The Best Inventory Management Software for 2023

View our top choices for the best inventory management software for SMEs.

Every business owner wants to avoid missing out on potential sales as much as possible. Inventory management software is one way to lessen the frequency of missed opportunities with new and returning customers.

Businesses selling products or services can benefit from using inventory software. Automating inventory management for their products, supplies and materials provides a digestible view of their inventory at any moment. This is beneficial for any business and the customers that they serve.

Start improving your business’s relationship with inventory management by viewing our list of the best inventory management software for small and medium-sized enterprises (SMEs).

What is inventory management software?

Inventory software helps businesses manage products, supplies and materials by informing them how much stock they have at any moment while eliminating the difficulties of manually tracking inventory using automation.

Using inventory management software aims to track efficiency while reducing the likelihood of inventory being out of stock. It can also help businesses manage serial numbers, SKUs and costs. Additionally, inventory software can help foresee future demand and product performance.

Today, inventory management software is usually cloud-based and presented as a subscription-based SaaS program, though traditional desktop programs are also available.

It is rare for inventory software to offer inventory management services solely. Many options listed in this article offer a range of services for small businesses, including accounting software, marketing tools and much more. 

Top inventory software for small and medium-sized businesses

Here are our top choices for the best inventory management software, with options for small and medium-sized businesses. 

1. monday.com

• Best for: Pricing
• Cost Per Month: $0 to $66 CAD
• Free Trial: 14 days
• Mobile App: Yes
• Desktop App: Yes

monday.com is an all-inclusive cloud-based business platform offering a suite of products for running a business, including project management, marketing, sales, human resources and much more.

Among its suite of business development tools, monday.com offers inventory management software. It grants businesses access to over 200 inventory templates with built-in formulas. There's also a huge emphasis on customization filter, which allows users to monitor status and real-time automation with inventory tracking and reorder reminders presented in real-time.

What makes monday.com our top pick? The free pricing tier.

While other pricing tiers naturally offer more features, monday.com offers business owners a new tier with two users. Other pricing plans are available, but with a low cost of adding $11 monthly per additional member, it's an excellent value for up-and-coming businesses with minor inventory management needs.

2. Zoho Inventory

• Best for: Versatility
• Cost Per Month: $0 to $459 CAD
• Free Trial: 14 days
• Mobile App: Yes
• Desktop App: Yes 

Zoho is a cloud-based business platform offering dozens of business development tools, with categories ranging from sales and marketing to security and IT, among many other products for businesses.

Zoho Inventory, one of the many products offered, is an innovative inventory management platform that helps business owners see their inventory and sales activity at a glance, with a view of stock and sales, along with best-selling items and sales orders.

Zoho offers various pricing tiers. The free tier offers two user accounts, 50 orders a month, 50 shipping labels and 50 tracked monthly shipments. 

Additional pricing tiers are also available for a more excellent monthly price. It also allows you to add one warehouse and two users. Different tiers offer fewer restrictions on monthly limits.

3. Fishbowl Inventory

• Best For: SMEs in manufacturing 
• Cost Per Month: Custom
• Free Trial: 14 days
• Mobile App: Yes
• Desktop App: Yes

Fishbowl Inventory is an inventory management software program that helps small and medium-sized businesses by providing inventory tracking, order management, shipping management and barcode scanning.

The cloud-based software offers real-time tracking of inventory levels while automating purchasing and reordering process.

Managing manufacturing workflows is where Fishbowl stands apart from its competitors. The software allows manufacturers to track parts through the production and assembly phases, along with storage and fulfilment. 

Additionally, Fishbowl's ability to integrate with third-party software, such as accounting giants like QuickBooks, Xero and Salesforce, makes it an optimal option for businesses already using any of these software options.

One downside of Fishbowl Inventory is that it leans closer to the pricier side of inventory software, as only custom quotes are available to businesses.

4. Katana

• Best For: App integration
• Cost Per Month: $99 to $799 USD
• Free Trial: 14 days
• Mobile App: Yes
• Desktop App: Yes

Microenterprises and small businesses that value a sleek interface need not look further than Katana. Another championed cloud-based software designed to make inventory management a breeze for growing companies, notable for its robust options for app integration.

Businesses using Katana can track real-time inventory, allowing production orders and automatically adjusting inventory levels throughout the item’s journey. The software allows small businesses to manage inventory, sales processes, and production.

Additionally, it integrates with the heavyweight e-commerce platform Shopify, QuickBooks Online, Etsy, Xero and WooCommerce, making monitoring inventory management and sales across different channels a breeze.

Despite being created for small and micro businesses, Katana suites all enterprises. 

It’s an Essential package, starting at $99 USD, with 500 shipped order lines per month, one user account and three warehouses. 

There is also access to Katana API integrations, such as automation, CRM, e-commerce, reporting and shipping.

5. QuickBooks

• Best For: QuickBooks users
• Cost Per Month: $18 to $140 USD
• Free Trial: 14 days
• Mobile App: Yes
• Desktop App: Yes

While notable for being among the best accounting software options on the market, QuickBooks is also a top choice for inventory management software. It seamlessly integrates with other business services the platform offers, allowing businesses to access one place to review software.

QuickBooks Inventory can seamlessly integrate with Amazon, Etsy and Shopify.

QuickBooks offers real-time inventory tracking and allows business owners to collect online sales and payments.

Two packages exist for QuickBooks Inventory, which include Plus and Advanced.

QuickBooks offers many features and integrations. While the inventory software does not offer access to all of QuickBooks services, it still works as an excellent and affordable inventory management platform.

QuickBooks accounting software can also integrate with an endless marketplace of apps and provide seamless in-app integration.

6. Cin7

• Best For: B2B
• Cost Per Month: $325 to $650 USD 
• Free Trial: Yes 
• Mobile App: Yes
• Desktop App: Yes

Cin7 is considered the best overall inventory management platform by Forbes. And it is no surprise why the publication proudly stands behind this choice.

The comprehensive inventory software offers over 700 integrations, with continuous additions to add more. The most popular integrations include Amazon, Shipstation, Magento, Square, PayPal, Afterpay and many more.

Pricing can certainly be more expensive, starting at $325 USD a month. Plans include Standard, Retailing and Manufacturing, offering specific plans for specific industries. Tailored options for all types of businesses.

The standard package starts with multi-channel orders, inventory, purchasing, packing, shipping, integrations and reporting, all in one system for product sellers. While on the pricier side, the package offers many features for a standard package.

All-encompassing features in clued barcode inventory, batch and serial number tracking, incoming stock, component stock, finished goods and product bundles.

There is also cost accounting, such as tax and landed cost reporting, with real-time dashboards and custom inventory fields for mobile stocktaking.

Finally, the software includes a POS system built in.

Solve your inventory management problems with software for SMEs

Inventory management can get complicated quickly and hinder your ability to predict your business's and customers' future needs, regardless of how many products you own.

As businesses require many ongoing needs and active efforts, automating your business inventory with the right software can help.

FAQs

What are the key features of inventory management software?

Some key features of inventory management software include real-time tracking and inventory value, low-stock alerts, barcoding features, analytics, integration and additional services.

Can inventory management software integrate with other business systems like accounting or e-commerce platforms?

Yes. Many of the inventory management software listed above offer integration with various e-commerce platforms. 

What inventory management software is free?

Most inventory software available offers a free trial or even an entirely free version. However, while useful for microenterprises or sole-proprietors, they come with limited features.

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