Use inventory management software to maintain optimal stock levels.
The entire process of inventory management entails various obstacles, such as overstocking, mismanaged order management, and lack of inventory visibility. Operations or warehouse managers can benefit from a tool that can automate the process for them while ensuring sufficient visibility into the stock.
While an inventory management tool can automate critical tasks for users and help them track inventory levels, the pricing of the software can impact their purchase decisions. How about considering a free inventory management tool that allows you and your team to store product information, track current inventory levels, and manage reordering without burning a hole in the pocket?
This article highlights, in alphabetical order, the four best free inventory management software products based on verified software reviews. Read more.
1. monday.com
Monday.com is an inventory management tool that offers over 200 customizable templates, including an inventory management template to identify stock requirements, and track and manage inventory items with ease. The template has built-in formulas, custom filters, and status customization features to help teams manage and execute projects.
The free version of the software offers basic inventory management features but with some limitations. For example, it offers only three boards to organize your processes. Advanced features, such as integrations with third-party tools, are available only on the paid plans.
Free featuresInventory alerts: Set up inventory alerts when inventory items drop beyond a certain level. With this feature, inventory managers can prevent stockouts and ensure optimum supply.
Activity log: Track changes and updates made to your inventory items over time. The feature records actions taken on your inventory items, including who made what changes, and when.
Mobile apps: Access your inventory data in real time using Monday.com’s mobile apps, available for both Android and iOS users. You can use the app to create QR codes for inventory tracking and updating statuses even on the go.
Customer support options: Knowledge base, email, and live chat
Who should consider monday.com?
If you want to customize your inventory management system through pre-built templates consider monday.com. The software features customizable boards for businesses to track and manage different aspects of their inventory, such as stock levels and orders with ease. These can also be customized with different labels and columns to suit specific business needs.
Trial/Free Version
- Free Trial
- Free Version
Cost to upgrade
Device compatibility
Pro tip
Assess the purchase and supplier management capabilities offered by free inventory management tools. Your shortlisted tool should help you generate and autofill purchase orders, manage supplier details, view transaction history with suppliers, and track purchase orders.
2. ProfitBooks
While monday.com is a versatile project management tool with inventory management features, ProfitBooks is an accounting solution that also facilitates supplier management for inventory managers. All plans, including the free version, allows you to create and store supplier profiles, track communications with suppliers, create purchase orders, and view purchase history with specific suppliers. You can also record payments made to the suppliers and track outstanding payments.
ProfitBooks’s free plan supports a single user and helps you manage up to 100 customers with limited invoices per month. In case you require support for unlimited users or customers, you need to invest in the paid version of the software.
Free featuresInventory control: Track stock levels in real time, set reorder points for each item, and receive alerts when the stock falls below a certain point. You can track up to 25 products or services in ProfitBook’s free plan.
Online payments: Receive online payments from customers or set up automatic reminders to follow up with customers for overdue payments. ProfitBooks users need to sign up for an online payment gateway, such as PayPal or Stripe, and connect it to their ProfitBooks account to facilitate online payments.
Financial and tax reporting: Get detailed tax reports on the items sold and purchased. The feature not only helps you save time during the tax period but also comply with tax regulations.
Customer support options: Phone, chat, and email
Who should consider ProfitBooks?
If you are a small business owner looking for a tool with inventory management features, along with financial reporting capabilities to comply with relevant rules and regulations, ProfitBooks can be a good option to consider. The software offers over 40 financial reports, including essential reports related to inventory management, such as inventory valuation and stock aging that can help you make informed decisions about your financial performance and inventory management.
Trial/Free Version
- Free Trial
- Free Version
Cost to upgrade
Device compatibility
3. Square for Retail
In addition to offering customizable templates and financial reporting capabilities, Square for Retail also facilitates product identification using unique identifiers, such as Global Trade Item Number (GTIN), and Stock Keeping Unit (SKU). The software lets you assign a unique code to each product in your inventory (even in the free version), with SKU for internal stock identification and GTIN for identifying products in the global marketplace.
While Square for Retail allows you to track unlimited items and offers low-count inventory alerts in its free plan, advanced features, such as smart stock forecasts and automatic purchase orders are available only with the upgraded versions of the tool.
Free featuresItem categories: Organize your inventory into different groups and give these groups common category names that the customers will understand. For example, common category names could include accessories, clothing, and appetizers. The feature makes it easier to manage and locate inventory items.
Low stock alerts: Track your inventory levels using automated alerts and prevent running out of stock. Inventory managers can use this feature to set up stock alerts when the stock level of a particular item falls below a certain threshold.
Cross-location stock count: Manage inventory items across multiple locations. The feature allows you to track stock levels at each of your locations and get a real-time overview of your overall inventory.
Customer support options: Phone, email, and knowledge base
Who should consider Square for Retail?
If you are in the retail industry searching for a free tool with a barcode scanning feature, Square for Retail can be an ideal fit for you. The free version of the software helps you track inventory and sales using barcodes. To do so, you need a compatible barcode scanner that connects to your mobile device or computer. You can also use the barcode scanner to search for products in Square.
Trial/Free Version
- Free Trial
- Free Version
Cost to upgrade
Device compatibility
Pro tip
Look for a barcoding functionality in the inventory management system to track items in your inventory. Barcoding capabilities in inventory management solutions not only minimizes the risk of human error when manually entering inventory data but it also makes it easier to locate items, track inventory movements, and fulfill orders.
4. Zoho Inventory
Zoho Inventory is for users that are specifically looking for a solution to generate and send invoices to customers for the goods and services they provide. The software helps you generate invoices, customize them using the organization’s logo, and track their payment statuses over time, even on your mobile devices.
In its free version, Zoho Inventory allows you to manage one warehouse. To manage inventory across multiple warehouses with complex needs, you need to upgrade to a paid version with advanced features, such as e-invoicing, vendor portal, and advanced analytics.
Free featuresPurchase order management: Create and manage purchase orders for items that you need to purchase from suppliers. The software also allows you to track the status of your purchase orders, including the total amount due, payment status, and expected delivery date of your purchases.
Customer portal: Enable your customers to access their order history and payment information through an online portal. Customers can also use the portal to make payments, update their profiles, and download invoices.
Inventory reports: Generate basic inventory reports, such as inventory summary, stock movement, and sales order summary reports to keep track of your inventory and sales.
Customer support options: Phone, email, and knowledge base
Who should consider Zoho Inventory?
If you are looking to handle business transactions in a global marketplace, Zoho Inventory, with multi-currency handling, can be the right choice for you. The software helps you minimize manual conversions and provides you access to real-time exchange rates to facilitate international transactions.
Trial/Free Version
- Free Trial
- Free Version
Cost to upgrade
Device compatibility
Pro tip
Consider an automated stock management functionality in your shortlisted tool that can help you manage inventory levels with ease. The best inventory management software should help you set a minimum stock level for inventory items and trigger a purchase when the stock level falls below this point.
What is the cost to upgrade from free inventory management software to a paid one?
Inventory management software upgrades can be as low as $10 per month, or rise to $63+ per month, depending on additional features, such as inventory replenishment, invoice management, multi-channel management, and increased number of users. Most inventory management software typically includes the following subscription plans:
Free trial: No cost trial plans ranging from 14 to 30 days, giving users access to either all or limited features of the software.
Free version: Free software plans offer basic features and limited premium feature access; ideal for small businesses or individuals with a limited budget.
Entry-level: Starts at $10 per month and offers limited features; good option for small businesses or teams with basic features such as inventory control, alerts, and invoicing.
Mid-tier: Mid-range pricing for inventory management systems ranges from $16 to $45 per month and offers advanced features, such as batch tracking, e-invoicing, vendor portal, barcode printing, and automatic purchase orders.
High-end: Advanced plans go up to $63 per month and offer unlimited inventory management, advanced analytics, and priority customer support along with entry and mid-level features.
Hidden costs associated with inventory management software
There may be some additional costs associated with inventory management software, including customization, integration, maintenance, and implementation costs, which small businesses should take into consideration when considering a new tool.
Frequently asked questions when selecting free inventory management software
Is there a limit on inventory tracking in the free version?
Some free solutions might come with a limit on the number of inventory items you can track and record. They may also have some restrictions concerning location support. Before considering free inventory software, make sure to check whether the platform allows you to track unlimited inventory items and offers support for multiple locations or not.
Does the free tool offer inventory reporting?
As a small business owner, you must consider free inventory software that offers necessary inventory reports, such as inventory details, sales and purchase trends, product performance, inventory replenishment, and activity reports to help you understand customer buying patterns and your inventory status.
Does the software offer inventory alerts?
A free tool should offer you an inventory alert feature to notify you about upcoming shipments, issues, new orders, slow-moving stock, and low inventory levels. You can leverage these to maintain control of your supply network, respond better to demand fluctuations, prevent stockouts, and reduce stock-keeping errors.