Businesses of practically all sizes, from large warehouses to small retail stores, have substantial capital invested in their inventory. Because inventory is an investment, many businesses require a real-time, precise track of their inventory’s location. This is where an inventory tracker comes in. Further, in this blog post, we will be giving you all the information you need to know on inventory trackers, inventory tracker system, free inventory tracking, inventory trackers for small business, and the inventory tracker sheet.
Inventory Tracker
An inventory tracker is software that helps you keep track of where and how your inventory is moving. There are systems that are only used to track inventory, but most inventory trackers are also used to manage inventory.
An inventory tracker is essential for two reasons. first, how to meet customer needs, and second, how much money is at stake. Businesses must streamline inventory management to guarantee that customers find the correct products and that firms do not lose money on surplus inventory.
Larger businesses can put more resources into managing their warehouses and keeping track of their stock. Some even have departments whose only job is to do this kind of work. This is obviously less likely to work for smaller businesses. Still, software like an inventory tracker can help these small businesses keep track of storage, shipping, and other tasks.
Inventory Tracker System
An inventory tracker system (also called an “inventory system”) is a way to keep track of your goods from the time you buy them to the time you sell them. It tells you how to take care of your business’s inventory.
Inventory Tracker System Example
Lucas opens a business where he sells food baskets. He has a number of suppliers who sell him food in large quantities. Some of this food must then be split up and repackaged.
Lucas creates an Excel sheet that he updates every time he orders more stock, puts together a gift basket or makes a sale. This is his inventory management system, and he uses it to figure out how much stock he has when his food might expire, how many gift baskets he can sell, and more.
Why You Need an Inventory Tracker System
Any business that deals with stock will need a way to keep track of and control it. Without one, you’ll have to work on a completely ad hoc basis, and your business will quickly be overstocked or understocked.
Inventory tracking systems tell you how many parts or ingredients you need to make your final product or put it together. If you don’t have this information, you could end up with too much stock, which hurts your bottom line, or not enough stock to meet customer demand. But you’ll need an inventory management system, and it’s up to you to choose which one. There are numerous methods to choose from, ranging from simple approaches to full solutions. There are two types of inventory tracking systems used by businesses: periodic systems and perpetual systems. Let us examine the difference between the two:
#1. Periodic Inventory Tracker System
Periodic inventory is a method of stock management that is fully based on stocktaking. Companies that use a periodic approach count their stock on a regular basis, say, every 3 to 6 months, to ensure stock accuracy and see if stock levels match sales data.
#2. Perpetual Inventory Tracker System
Perpetual inventory is a tracking system that tracks stock levels while items are received, manufactured, sold, or returned to the business. Moreover, Perpetual inventory systems typically provide the most up-to-date inventory figures, with less dependency on stock takes for accuracy.
Free Inventory Tracker
Free inventory tracker software is designed to assist small and expanding businesses to manage their inventory across many channels and devices with ease. According to our tests, the six best free inventory tracker programs for small businesses are:
- Odoo: Best Overall
- Square: Great for retailers
- Zoho Inventory: Ideal for huge inventories
- SalesBinder: Ideal for small international firms
- ABC Inventory: Ideal for manufacturing and repair shops
- Sortly: The finest app with mobile barcoding and scanning
#1. Odoo
Odoo, which is a completely open-source inventory tracking system, is the best free inventory tracker software because it can do so much. For example, it can automate purchase orders (POs) and keep track of expiration dates. It has no limits, which makes it great for small businesses with big inventories. For a small fee, you can connect it to a dozen other sales and marketing tools from Odoo. Moreover, Odoo has an e-commerce system integration.
Odoo got 4.38 out of 5 points. In fact, Price-wise, it got a perfect score because it gives away so much for free. Some tools, like multichannel management and customer relationship management (CRM), need another Odoo app, but the inventory tools are great. It got a hit for solely providing email and forum assistance, but it does provide training videos. Customers in the real world liked it, but it didn’t score as well as Square or Zoho, which made the expert score lower.
#2. Square
Square is best known for its POS systems for stores and restaurants, which put it at the top of our lists of the best POS systems and the best free POS systems. But it also comes with Square’s tools for managing inventory for free for up to 300 locations. Square accounts come with in-store sales, e-commerce integrations, mobile capabilities, and POS. It is the best all-in-one solution for retailers who want to manage their inventory for free and sell in-store, online, via invoice, and on their mobile devices.
This software got an overall score of 4.35 out of 5, just behind Odoo, which has more features for managing inventory itself. Square, on the other hand, got great marks for how easy it was to use, how much it cost, and our expert value score. Square didn’t get a higher score because it couldn’t do kitting, had limited customer service hours, and put reporting, vendor management, and purchase orders behind a paywall. Like Zoho, Square has a great mobile app that lets you sell things, scan items, and keep track of your stock.
#3. Zoho Inventory
Zoho’s free inventory tracker plan came in third because it allows unlimited inventory, a wide range of integrations, low stock alerts, kitting and bundling options, and shipping tools. You can print packing slips and generate discounted shipping labels from major logistics providers like USPS and UPS right from your dashboard. Zoho is the best inventory software for small businesses, and because it has a mobile app, it is also the best choice for entrepreneurs who work on the go.
Zoho Inventory got 4.3 out of 5 from us. Zoho’s free inventory tracker plan isn’t as good as Square’s because it limits the number of users, locations, monthly sales orders, shipping labels, and tracking of shipments. Its software for managing customer relationships is better than Odoo’s free plan. It’s also simple to use and has great real-world user ratings for its online program and mobile apps.
#4. SalesBinder
SalesBinder has great inventory tracker software that can be used in more than 130 countries and with many different currencies. It has an easy-to-use interface and a lot of ways to make it work the way you want it to, no matter where you are in the world. The free inventory tracker plan for SalesBinder doesn’t allow integrations. If you want integrations, look at Zoho or Odoo. It also has a limit on the number of records you can add to its free plan each month, which it counts as inventory items, accounts, or orders. None of the other inventory trackers on our list have limits like this. But it has strong features for recording and keeping track of inventory, as well as strong features for sales and CRM.
#5. ABC Inventory
Even though it is a locally installed system with an older user interface, the ABC Inventory Tracker by Almyta Systems is a great option for manufacturers or repair shops on a budget that have simple needs. It has features like an unlimited number of custom fields, up to 10 custom drop-down lists for extra properties, and a bill of materials with up to 20 levels.
ABC Inventory has a lot of features for manufacturing inventory, like work orders, approvals, repair and maintenance orders, and special serials for manufacturing or engineering. Neither Zoho nor Square comes with these tools that are made for manufacturing.
#6. Sortly
Sortly is a cloud-based inventory tracker system that lets you track activities, multiple locations, barcodes, and audit trails. Its most interesting feature, though, is that it comes with a mobile app that can scan barcodes and QR codes even when you’re not online. Even if your phone app doesn’t have a signal, you can still scan incoming and outgoing inventory. Sortly will automatically sync as soon as you get back online. Sortly’s ability to work offline and its ability to track multiple locations make it perfect for managing inventory in multiple places while on the go. Note that Zoho’s mobile app also has an offline mode, but Sortly has inventory for more than one place.
Inventory Tracker for Small Business
We will expose you to the finest inventory tracker software for your small business and assist you in selecting the best tracker software for managing inventory.
#1. FreshBooks
Although it is most recognized as an accounting system and software, FreshBooks also provides a basic inventory tracker for freelancers and small businesses. Even if you only sell a few items or want to add selling items to your service business, it takes work to keep track of even a small amount of inventory. Especially if you sell through more than one channel or in more than one place. FreshBooks is the appropriate inventory tracking software if you also use it for accounting purposes. FreshBooks is the best inventory software for first-time users who want to experience the capabilities of inventory management. It is also a wonderful choice for people who are unsure whether inventory tracking software is right for them.
#2. Cin7
Cin7’s unique selling proposition is that it is both an inventory tracker and a point-of-sale system. This permits organizations to further streamline inventory management across sales channels in order to prevent stock-outs. This is beneficial for firms with physical and online stores. The platform promotes itself as a comprehensive solution for a variety of organizations, including retailers, distributors, and those with straightforward manufacturing requirements.
#3. Brightpearl
Brightpearl is a retail tracker system and inventory management system that was made for a wholesaler or business that sells through more than one channel. The platform makes it easier for businesses to run their inventory management systems. Its most expensive plan has all of the basic tools for managing inventory. On the other hand, the cheaper plan for businesses with less than 1500 orders per month has a lot less flexibility.
Inventory Tracker Sheet
An inventory tracker sheet is a spreadsheet you can use to keep track of how much inventory you have and how often it sells. Inventory tracker sheets are an important component of inventory management that business owners and managers can use to arrange their inventory.
Steps and tips for constructing your own inventory tracker sheet are provided below:
#1. Open a New Spreadsheet in Microsoft Excel, Google Sheets, Numbers, or Another Program.
You can use any spreadsheet program you know how to use. No matter what software you use, the process is pretty much the same. The features and functions may be a little different from one to the next. Just make sure you select a tool that allows you to easily access, edit, and save your inventory tracker sheet.
#2. Name Your Headings.
The first item you must enter into the spreadsheet is the column headings. You can change your headings to fit the type of business you run and how you want to manage your inventory. Common headers consist of:
- Item Name
- Serial Number
- Cost Per Unit
- Number of Units in Stock
- Sale Price
- Minimum Order Quantity
- Order Time
- Supplier
#3. Enter the Items and Their Corresponding Information.
When you first set up your inventory tracker sheet, it will take longer because you have to fill in the information for each item in each column. Your prices or costs may not change from month to month, but the number of items you have in stock will.
#4. Save the Tracker Sheet and Update It During Inventory.
Once your sheet is set up with the right categories and product information, save it and put it somewhere easy to find on your main work computer. You can use your inventory tracker sheet to update your records and keep track of changes when you do your weekly or monthly inventory check.
What Is the Best Way to Track Inventory?
- Designate someone to be in charge of your inventory management.
- Choose an inventory tracking system.
- Decide how frequently you need to run inventory.
- Set up your inventory tracker equipment.
- Regularly audit your inventory tracking.
How Can I Keep Track of My Inventory for Free?
- Zoho Inventory is the best free inventory tracking software system for inventory tracking.
- inFlow On-Site.
- Odoo.
- Stockpile.
- Delivrd.
Can Excel Be Used to Track Inventory?
Excel can also help track small businesses with a basic inventory tracker. It has built-in tools, features, and formulas that make spreadsheets more dynamic and interactive. Excel is cheap or even free if you use it in OneDrive, but it’s not the best choice for a medium or large inventory.
What Are the Two Methods of Tracking Inventory?
There are two types of inventory: periodic inventory and perpetual inventory. Both of these are ways for business owners to keep track of how many products they have on hand.
What Are the Three Methods of Tracking Inventory?
The push method, the pull method, and the just-in-time method are the three most common methods for keeping track of inventory. With these strategies, businesses have more ways to meet customer needs.
References
Related Articles
- 2022 Best 15+ SMALL BUSINESS ERP SYSTEMS (Updated)
- Project Management Tools Excel Free: All You Need To Know, Types, and Free Tools To Use
- FREE PROJECT MANAGEMENT TOOLS EXCEL: All You Need to Know
- ROBINHOOD PORTFOLIO Explained!!! Overview, Diversity, Value, Tracker & All You Need
- 15+ Best Car GPS Trackers: Top Rated Trackers With & Without Fee
