4 Top-Rated Affordable Inventory Management Software

Juggling between stock levels, purchase orders, and customer demand is a constant battle for inventory managers, but an inventory management solution can help you track, organize, and optimize your stock levels in a blink. If you are starting fresh, we recommend you try an affordable tool to understand the functionalities of the software before breaking the bank.

To help you make the right decision, we’ve highlighted the four top-rated affordable inventory management software, based on their pricing as found on vendor websites. Based on our research, we've considered products priced less than $49.33 per month as affordable software and have arranged them in ascending order. Read how we selected these products at the bottom of the page.

The products listed in this article can be divided into different categories, including accounting software, maintenance management software, online commerce platform, and asset tracking software. Some common features across these tools include inventory optimization, alerts, and reporting.

ProfitBooks is an online accounting solution with inventory management capabilities that help inventory managers track their entire inventory lifecycle—from purchase to sales. The software facilitates warehouse inventory management for users, enabling them to create multiple warehouses within the system for inventory tracking. Inventory managers can use the tool to allocate inventory to desired warehouses at the time of purchase and record transfers between warehouses. It also lets them monitor raw material consumption and production of finished goods across multiple warehouses, all from a single interface. 

Product features of interest*:

• Product batches: Organize products in different batches and specify batch numbers, manufacturing dates, and expirations for improved inventory tracking. This feature especially comes in handy when handling perishable goods, as it alerts you when the products are nearing expiration. 

• Inventory reporting: Get an accurate view of your inventory with over 45 reports, including a warehouse-wise stock report. These reports offer relevant insights, such as your best-selling products and customer payment history, to inform you of your business activities. 

• Multi-currency support: Create invoices in currencies different from your base currency. The software supports all major currencies and even provides a report that shows gains or losses during currency fluctuations.

Starting price: $15 per month

Billing cycle: Monthly

Customer support options: Phone support, chat, and knowledge base

Who should consider ProfitBooks?

Inventory managers looking to manage inventory levels and order fulfillment across multiple locations can consider ProfitBooks for its warehouse management capabilities. The software enables users to create and manage individual warehouses, track real-time stock levels, and monitor inventory transfer between warehouses. This provides a centralized view of all inventory across the network, improving visibility over operations. Additionally, the software offers features such as batch tracking and warehouse-wise stock reporting that allow users to group similar items and check the inventory of a particular warehouse. 

 Analysis performed December 2023

Limble CMMS is an online maintenance management system that helps users maximize equipment lifespan and minimize downtime. The software offers maintenance inventory management that helps users optimize the procurement, storage, and utilization of spare parts required for equipment maintenance. Equipment managers can use the tool to track stock levels as they are moved or used or across locations. The system offers them insights into who used the part, when, and for what reason. It also offers procurement staff alerts to notify them when quantities drop below the minimum threshold.

Product features of interest*:

• Real-time reports: Track relevant key performance indicators (KPIs) and metrics, such as stock-outs and slow-moving parts, to monitor your spare parts inventory. The reports are updated when the planned maintenance or work orders are closed. 

• BOM comparison: Compare the parts mentioned in your equipment Bill of Materials (BOM) against your inventory levels. The feature offers real-time information on the available quantity of each part listed in the BOM and helps you identify obsolete stock.

• Centralized data management: Consolidate all inventory data, including stock levels and usage history, across multiple national or international locations in a single place. The feature helps you improve overall inventory control and management.

Starting price: $28 per user, per month

Billing cycle: Annual

Customer support options: Phone support, chat, online help center

Who should consider Limble CMMS?

Equipment managers specifically looking for a tool to monitor spare parts and optimize preventive maintenance can consider Limble CMMS. The software offers several features, such as BOM management, customizable maintenance reports, and spare parts tracking, that can help equipment managers across various industries minimize equipment downtime and optimize inventory management for spare parts. It also offers custom barcode generation for specific equipment and parts for accurate inventory tracking. 

Analysis performed December 2023

Twice Commerce, previously known as Rentle, is an online commerce platform designed to manage orders, stock, and product catalogs for sales or rentals. With an inventory management module, the software enables users to import all their inventory data to Twice Commerce with a single file import. It also helps them export the entire inventory list in bulk for a detailed analysis. The software supports CSV files for bulk import and export. As a Twice Commerce user, you can either export all your data at once or filter by specific categories, brands, or locations to extract the exact information you need.

Product features of interest*:

• Use history: Receive a complete historical timeline of your products, including their usage dates and user information, from when they were added to the inventory. This information can help you optimize inventory levels and make purchasing decisions. 

• Inventory optimization: Bundle your rental products into packages, create product variations, and add specifications, notes, and metadata to your inventory articles. The feature helps in the efficient management of inventory levels. 

• Order fulfillment: View all your orders from every sales channel, including online store and offline sales, in one place. You can also use this feature to speed up your order fulfillment by marking orders as prepared. The software also offers alerts if you are about to oversell. 

Starting price: $29 per month

Billing cycle: Annual

Customer support options: Chat, emails, and knowledge base

Who should consider Twice Commerce?

eCommerce managers dealing with rentals, subscriptions, and second-hand goods can opt for Twice Commerce. The software adopts a circular-based model that prioritizes resource efficiency by extending the products’ lifespan. With multiple features, such as buffer time, location tracking, and inventory optimization, it helps eCommerce businesses handle individual items, product packages, and variants effectively. The tool also integrates with several existing eCommerce platforms and point of sale (POS) systems to enable efficient order management. 

 Analysis performed December 2023

EZOfficeInventory is an asset tracking system with an inventory management module that enables users to create purchase order (PO) requests for administrators to review and replenish stock. When creating a stock request, users can identify a delivery location, select the inventory quantity, and the vendor name. Inventory managers can further use the tool to add comments with mentions at the end of purchase orders to notify other stakeholders if required. Users can also track the status of all purchase orders, including the past and present POs, in real-time via a single dashboard.

Product features of interest*:

• Barcode printing and scanning: Print new barcodes for individual items or a group of items within EZOfficeInventory. If the items already have barcodes printed, you can simply scan them to add new products to your list. 

• Stock reservation: Reserve items for consumption at a later date. With EZOfficeInventory, you can use stock reservations to ensure the required inventory quantity is available at a specific time. 

• Stock alert requests: Enable email alerts to notify team members about retiring items, new stock, transfer updates, low stock, verification requests, and more. The software also allows you to set a suitable time for these alerts.

Starting price: $35 per month

Billing cycle: Annual

Customer support options: Phone support, chat, and knowledge base

Who should consider EZOfficeInventory?

Asset managers looking for a comprehensive solution to track inventory and different types of assets, regardless of their location, can consider EZOfficeInventory. Along with inventory tracking features, the software also offers several asset management features, such as availability assessments, asset reservations, and radio frequency identification (RFID) tracking, to help asset managers manage the lifecycle of their assets—from requisition to retirement. 

Analysis performed December 2023

An inventory management tool can cost as low as $15 per month or up to $380+ per month, depending on various factors, including features, deployment type, number of users, and integration with other systems. Most inventory management solutions typically include these pricing plans:

• Free trial: No-cost trial plans of up to 30 days give users access to either all or limited features of the software. This is ideal for businesses that want to try a tool before investing.

• Free versions: Free plans offer limited access to basic software features. These are ideal for small business owners on a budget.

• Entry-level plans: Start at $15 monthly and offer limited features. These are suitable for inventory managers who need basic features such as online payments, inventory tracking, and basic reporting.

• Mid-tier plans: Range from $30 to $420 per month and offer advanced features such as history tracking, RFID scanning, vendor management, and custom reports. These are suitable for businesses that require advanced inventory management capabilities.

• High-end plans: Can cost more than $649 per month and offer both entry-level and advanced features with priority support and advanced reporting. These are ideal for large businesses.

Ask these common questions to software vendors when selecting the best inventory management software.

• Does the software offer barcoding and scanning capabilities?

Several affordable inventory software enable users to generate unique barcodes for each product in their inventory. These barcodes typically contain product information, descriptions, and pricing details. Inventory management can use the tool to read and capture data from barcodes, which helps them track the movement of items inside or outside the warehouse and eliminate manual data entry errors.

• Does the tool facilitate inventory forecasting?

The best affordable inventory management software uses historical data and inventory trends to predict future demand for products. These determine optimal safety stock levels to account for uncertainties in demand-supply variations and generate reports to provide insights into projected demand. As a small business owner, asking your vendor about all such features can help you optimize the supply chain and improve the overall efficiency of inventory handling.

• What are the data security features offered by the tool?

Inventory software often stores sensitive data, including product details and supplier information. Ensuring the security of this data is essential to maintain business reputation and minimize financial losses. Data security features, such as user authentication, role-based access control, data encryption, audit trails, and two-factor authentication (2FA), can help inventory managers safeguard sensitive inventory data.