Keeping track of inventory doesn’t need to be expensive. Now more than ever, there are multiple ways to keep track of inventory at no additional cost, including on a document, a spreadsheet, and even inventory management software.
What’s the best way to track inventory for free?
You can keep track of inventory for free using a sheet of paper or digital document, an inventory spreadsheet, or free inventory management software. Some modern inventory management apps, including Sortly, offer no-cost versions of their software.
Trying to figure out how to keep track of inventory? Here’s how to choose the best free system for your needs.
1. Pen-and-paper inventory
Some businesses, especially small ones, keep track of inventory using a sheet of paper or digital document. This kind of system has major limits and is really only suitable for very small businesses with few items, one storage spot, a small team, or just one person handling inventory.
There are, however, still several benefits of using pen and paper to keep track of inventory. For starters, it’s completely free, and virtually any employee can do it—even if they’re not tech-savvy. It’s also an inherently simple process: jot down the inventory you have along with quantities and locations. Seems easy enough, right?
Unfortunately, using a pen-and-paper inventory system has many drawbacks. And the more complex your business becomes, the more serious those drawbacks become. First, if you’re using just a sheet of paper on a clipboard to keep track of inventory, you’ll have no backup if something happens to your data. It’s also an inherently disorganized system; sheets of paper aren’t searchable, and archiving inventory usage is a time-consuming task that most small businesses won’t want to take on.
As a result, virtually no data can be leveraged to forecast inventory demand. Tracking expiration dates or other such details must be done manually. Additionally, should physical inventory counts be pushed aside, many small businesses resort to “guessing” when placing orders. This can lead to costly overstocking or just as problematic understocking. In either case, time and money are wasted.
These drawbacks are one of the chief reasons why even the smallest businesses are using a more modern approach to inventory management. Since free inventory management software is an option, even companies with only a few employees and a few dozen items are still making the switch.
In minutes, inventory management software can create a digital inventory database that stores all of the information you might keep on a sheet of paper, plus so much more. Those extras include high-resolution images of items you keep in stock, customizable low-stock and expiration date alerts, and customizable reports that can help you look back at inventory usage over time to make smarter decisions about the future.
2. Inventory spreadsheets
The second inventory system to consider is an inventory spreadsheet, which is a slightly more advanced version of a pen-and-paper inventory system. A free inventory spreadsheet is a popular solution for small businesses as well. However, even the most advanced inventory spreadsheets aren’t optimized for fast—or accurate—inventory management.
There are certainly some advantages to using a spreadsheet for inventory. For starters, many inventory spreadsheets are simple. Because they are a step up from using a sheet of paper for keeping track of inventory, the handful of benefits immediately gained from the upgrade—including better data tracking and organization—can really go a long way for businesses that are just beginning to optimize inventory tracking.
That said, there are a variety of drawbacks to using a free inventory spreadsheet. For starters, inventory spreadsheets are highly prone to human error; columns and rows can be jumbled, item names can look and sound alike, and tired eyes can make data entry mistakes. After all, many teams still jot down inventory numbers on a clipboard before transposing the data back to the inventory spreadsheet—a process that brings with it a very high risk of human error. At best, such mistakes can cause a little bit of a headache. At worst, these mistakes can cause costly stockouts or other productivity challenges that affect a business’s bottom line.
Furthermore, spreadsheets are quite limited in the types of data they can track. For instance, they are not designed to display high-resolution photos. Inventory photos can help your team differentiate between items whose names sound alike or even track item conditions over time. But adding photos to a spreadsheet quickly turns the system into something clunky, unwieldy, and unusable.
Additionally, there is no good way to integrate a spreadsheet with automation features like barcodes and QR codes. Barcodes and QR codes are some of the most powerful ways to track inventory data accurately and speed up inventory processes, and, unfortunately, it’s impossible to use these tools when you’re tracking inventory via spreadsheets.
Barcode and QR code compatibility is also one of the top reasons why even very small businesses decide to upgrade inventory software.
3. Inventory management software
Finally, more and more businesses are choosing inventory management software to track their inventory—and most agree it’s the best way to keep track of inventory.
Imagine effortlessly knowing exactly what inventory you have, where it is, and its current value. That’s exactly what smart inventory software like Sortly can help you do—from any device, in any location. Sortly can quickly transform your disorganized inventory into an easy, centralized system, and instantly start saving your team time, money, and frustration.
Inventory software is the best way to track inventory because it offers both the easiest and most powerful solution available. Using Sortly’s inventory software, you can organize your inventory in a way that makes sense to you and customize it to mirror your unique business structure. Imagine the time and cost savings of automating inventory tasks, minimizing errors, and gaining real-time accuracy. By streamlining inventory management, you can easily ensure you have the exact right amount of inventory on hand to satisfy demand—no more guesswork.
Beyond simple tracking, inventory management software like Sortly can actually help you make smarter business decisions. Receive timely reminders to reorder inventory, manage expiring items effectively, and stay on top of crucial dates like warranties. Easily customize alerts to ensure you never miss a beat and always maintain optimal inventory levels. Plus, you can keep a record of all your inventory data, enabling you to identify trends over time and forecast demand better.
Importantly, as your business grows and your inventory becomes more complex, your inventory system grows with you (unlike messy spreadsheets). This is one of many reasons why businesses of all sizes are choosing free inventory software to manage their inventory.
This easy, comprehensive guide will help you:
Free Ebook: Getting Started With Inventory Tracking
About Sortly
Sortly is an inventory management solution that helps you track, manage, and organize your inventory from any device in any location. We’re an easy-to-use inventory software that’s perfect for large or small businesses. Sortly builds inventory tracking seamlessly into your workday so you can save time and money, satisfy your customers, and help your business succeed.
With Sortly, you can track inventory, supplies, parts, tools, assets like equipment and machinery, and anything else that matters to your business. It comes equipped with smart features like barcoding & QR coding, low stock alerts, customizable folders, data-rich reporting, and much more. Best of all, you can update inventory right from your smartphone, whether you’re on the job, in the warehouse, or on the go.
Whether you’re just getting started with inventory management or you’re an expert looking for a more efficient solution, we can transform how your company manages inventory—so you can focus on building your business. That’s why over 15,000 businesses globally trust us as their inventory management solution.
Start your two-week free trial of Sortly today.
