An accounting and inventory tracking software is important for successful business management. Beyond safety and security, this tool provides convenience in conducting a company's financial and stock-related activities.
The account and inventory tracking software often comes with advanced capabilities like inventory management, and purchase order tracking that can take your business to the next level.
In this article, we will learn about the best accounting software and inventory tracking system you need to grow your business easily.
Best Accounting Software With Inventory Tracking
Choosing the best inventory tracking and accounting software is an important decision for organizations of all sizes. It provides an all-in-one solution that helps with accurate product tracking, reduces overstock or understock, and improves financial administration.
Whether you're a small business, a medium-sized business, or a major multinational firm, here are some of the best and free accounting software with inventory tracking features that can be an essential tool for your business’s productivity and sales:
Best Software Options for Small Businesses
A small business (with revenue ranging from 1-40 Lakhs) with the right accounting and inventory equipment can succeed. To achieve this success, we've chosen three options for accounting and inventory management software for small businesses that provide online ordering and contactless payment, among other features.
| Software | Features for Small Businesses |
|---|---|
| TranZact | * All-in-one platform with e-commerce, accounting, and inventory management features. |
| * Easy compatibility with Tally and other marketing, payments, and shipping services. | |
| * Real-time tracking of financial performance and automatic payment reminders for improved financial control. | |
| * User-friendly interface. | |
| Shopify | * E-commerce and online payment platform * Integration with marketing, payments, and shipping * A built-in online editor * Local language support and promotion tools |
| Xero | * Effective accounting software for businesses |
| * Track financial performance in real-time | |
| * Accept online payments in multiple currencies | |
| * Multilingual invoice creation | |
| * Automated payment reminders | |
| FreshBooks Inventory | * Inventory management for small enterprises |
| * Integration with Brightpearl, Zoho Inventory, Veeqo, and others. |
Best Software for Mid-sized Business Owners
Budget limitations are a common challenge in medium-sized organizations (with revenue ranging from 50 Lakhs-1 Crore). They require low-cost, high-quality business accounting software to help them expand. Here, we show three solutions that add value and help with future growth.
| Software | Features for Mid-sized Businesses |
|---|---|
| TranZact | * One-stop e-commerce, accounting, inventory, and business management solution compatible with Tally |
| * An affordable solution with a wide range of features SKU tracking, FIFO, LIFO etc. | |
| * Real-time financial tracking and automated payment reminders | |
| Oracle NetSuite | * Integrated finance, commerce, inventory, HR, PSA, and supply chain management systems. |
| * Cloud delivery method to save IT expenses | |
| Acumatica | * Financial, manufacturing, project accounting, retail, distribution, and CRM cloud ERP solution |
| * Wide-ranging worldwide partner network | |
| Orderhive | * Inventory, order, and fulfilment partner with many channels |
| * Unlimited SKUs | |
| * FIFO support and other features for small and medium-sized organizations |
Best Accounting Software for Large Companies
Enterprise Resource Planning (ERP) is an example of a system that can handle the demands of a large organization (with revenue ranging from 1 Crore and above). All tiers of an organization can now work together smoothly and quickly thanks to these solutions. We found three programs to be the most effective and trustworthy in the area of inventory management and so advised their use.
| Software | Features for Large Businesses |
|---|---|
| Oracle Micros | * Cloud-based software for inventory counting, profit performance, and customer service automation |
| * Improves productivity and decreases waste in large businesses | |
| Zoho Inventory | * Manages orders from many channels, warehousing, packaging, and shipping. |
| * Inventory tracking and compatibility with other programs | |
| Oracle NetSuite | * ERP, CRM, and eCommerce solutions integrated for major organizations |
| * Effective financial, business, and inventory management |
Comparison of Accounting Software
Here is the comparison of top accounting and inventory tracking software based on these three parameters:
Capture Complete Product Details
Many accounting software solutions enable the recording of accurate product information, such as product name, description, SKU, and pricing. Make certain that the software you choose has powerful product catalogue capabilities.
Know When To Replenish Stock
Stock replenishment alerts are provided by some accounting software by defining minimum inventory levels. When the stock goes below these levels, the software can send notifications or automatically place purchase orders.
Record Inventory Changes In Real Time
Accuracy requires real-time inventory tracking. As sales and purchases occur, make sure that the accounting software you use updates inventory quantities in real-time, providing a live view of stock levels.
Here’s a detailed comparison table for the best accounting software with inventory management:
| Software | Product Details Capture | Replenishment Alerts | Real-time Inventory Tracking |
|---|---|---|---|
| TranZact | Complete product details capture, including SKU, pricing, and descriptions | Customized restocking alerts for precise inventory control. | Real-time inventory tracking/changes and management built into a single platform. |
| Xero | Allows for extensive product information, such as name and description, SKU, and pricing. | A stock alert is provided when a predefined level is reached. | Syncing with specific inventory software may be required. |
| FreshBooks Inventory | Provides a rich product catalogue capability. | Provides stock alerts when levels fall below predefined levels. | Inventory tracking and management are available in real time. |
| Shopify | Primarily an e-commerce platform that collects product information for internet retailers. | Stock notifications may be integrated with third-party apps. | Inventory tracking in real time for e-commerce enterprises. |
| Oracle NetSuite | Typically used for financials rather than main inventory management. | Alerts for stock levels can be configured within the ERP system. | It does not provide real-time inventory tracking, but it is more comprehensive. |
| Orderhive | Engages in inventory management and product data gathering. | Stock notifications, order management, and purchase order creation are all available. | Real-time inventory tracking and other inventory capabilities are available. |
| Acumatica | Inventory management applications are connected. | Through its extensive ERP system, it supports stock notifications. | Real-time inventory tracking and cloud-based operation are available. |
| Zoho Inventory | Manages orders from many channels, warehousing, packaging, and shipping. | Stock notifications and connections with other programs are included. | Real-time inventory tracking and complete inventory control are provided. |
| Oracle Micros | Inventory counting and management skills that are automatically performed. | Track stock movements, margin performance, and other metrics. | Inventory management in real time for the hospitality and retail industries. |
Now that you have a detailed comparison of these tools based on the different functions and features they offer, let us now see the pricing model of these tools below:
| Software | Pricing Model | Pricing Details |
|---|---|---|
| TranZact | Subscription | TranZact typically offers subscription plans for its all-in-one e-commerce, accounting, and inventory management solutions. Pricing details may vary based on business size and feature requirements. |
| Xero | Subscription | Xero offers various subscription plans based on the needs of the business. Pricing tiers typically include Starter, Standard, and Premium, with monthly fees. |
| FreshBooks Inventory | Subscription | FreshBooks Inventory provides subscription-based plans. The cost may vary depending on the number of users and features required. |
| Shopify | Subscription | Shopify offers different pricing plans, such as Basic, Shopify, and Advanced, with monthly fees. Additional fees may apply for transaction processing. |
| Oracle NetSuite | Quote-based | Oracle NetSuite pricing is quote-based and can vary widely based on the specific needs and modules required for the business. It is generally tailored for larger enterprises. |
| Orderhive | Subscription | Orderhive offers subscription plans with pricing per month. The cost may vary depending on the number of orders and users. |
| Acumatica | Quote-based | Acumatica provides a quote-based pricing model, as it is highly customizable and suited for mid-sized and larger businesses. Costs depend on the features and modules chosen. |
| Zoho Inventory | Subscription | Zoho Inventory offers monthly subscription plans, with pricing variations based on the number of users and additional features. |
| Oracle Micros | Quote-based | Oracle Micros pricing is quote-based, and it adjusts to the specific requirements of businesses in the hospitality and retail industries. |
Choose the Best Accounting and Inventory Management Software with TranZact
Whether you operate a small, medium, or large company, accounting and inventory monitoring software is important to your business's success. These software programs benefit your business by recording detailed product information, notifying you when you need to restock, and letting you keep tabs on everything in real time.
The flexibility of this accounting and inventory tracking software will help your firm grow even in all circumstances. TranZact features tools and inventory management software that can help you succeed no matter how big or little your business is or what you're trying to accomplish.
FAQs on Accounting and Inventory Tracking Software
- Is it possible to track serialized inventory products to provide warranty and customer service?
Yes, inventory monitoring accounting software can typically accept serialized products, making it easier to track individual items for warranty and customer assistance.
- Can inventory tracking accounting software help reduce overstocking and understocking?
Yes, these software solutions can be set up to define minimum and maximum stock levels, generating alarms to prevent overstocking or running out of critical inventory products.
- Can I differentiate my product pricing levels based on customer type?
Many software solutions enable you to create customer-specific pricing, which allows you to manage different pricing levels for distinct consumer groups.
- What safety measures are in place to safeguard critical financial and inventory data within the software?
To protect your financial and inventory data from unauthorized access, most software vendors employ security measures such as data encryption and access limits.
- Is it possible for the software to provide thorough inventory reports for tax and audit purposes?
Yes, accounting and inventory tracking software include customized reports for tax compliance and audit trails to ensure financial transparency.
