Purchasing and inventory management software boosts business efficiency in procurement and inventory tracking, generally resulting in smoother operations. Adopting a software solution helps business owners save time, reduce costs, and gather insights. This article, will explore the top 10 solutions in purchasing and inventory management software.
What is Purchasing and Inventory Software?
Purchasing and inventory software is designed to efficiently manage procurement and inventory operations by automating ordering, tracking, and replenishing supplies. This allows businesses to optimize their procurement processes and easily maintain optimal inventory levels.
Why Do You Need Purchasing and Inventory Software?
Managing procurement and inventory tracking manually can be a lot to handle especially as your business expands. Purchasing and inventory software offers numerous benefits to your business which include:
- Streamlined Operations: Purchasing and Inventory software saves time and increases productivity by automating your business processes, minimizing errors, and reducing manual efforts.
- Optimal Inventory Levels: Real-time insights and demand forecasting from purchasing and inventory software help you maintain optimal stock levels, cutting down on stockouts and excess inventory costs.
- Cost Savings: Optimizing your procurement process with inventory management software helps you reduce carrying costs and stockouts, therefore, reducing unnecessary expenses.
- Improved Accuracy: Features like barcode scanning and automated data entry guarantee precise inventory tracking and minimize discrepancies thus, saving time.
- Enhanced Decision Making: Real-time data access and detailed reports facilitate informed decision-making, helping you to identify trends, analyze performance, and plan effectively for your business.
Features to consider when making a choice
When choosing a purchasing and inventory software for your business, here are some features to look out for to enjoy maximum benefits:
- Inventory Tracking: Accurate inventory tracking is essential for maintaining product history and ensuring efficient operations. Therefore, look for software with robust real-time tracking capabilities to prevent stockouts and optimize inventory levels.
- Purchase Order Management: Efficient management of purchase orders is crucial for streamlining the procurement process and controlling costs. Hence, choose software that allows seamless creation, tracking, and fulfillment of purchase orders to avoid delays and ensure timely materials delivery.
- Supplier Management: Strong supplier relationships are vital for ensuring a reliable and timely supply of materials. So, opt for software with effective supplier management features, such as vendor information management and automated communication, to streamline supplier interactions and minimize supply chain disruptions.
- Reporting and Analytics: Access to comprehensive reporting and analytics tools enables informed decision-making and strategic planning. Select software that offers customizable reports and analytics to gain insights into inventory performance, purchasing trends, and cost optimization opportunities.
- Scalability: As your business grows, it’s essential to have software that can adapt to your changing needs. Choose a scalable solution that accommodates increased inventory volumes and expanding operations without compromising performance or efficiency.
- User-Friendly Interface: Easy adoption and user-friendly navigation are key for successful software implementation. Look for intuitive software that allows your team to quickly learn and utilize the system. Thus, maximizing productivity and minimizing training time.
10 Best Purchasing and Inventory Software
Related read: 5 Best Inventory Management Software for Wholesalers
Vencru
Looking to streamline inventory, purchases, invoicing, and accounting? Vencru’s scalable user-friendly cloud-based solution integrates everything, simplifying your daily operations. Enjoy real-time inventory tracking, simplified purchasing, automated invoicing with barcode scanning, efficient supplier and client management, double-entry accounting reports, and business insights all in one place. Vencru’s purchasing and inventory software is affordable for businesses of all sizes, with pricing starting as low as $6 per month, empowering you to improve efficiency, gain financial control, and focus on running your business.
Pros:
- Comprehensive and affordable inventory solution for businesses of all sizes with a free plan and paid plans starting at $6 per month
- Vencru’s barcode scanning automates inventory tracking saving time and ensuring accuracy.
- Access data anytime, anywhere with mobile app and cloud-based functionality, providing flexibility and convenience for businesses.
Cons:
- Limited integration options compared to alternatives
Pricing:
Vencru offers these plans with a 14-day trial period
- Free
- Starter – $6 per month
- Growth – $30 per month
- Enterprise – $50 per month
Quickbooks
Quickbooks is cloud-based accounting software designed for businesses. It offers inventory management, purchase management, sales reporting, supplier management and comprehensive accounting features. Its purchasing and inventory management features include purchase orders, stock-level monitoring and reporting, inventory accounting, and multi-channel sales tracking.
Pros:
- Quickbooks offers a paid Live assisted bookkeeping service to help users without strong bookkeping knowledge
- It offers integration with third-party systems for centralized data management
Cons:
- It tends to be costly for businesses on tight budgets
- Quickbooks lacks industry specific features like sales order fulfillment tracking and barcode scanning, limiting functionality.
Pricing:
Quickbooks offers these plans with a 30-day trial period:
- Simple Start – $30 per month
- Essentials – $60 per month
- Plus – $90 per month
- Advanced – $200 per month
Zoho Inventory
Zoho Inventory serves as a comprehensive inventory management system tailored for businesses. The scalable software integrates with e-commerce platforms and provides features such as inventory tracking, supplier and client management, purchase order management, barcode scanning, order tracking, and reporting. Additionally, it includes warehouse management capabilities and integrates with other Zoho Suite programs.
Pros:
- It offers multi-location warehouse management
- Zoho Inventory integrates with barcode scanners for faster and more accurate inventory management.
Cons:
- Offers minimal user customization.
- Limited integration with Non-Zoho suite apps
Pricing:
Zoho Inventory offers these plans and a trial period:
- Free
- Standard – $39 per month
- Professional – $99 per month
- Premium – $159 per month
- Enterprise – $299 per month
Xero
Xero offers a scalable cloud-based solution for businesses with physical inventory. It offers features like inventory tracking, purchase order management, supplier management, sales reporting, and business accounting and reporting in a single platform. Users can monitor inventory performance, automate stock level and value management, and generate comprehensive reports to gain insights into overall business health.
Pros:
- Xero integrates seamlessly with a wide range of third-party business applications, such as CRM software, point-of-sale systems, and e-commerce platforms
- Xero offers automated features like bank reconcilation and automatic invoice reminders to save time
Cons:
- Xero’s pricing tends to be high for small businesses
- Some users have expressed challenges with customer support, citing issues like slow response times and the absence of live assistance.
Pricing:
Xero offers three plans with a trial period of 30 days
- Early – $15 per month
- Growing – $42 per month
- Established – $78 per month
Related read: Xero vs Quickbooks: Comparison
Katana
Katana is a cloud-based inventory management software that includes inventory management, purchase order management, supplier management, sales management, production management, and integration with accounting software for business reporting. It is a scalable tool offering integrations with CRM tools, e-commerce platforms, shipping services, and more.
Pros:
- It offers manufacturing forecasting and management features for businesses managing production
- Katana offers an API for integration with other tools
Cons:
- Prices may not be easily accessible for small businesses.
- Katana does not offer a mobile app; however, it offers a mobile-friendly shop floor software available on Advanced plans.
Pricing:
Katana offers the following plans. Add-ons are available at additional costs.
- Starter- $199 per month
- Standard- $399 per month
- Professional-$899 per month
- Professional Plus- $1999 per month
Ordoro
Ordoro offers cloud-based solutions for businesses, with separate apps for Shipping, Inventory management, and Dropshipping. The scalable inventory management app covers inventory tracking, purchase order management, manufacturing management, and warehouse management. It also offers integration for accounting and reporting functions.
Pros:
- Robust warehousing management for businesses with multiple locations
- Offers manufacturing management features for businesses looking to track raw materials
Cons:
- Ordoro tends to be expensive for small businesses with purchasing management only available on the premium $499 per month plan
- There is no mobile application available
Pricing:
Ordoro’s inventory management software offers a trial period with these plans:
- Advanced- $349 per month
- Premium- $499 per month
Cin7
Cin7 is cloud-based software that offers businesses inventory management across locations, purchase management, supplier management, sales tracking, and integration with accounting software for reports and business insights. It also offers B2B e-commerce functionalities and a wide range of integrations for shipping, payments, and others.
Pros:
- Shipping integration to manage order fulfilment
- Sales and B2B e-commerce features for managing transactions.
Cons:
- Cin7 offers plans at prices that are steep for small businesses
- Several users have voiced concerns about the length of time it takes to resolve complaints.
Pricing:
- Standard-$395/ month
- Pro- $599/ month
- Advanced- $999/month
- Omni- Contact sales
Inflow
Inflow is an inventory management software for product-based businesses. It offers inventory tracking, production management, supplier management, order management, B2B showroom, purchase order management, sales management, and integrations for accounting reports. Its user-friendly interface, scalability, and showroom feature make it a good choice for users.
Pros:
- Inflow provides mobile apps enabling inventory management, alerts, and purchase order approvals on-the-go.
- It offers multi-location inventory management for businesses.
Cons:
- Inflow tends to be expensive for small businesses, with the lowest plan offering a limit of 100 orders per month and additional orders at a price.
- Limited integration options compared to other software options.
Pricing:
Inflow offers these plans as well as a trial period to users:
- Entrepreneur- $110 per month
- Small Business- $279 per month
- Mid- Size- $549 per month
- Enterprise- $1319 per month
FishBowl
FishBowl offers both cloud-based and on-premise inventory and purchase management software for businesses. It provides features that cover inventory management, purchase order management, sales, supplier management, manufacturing management, warehousing, and integrates with accounting software for business reports and analytics.
Pros:
- It provides features like MRP (material requirements planning), work order management, bill of materials management, and lot tracking for manufacturing management
- Robust multi-location warehouse management for businesses
Cons:
- Prices tend to be steep for businesses on a budget
- FishBowl offers limited workflow customization options for users
Pricing:
- Fish Bowl Drive (cloud-based) warehousing: $329 per month
- FishBowl Advanced (on-premise) Warehousing: $329 per month
- Fishbowl Advanced (on-premise) Manufacturing: $429 per month
Sortly
Sortly is a scalable inventory management software for businesses that integrates with full accounting software for sales, business reporting, and accounting capabilities. It offers item tracking, barcode scanning, purchase order management, supplier management, and offline mobile app access, making it a great choice for tracking inventory on the go.
Pros:
- Sortly integrates with barcode scanners, enhancing data entry accuracy and speed during inventory tasks.
- Mobile app availability for managing inventory anytime and anywhere
Cons:
- Sortly offers fewer integration options compared to other software
- The cost of the software may be steep for small businesses with access to the purchase management features, sales, and accounting integration on the highest plan
Pricing:
Sortly offers these plans with a free trial:
- Free
- Advanced- $49 per month
- Ultra- $149 per month
- Enterprise- Get a Quote
Related Read: The Best Wholesale Distribution Software for Small Business
Conclusion
In conclusion, investing in the proper purchasing and inventory software can be a game-changer for your business, empowering you to thrive in today’s competitive market landscape. Among the top solutions discussed, Vencru stands out for its comprehensive features, affordability, user-friendly interface, and scalability. With plans starting as low as $6 per month, Vencru offers businesses of all sizes the tools they need to improve efficiency, gain financial control, and focus on growth.
Book a demo or Sign up for a free trial today and enjoy simple and seamless purchasing and inventory management.
