe

1

1

Unlimited

Unlimited

✅

✅

₹1,499—3,499

✅

✅

❌

❌

✅

✅

✅
Android

❌

⭐⭐⭐

ProfitBooks

1

–

25

100
customers

✅

✅

₹5,988

✅
For
invoices

✅

❌

❌

✅

❌

✅

✅

⭐⭐⭐

Ankpal

1

1

500

–

✅

✅

₹10,000–20,000

❌

✅

❌

✅

✅

❌

✅

✅
API

⭐⭐⭐

Vyapar

1

–

–

–

–

–

₹6,639—9,959

❌

✅

❌

❌

✅

✅

✅
Android

❌

⭐⭐

Tranzact Inventory

Unlimited

–

–

–

❌

❌

₹47,999—3.59 lakh

✅

✅

❌

✅

✅

❌

❌

✅

⭐⭐

inFlow

❌

❌

❌

❌

❌

❌

₹88,636—10 lakh

✅

✅

❌

✅

✅

✅

✅

✅

⭐⭐

QuickBooks

❌

❌

❌

❌

❌

❌

₹34,060—37,844

✅

✅

✅

❌

✅

❌

✅

✅

⭐⭐

UpKeep

❌

❌

❌

❌

❌

❌

₹44,816—74,693
per user

✅

✅

✅

✅

✅

❌

✅

✅

⭐⭐

EZOffice

❌

❌

❌

❌

❌

❌

₹34,857—13 lakh

✅

✅

✅

❌

✅

❌

✅

✅

⭐⭐

Lightspeed

❌

❌

❌

❌

❌

❌

₹1.18 lakh — 2.47 lakh

✅

✅

❌

❌

✅

✅

✅

✅

⭐⭐

Goods Order Inventory

❌

❌

❌

❌

❌

❌

₹99,591—4.97 lakh

✅

✅

✅

✅

✅

❌

✅

✅

⭐⭐

SOS Inventory

❌

❌

❌

❌

❌

❌

₹59,705—1.69 lakh

✅

✅

✅

✅

✅

❌

✅
iOS

✅

⭐⭐

Megaventory

❌

❌

❌

❌

❌

❌

₹1.34 lakh — 1.49 lakh

✅

✅

❌

✅

✅

❌

❌

✅

⭐⭐

Square

❌

❌

❌

❌

❌

❌

₹28,881—78,677

✅

✅

❌

❌

✅

❌

❌

✅

⭐⭐

Best Inventory Management Software

Overall, the most affordable software are Kladana, Zoho, Salesbinder, Nextar, Swipe, Ankpal, and Vyapar. Sortly and inFlow focus on inventory management mainly. As for the manufacturers, they can choose Kladana, Tranzact, Odoo, Ankpal, inFlow, UpKeep, Goods Order Inventory, SOS Inventory, or Megaventory. Among software for sellers, Nextar, Lightspeed, and Square can be marked out. As for accounting software that has an inventory management module, we can pinpoint Swipe, ProfitBooks, Ankpal, and QuickBooks.

Kladana

Kladana

A cloud-based easy-to-use solution for stock, order, and manufacturing management with a 16-year-old history. The up-to-date software is designed for SMEs — manufacturers, D2C businesses, wholesalers, distributors, sellers, retailers, and showrooms. There is a free 14-day trial & a free price plan that startuppers can use at the initial stage.

Kladana provides a user-friendly interface that is easy to learn — it takes 15 minutes to start. All actions and transactions are securely stored in the cloud, so no progress is lost in cases of internet connection loss. When choosing Kladana, an entrepreneur gets their personal manager whom they can communicate with during the first 3 months. Also, the support team processes inquiries within 2–3 hours.

As to integrations, Kladana provides API for customization & Shopify connection. In addition, Kladana has a label designer, the Online Order App for online sales, etc.

ProsCons

✅ Affordable — from ₹743 a month, discounts up to 25% with a yearly plan

❌ No offline solution & mobile app

✅ The free plan is available even after the 14-day trial period

✅ Paid options include custom fields, user access rights, workflows, and production module

✅ Cloud-based software

✅ Custom integrations with API

✅ Shopify integration

What’s Included in the Free Plan

  • 1 user
  • 1 company
  • 500 inventory items
  • 500 counterparties (customers & suppliers)
  • 500 transactions
  • 50 MB data storage (for images & files)
  • CRM (tasks & sales funnel)
  • Products with variants, barcodes, and & serial numbers
  • Custom print templates & label editor
  • Bundles, batches & expiry dates
  • In-depth sales, profit & other reports
Try Kladana for free

Learn more about the inventory management solution in Kladana.

Create product cards with different prices and variants. Sell items in pieces or by bundles, sacks, packs & kilos. Control stock level using in-depth reports. Use batches & expiry dates. Outline the most profitable goods.

Use all these features together with built-in applications (Online Order App & integrations with Shopify), warehouse & production management, and digitize your business at an affordable price starting from ₹743 a month.

Enjoy the inventory product tour

Zoho Inventory

Zoho

Software for order management, inventory tracking, warehouse control, and GST billing handling. Zoho Inventory was initially developed for Indian businesses 25 years ago. However, now it’s accessible in the United Kingdom, U.A.E., Australia, Canada, and some other countries. Zoho Inventory is a part of the multichannel software Zoho where one can find products for different purposes: sales, HR, finance, legal, analytics, project management, etc.

ProsCons

✅ The 14-day trial and the free plan are available

❌ Expensive — from ₹2,407 a month

✅ Mobile app for iOS & Android

❌ Reports & dashboards aren’t available on the free plan

✅ GST billing and automated tax calculation are available

❌ Serial numbers and batches aren’t available in the free plan

✅ Integrations with third-party companies: Shopify, Etsy, PayPal, etc.

❌ Email alerts & in-app notifications are not available for free

❌ Print reports can’t be downloaded or printed in the free plan

❌ No on-premise solution

❌ No production module

What’s Included in the Free Plan

  • 2 users
  • 1 warehouse
  • 50 sales orders per month
  • 20 purchase orders per month
  • 50 shipping labels per month
  • 50 aftership tracking per month
  • 1 Shopify store integration
  • E-commerce integrations
  • Composite items
  • Basic multi-currency handling
  • Customer portal
Zoho

Salesbinder

Salesbinder

Cloud inventory management software with multiple features & integrations. It’s also suitable for working with sales, purchases, and invoices. Salesbinder is a 12-year-old company. It started from an idea to make stock management easier & seamless. Now, Salesbinder helps companies in 130 countries streamline their business processes.

ProsCons

✅ Affordable — from ₹747 a month

❌ No production module

✅ A long trial period — 30 days.

❌ No workflows

✅ In custom fields, you can specify an account name, a doc name & a number

❌ No Android app

✅ Products with variants, bundles

✅ Invoices & estimates

✅ Integrations with third-party companies: Intuit QuickBooks Online, Xero Accounting, WooCommerce, Zapier, etc.

What’s Included in the Free Plan

  • 1 user
  • 2,500 total active records
  • Sales & purchase orders
  • Unlimited locations
  • Shipment tracking
  • Reports
  • Invoices
  • CRM
  • API
  • Barcoding
Salesbinder

Odoo

Odoo

A platform with various apps for business management: you can control stock, accounting, sales, marketing, HR, etc. Odoo states that a business doesn’t need too many integrations. Instead, they should use a single platform and install only those applications that are vital for a particular company. In addition, Odoo develops a business community: they have a forum, a podcast, etc.

ProsCons

✅ Affordable — from ₹1,064 per user a month

❌ You can use only one app for free. Say, you choose Inventory. Then CRM, Sales, Documents, and Manufacturing will be unavailable

✅ Multi-purpose apps

❌ External API usage is available for the most expensive plan only

✅ Integrations with FedEx, DHL

✅ Inventory reports: forecasts, traceability, and costing

✅ Educational courses, tutorials, and how-to guides on inventory that you can study on your own

✅ Batches, expiry dates, barcodes, serial numbers, scrap, and storage bins

✅ Workflows (rules) available

What’s Included in the Free Plan

  • Only one app is included
  • Unlimited users
  • Unlimited companies
Odoo

Sortly

Sortly

Software designed for inventory management precisely. Extended inventory tracking: items, equipment, tools, parts, IT assets, etc. Moreover, Sortly has solutions for different industries: construction, healthcare, education, government, aviation, interior design, etc.

ProsCons

✅ The free plan is available

❌ Expensive — from ₹2,407 a month

✅ Mobile app for iOS & Android

❌ No order, sales, and production management

✅ Data import & export (CSV, PDF & Dropbox)

❌ QR code & barcode label generation isn’t available on the free plan

✅ User-Friendly Interface

❌ Label printing isn’t available for free

✅ API & Slack integrations/p>

❌ Custom reports & custom role permissions are not available for free

❌ API access & SSO aren’t available on the free plan

❌ No alerts in the free plan

What’s Included in the Free Plan

  • 1 user
  • 100 entries
  • 1 custom field
  • 30 days for lost data recovery
  • Barcoding scanning
  • Help center and email support
Sortly

Nextar

Nextar

Software that combines a POS system, a cash register, sales, and an inventory management tool. Nextar offers solutions for various retail business types: supermarkets, bakeries, auto repairs, restaurants, and ice cream shops.

ProsCons

✅ Affordable — from ₹350 a month

❌ No cloud app

✅ 14-day free trial

❌ No production module

✅ Desktop & mobile versions

❌ No workflows & custom fields

✅ Free desktop version download

❌ No integrations

What’s Included in the Free Plan

  • Create a product card
  • Create a bundle
  • Set expiration dates
  • Generate barcodes
Nextar

Read-alikes

Barcode Inventory Solutions: Top 12 Software Tools for Managing your Business

Inventory Management Guide for Beginners: Techniques, Challenges, Best Practices, and Trends

Inventory Counting: Step‑by‑Step Guide on How to Conduct and Access the Results

Inventory Management in Excel: Free Template and a Step‑by‑Step Guide

Swipe

Swipe

Accounting software with GST billing, e-invoicing & quotations. It also can track inventory, however, it’s not a core feature.

ProsCons

✅ Affordable — from ₹125 a month

❌ Stock management is basic, the main focus is on accounting

✅ Cloud, desktop & mobile solutions

❌ Barcoding is not available for free

❌ No workflows

❌ No production module

❌ No integrations

What’s Included in the Free Plan

  • 1 user
  • 1 company
  • Unlimited Invoices, purchases, and quotations
  • Unlimited items
  • Unlimited customers and vendors
  • Payments & expenses tracking
  • Inventory management with stock in & out options
  • A4, A5 & thermal printouts
Swipe

ProfitBooks

ProfitBooks

Accounting software with an inventory module. It also allows monitoring of manufacturing processes.

ProsCons

✅ Affordable — ₹499 a month

❌ Software designed for accounting, not all inventory features are available

✅ Batches, multiple warehouses

❌ No production module

✅ Sales & purchase order management

❌ Custom fields can be set for invoices only

✅ Mobile apps available

❌ No workflows

✅ Integrations with third-party companies: Instamojo, Razorpay, Cashfree

❌ No manufacturing module, only manufacturing inventory management (e.g. raw materials)

✅ 45 reports

What’s Included in the Free Plan

  • 1 user
  • 25 invoices per month
  • 100 customers
  • 25 items
ProfitBooks

Ankpal

Ankpal

Accounting software that contains the inventory management module. Solutions for various industries: supermarkets, fashion, pharma, construction, electronics, etc. Ankpal is 15-year-old software suitable as for individual proprietors & small businesses, as for medium-sized & large companies.

ProsCons

✅ Affordable — from ₹833 a month

❌ Focus on accounting, stock management is secondary

✅ Batches, variants

❌ No partner integrations (only API is available)

✅ Mobile apps

❌ No custom fields & workflows

✅ Production module with BOMs

✅ GST Billing, e-invoicing

What’s Included in the Free Plan

  • 1 user
  • 1 company
  • 1 branch
  • 500 products, services
  • 1,200 invoices
Ankpal

Vyapar

Vyapar

Software for inventory & accounting management. Designed for Indian SMEs. Vyapar offers plenty of additional tools such as a GST calculator, an invoice generator, a receipt maker, an online barcode scanner, etc. Also, you can use another product — NeoDove (Telecalling CRM).

ProsCons

✅ Affordable — from ₹553 a month

❌ The free plan with a few features available for the Android app only

✅ A 15-day trial

❌ No manufacturing module

✅ You can create an online store in Vyapar

❌ No workflows, no custom fields

✅ Supports GST Bills

❌ Android app only

❌ No integrations

What’s Included in the Free Plan

  • Inventory items tracking
  • GST-compliant invoices creation
  • Dashboards management
  • Order and estimate management
Vyapar

Tranzact Inventory

Tranzact Inventory

Inventory management software designed for manufacturers. It’s a solution for stock tracking, warehousing, order processing, and GST billing handling. Ideal for SMEs. Tranzact Inventory offers additional tools such as a GST calculator, a GST number search, and multiple downloadable templates (Excel & Google Sheets).

ProsCons

✅ Unlimited user at the free plan

❌ Expensive — from ₹4,000 a month

✅ Integrations with Tally, Excel, Aftership, Busy ERP, and Whatsapp

❌ Custom fields are available for the most costly plan only

✅ A marketplace with tools & parts for the production of goods in various industries

❌ Many extra chargeable add-ons

✅ Production module

❌ There are few features in the free plan

❌ No workflows

What’s Included in the Free Plan

  • Basic inventory management
  • Basic reports
  • Document creation
Tranzact

Read-alikes

Learn how stock can be effectively managed in Kladana:

Portable Gadget Business: How to Invest 40,000 Rupees and Get 155 Lakh Rupees in a Year — managers’ sales are under control, and reports help to identify the most profitable products

How to Automate Van Selling and Scale one’s Business — a separate warehouse is created for each sales representative, and a general warehouse with the common stock exists, too

inFlow

inFlow

Stock & order management solution. Award-winning software, according to Capterra, GetApp, and Software Advice. inFlow is a 12-year-old company accessible in the USA, UK, Canada, Australia, U.A.E., etc. inFlow develops a business community & supports loans to SME in developing countries. Also, they provide a 50% discount to NGOs.

ProsCons

✅ B2B portal for online sales which works as a showroom

❌ Expensive — from ₹7,386 a month (serial numbers, BOMs & work orders aren’t included)

✅ Integrations with Amazon, Shopify, Zapier, QuickBooks Online, etc.

❌ Supports payment for customers from US and Canada only

✅ There is a manufacturing module

❌ Limited support & onboarding, additional training is chargeable — ₹8,146 per hour.

✅ inFlow can provide you with hardware — a smart scanner & a printer for additional fee

What’s Included in the Free Plan

❌ No free plan available, only a 14-day trial

inFlow

QuickBooks

QuickBooks

Accounting software with the inventory management module designed for SMEs.

ProsCons

✅ 30-day free trial

❌ Expensive — from ₹2,838 a month

✅ Integrations with Amazon, Shopify, Etsy

❌ Inventory tracking is available only at the most costly Plus plan

✅ Inventory tracking, cost of products, data on popular items

❌ No production module

✅ Mobile apps

✅ Inventory & accounting tool

What’s Included in the Free Plan

❌ The free plan doesn’t support inventory tracking

UpKeep

UpKeep

UpKeep

Part & inventory management that is most suitable for manufacturers. UpKeep offers additional tools such as a ROI calculator, a maintenance calculator, and a QR code generator. Solutions for various industries: energy & utilities, food & beverage, fitness, government, education, agriculture, healthcare, etc.

ProsCons

✅ 14-day free trial

❌ Expensive — from ₹3,735 per user a month

✅ Integrations with Xero, Zendesk, Slack, Power BI, Zapier

❌ No on-premise version

✅ Barcodes, reorder points, inventory counts updates

What’s Included in the Free Plan

❌ No free plan available

UpKeep

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EZOffice

EZOffice

Inventory management software that is used to track, maintain, and report on the stock in real-time. EZOffice is a 12-year-old company that offers solutions for various industries: education, media, construction, event management, healthcare, sports, etc. EZO also has other products: EZO CMMS, EZRentOut, and EZO AssetSonar (IT asset management software).

ProsCons

✅ 15-day free trial

❌ Expensive — ₹2,905 a month

✅ Integrations with third-party companies: Jira, Zendesk, Zapier

✅ Customizable reports

✅ Asset tracking on the go

✅ Customizable workflows

What’s Included in the Free Plan

❌ No free plan available

EZOffice

Lightspeed

Lightspeed

Stock control tool that supports multiple locations and warehouses, multi-channel sales, and partial and full inventory counts. Lightspeed offers other tools for retailers: POS, customer management, marketing, payments, etc. It’s a 10-year-old company that operated in the USA, Australia, New Zealand, South Africa, the UK, Asia, etc.

ProsCons

✅ 14-day free trial

❌ Expensive — ₹9,876 a month

✅ Integrations with BigCommerce, Shopify, and WooCommerce

❌ No workflows

✅ Cloud, desktop & mobile solutions

❌ No manufacturing module

✅ Barcodes & labels

✅ POS hardware

✅ Payment solutions

What’s Included in the Free Plan

❌ No free plan available

Lightspeed

Goods Order Inventory

Goods Order Inventory

Cloud software for inventory & order management, and manufacturing. Offers solutions for different industries: construction, healthcare, and jewelry.

ProsCons

✅ Integrations with Shopify, QuickBooks, EDI

❌ Expensive — ₹8,299 a month (mind that implementation & customization are extra-chargeable)

✅ Workflow automation

❌ No free sign-up form, you can only request a demo or log in if you already have an account

✅ Production module is available

✅ POS module

✅ Check out management

What’s Included in the Free Plan

❌ No free plan available

Goods Order Inventory

SOS Inventory

SOS Inventory

Software for order, stock & production management.

ProsCons

✅ 14-day free trial

❌ Expensive — ₹4,975 a month

✅ Barcodes, batches, serial numbers

❌ iOS mobile app only

✅ Drop shipping, kits, rentals, bins, WIP

✅ Contract manufacturing

✅ Labour cost

✅ Integrations with Shopify, PayPal, Zapier, QuickBooks

What’s Included in the Free Plan

❌ No free plan available

SOS Inventory

Megaventory

Megaventory

Software management tool for processing orders, inventory & manufacturing. Megaventory is an American company founded in 2010.

ProsCons

✅ 15-day free trial

❌ Expensive — ₹11,204 a month

✅ Integrations with Zapier, Shopify, QuickBooks, Woo

❌ No workflows (as to the rules, there are only pricing rules)

✅ Stock alerts, product cost tracking, batches, serial numbers

✅ Manufacturing module: BOMs, work orders, WIP, labour cost, barcodes

✅ Customization tools: document and invoice templates, multiple languages support

What’s Included in the Free Plan

❌ No free plan available

Megaventory

Square

Square

Sales management software that offers solutions for various types of businesses: food & beverage, beauty salons, fitness, home & repair, etc. Square also has an inventory module. The company was established in 2009, and the initial idea was to help entrepreneurs take credit cards. Now, Square offers omnichannel sales solutions worldwide.

ProsCons

✅ Daily stock alerts, downloadable reports, cost of goods sold

❌ Expensive — ₹2,407 a month

✅ Multiple sales tools: online ordering, retail POS, invoices, loyalty programs, etc.

❌ The inventory mode is free in case you pay for other Square features such as online sales

✅ Integrations with Woo, Wix, QuickBooks, Trustpilot, Cloutly

❌ The main focus is on the sales, but not on the inventory module

What’s Included in the Free Plan

❌ No entirely free plan, you still have to pay for processing fees (every time you take a payment)

Square

Frequently Asked Questions on Inventory Management Software

What does inventory management software do?

Inventory management software orchestrates the flow of goods from manufacturers to warehouses and from these storage places to point of sale. Its core functionality encompasses tracking stock levels, orders, sales, and deliveries. It acts as a centralized hub that provides visibility into every aspect of inventory management, helping businesses optimize their stock levels, avoid stockouts or overstock situations, and manage replenishments efficiently.

How does inventory management software help in reducing inventory costs?

The software reduces inventory costs by employing algorithms and analytics to precisely forecast demand, thus preventing overstocking and understocking. It streamlines order fulfillment processes, ensuring that the fastest‑moving items are most accessible. By automating manual processes, it minimizes errors and labor costs. Additionally, it identifies slow-moving items that may incur holding costs, suggesting discounts or promotions to clear out excess stock.

How can inventory management software assist in demand forecasting?

By leveraging historical sales data, seasonal trends, and predictive analytics, inventory management software forecasts future product demand with a high degree of accuracy. This foresight allows businesses to adjust their inventory levels proactively, ensuring they have enough stock to meet customer demand without tying up capital in excess inventory. It can also highlight trends and patterns that might not be immediately obvious, aiding in strategic planning and decision‑making.

What is needed in an inventory management system?

An effective inventory management system requires real-time tracking capabilities, robust data analytics for forecasting, seamless integration with other business tools (such as ecommerce and order management modules), and scalable infrastructure to grow with your business. It should also feature user-friendly interfaces, customizable reporting, and support for barcoding to streamline inventory tracking and counting.

What is the best inventory software for small businesses?

The best inventory software varies based on specific business needs. Use the chart above to compare the features of different apps and choose wisely.

Is there free software for inventory management?

Yes. Kladana, Zoho Inventory, Salesbinder, Odoo, Sortly, Nextar, Swipe, ProfitBooks, Ankpal, Vyapar, and Tranzact Inventory are examples of inventory management software with free plans.

Irina Ignatenko
Irina Ignatenko Head of Content Marketing

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