The best overall tool management system
Wealthy Panda
4.2
Our ratings consider product cost, features, ease of use, customer support, and other category-specific attributes. All ratings are determined solely by our editorial team.
starting price
$83 per month
(with a 12-month billing cycle)
Free trial
14 Wed
outstanding feature
Unlimited users with any plan
starting price
$83 per month
(with a 12-month billing cycle)
Free trial
14 Wed
outstanding feature
Unlimited users with any plan
why we chose it
Asset Panda is one of the best tool management software systems on the market due to its rich set of useful features. The easy-to-use solution includes asset allocation, barcode generation, payment and refund options, compliance tracking, contract management, funding source tracking, asset endowment, maintenance and repair tracking, signature capture, linear amortization and record-level attachments.
The flexible software also offers activity-based forms, customizable audit trails, custom fields and reports, customer-defined workflow activities, and push notifications when specific actions such as maintenance are required. iOS and Android compatible mobile apps include built-in barcode scanning, GPS positioning, audit setup and launch, and quick asset addition. Role-based access, Amazon AWS hosting, and 256-bit SSL encryption ensure the highest level of security.
Asset Panda uses an offer-based pricing model, although pricing is partly based on the number of assets you intend to manage, which can go up to 5,000 or more. Each plan includes unlimited users. Premium integrations such as Google Workspace, Jamf and Azure Active Directory and SSO are available for an additional fee.
An extensive online resource database and support center are available to all users. Support is also available via live chat, email and web conferencing. Eligible customers can get telephone support from 8:30 a.m. to 5:30 p.m. M. and 5:30 p.m. M. CONNECTICUT.
Find out more about what it has to offer with ourPanda Asset Review.
Who should use it:Asset Panda is an easy-to-use and customizable tool management solution that scales very well for medium to large companies. The software works well in a variety of industries, including construction, government, healthcare, non-profits, and education.
for and against
- Solid feature set
- Easy to use
- highly customizable
- Excellent customer service
- No price transparency
- Session timeout is too fast
The best for construction companies.
Share my toolkit
4.2
Our ratings consider product cost, features, ease of use, customer support, and other category-specific attributes. All ratings are determined solely by our editorial team.
starting price
It starts at $65 a month
(with monthly billing)
Free trial
14 Wed
outstanding feature
Built for the construction industry.
starting price
It starts at $65 a month
(with monthly billing)
Free trial
14 Wed
outstanding feature
Built for the construction industry.
why we chose it
ShareMyToolbox is designed to help construction companies keep track of tools and small equipment in the warehouse and in the field. With this software, you can create an unlimited catalog of tools to help you manage your inventory. Add equipment photos, usage history, and maintenance schedules to your catalog. Mobile apps for Apple and Android devices help you and your team access turn-by-turn guidance from anywhere.
Easy-to-use tracking software helps your team find tools quickly. Approved users must accept tool transfers and receipts before a tool can be transferred from one entity to another; this ensures that there is always a record of who should be in possession of your company's tools. Damage tracking is also available. Accurate tracking helps you make more informed purchasing decisions for new tools because you can assess the need for additional equipment based on tooling demand and availability data.
The basic system costs $65 per month and comes with an administrator; Basic system plus five users costs $115 per month. Additional users can be added for $50 per month in increments of five users.
ShareMyToolbox offers unlimited email and phone support. Customer service hours are Monday to Friday from 9:00 to 17:00. M. until 5 p.m. M. ET, although the company says it often responds to support requests outside of these hours.
Who should use it:ShareMyToolbox is best for those in the construction industry who need to keep track of their tools and equipment inventory as they move between users in the field.
for and against
- Competitive plan pricing starting at $65 per month
- Create for people in construction.
- Easy to use
- Extensive tool tracking
- Telephone support offered
- No weekend support
- Expensive for larger teams.
Best for managing multiple locations
Giga Trak
4.2
Our ratings consider product cost, features, ease of use, customer support, and other category-specific attributes. All ratings are determined solely by our editorial team.
starting price
It starts at $75 a month
(with annual billing)
Free trial
30 Wed
outstanding feature
A robust tracking tool for businesses with multiple users
starting price
It starts at $75 a month
(with annual billing)
Free trial
30 Wed
outstanding feature
A robust tracking tool for businesses with multiple users
why we chose it
The GigaTrak tool tracking system is designed for companies that need to manage tools, assets and equipment that can be used by multiple employees in different locations. Items are tracked using the easy-to-use GigaTrak barcode system. GigaTrak can be a bit fiddly to set up, but once up and running, most users find the software relatively easy to use.
Use GigaTrak to track all kinds of equipment, including power and hand tools, two-way radios, cell phones, calibrated equipment, layout drawings, precision equipment, and supplies. The software allows you to maintain a detailed history of each asset, including photos, serial numbers, purchase date, maintenance dates, hours of use and lease renewal dates, and repair records. The solution also provides notifications when supplies are reordered. GigaTrak comes with over 50 reports including allocation, history, accuracy and pricing.
GigaTrak is available in three versions: Basic, Professional and Contractor. Pricing for the GigaTrak standalone version starts at $2,495, a one-time fee. The self-service solution works on any network and computer system running Windows 10 or later that uses an Access or SQL Server database. If you prefer, you can opt for a yearly subscription to the cloud-hosted solution, which starts at $75 per month. The only requirement for the cloud-based GigaTrak solution is an internet connection.
GigaTrak offers 90 days of support for self-hosted users; annual support contracts are available for a separate fee. Cloud users are supported for the life of their contracts. Support is offered via email and telephone from 9am to 5pm. M. to 17:00 M. TK on weekdays. GigaTrak also offers an online training center for all customers.
Who should use it:GigaTrak is ideal for small and medium businesses that need to track inventory of tools and related supplies. Contractors, municipalities, schools, maintenance groups, and service and repair companies can all benefit from using GigaTrak.
for and against
- Easy to use
- Cloud and local options
- Easy check-in/out system
- barcode scanning
- Track maintenance schedules
- Great reporting features
- Advanced plans have non-standard pricing and can be expensive
- Limited scalability and customization
- You must contact the company to sign up for the plan
The most customizable management system
EZOfficeInwentarz
3.9
Our ratings consider product cost, features, ease of use, customer support, and other category-specific attributes. All ratings are determined solely by our editorial team.
starting price
It starts at $35 a month
(with an annual commitment)
Free trial
15 days
outstanding feature
asset reserves
starting price
It starts at $35 a month
(with an annual commitment)
Free trial
15 days
outstanding feature
asset reserves
why we chose it
EZOfficeInventory is a cloud-based tool tracking software that helps you manage the entire lifecycle of all your assets. All EZOfficeInventory plans include usage reports and analytics, availability calendar, resource bookings, location management, custom fields, employee ID scans, and service and maintenance tracking.
Your employees can track their tools with barcodes or QR codes by scanning them with the EZOfficeInventory app. With advanced plans, the RFID reader can also be used to scan items. Advanced plans also include handheld scanner integration, custom reports, billing transfer, custom system tags, service evaluation, and OneDrive/Dropbox data sync.
While EZOfficeInventory isn't particularly difficult to use, it's not as intuitive as other tool management solutions, which is why some users find the software a bit confusing to navigate. In particular, the mobile application may require some adjustments.
EZOfficeInventory offers four plans, and prices are based on the number of items you want to track. The Essential plan starts at $35/month when billed annually. The starting monthly prices for the Advanced and Premium plans are $45 and $50 respectively when billed annually. Enterprise plans are also available and pricing is tailored exactly to your organization's needs.
The software comes with an extensive online knowledge base that includes dozens of tutorials, white papers, and case studies. Support is offered online via an email ticketing system. No telephone support offered
Who should use it:EZOfficeInventory scales well and is customizable, making it a good fit for both small and large tech-savvy businesses. It is often used in healthcare, education, emergency services, churches, non-profit organizations and public works facilities.
for and against
- Affordable plans starting at $35/month
- transparent prices
- Easily add and organize resources
- Great customization ability
- Could be easier to use
- Informational features are weak
- No telephone support
The most intuitive tool management system
GoCodes
3.8
Our ratings consider product cost, features, ease of use, customer support, and other category-specific attributes. All ratings are determined solely by our editorial team.
starting price
$500 per year for up to 200 tools
Free trial
15 days
outstanding feature
Easily track tools from your mobile devices
starting price
$500 per year for up to 200 tools
Free trial
15 days
outstanding feature
Easily track tools from your mobile devices
why we chose it
GoCodes is an easy-to-use asset tracking and cloud tool management software. Helps you easily track tools and equipment with a smartphone scanner app and GoCodes patented QR code tag and Bluetooth beacon technology. Automatic GPS tracking identifies the location of tools every time a barcode or QR tag is scanned.
The software can track assets and consumables, monitor service and repair records, set service reminders, allow approved users to check and check out equipment, and send automatic overdue reminders. Perform a full audit of your tools in minutes and track the asset lifecycle from initial purchase order and acquisition to disposal. Use custom GoCodes reports to track users and tool usage patterns.
Monthly and yearly plans are available. GoCodes offers five plans ranging from $500 to $2,500 per year; Business plans are priced to order. Pricing is based on the number of tools you intend to manage and the number of user or resource manager logins you need. The GoCodes Standard Starter Plan allows you to manage up to 200 Assets, while the Professional Plan allows you to track up to 2,000 Assets.
Customer support varies slightly by plan. Standard plan users are limited to email support, while all other users receive phone and email support. All users have 24/7 access to the GoCodes Online Help Center.
Who should use it:While GoCodes is most commonly used in construction environments to manage tools and equipment, it is also an effective solution for other small to medium organizations such as schools and commercial office environments.
for and against
- transparent prices
- Easy to use
- Barcode and QR code tracking tools
- Track fixed assets and consumables
- gps tracking
- Setup can take a long time
- Limited field customization
Methodology
Forbes Advisor compared tool management software based on several important factors, including ease of use, features and functionality, overall cost, and customer service. The software solutions were rated on a five-star scale, with the highest score being five out of five stars.
Here are the specific attributes we look for when compiling our rankings of the best tool management software:
- Easy to use:Since many users in your organization probably use tool management software to access and use tools, ease of use is a key factor to consider when purchasing tool management software.
- Features and functionality:Tool management solutions should include extensive tool management features such as tool tagging for tracking, tool maintenance schedules, and tool availability and reserving calendars. Usage and tracking reports are also important for tool inventory management.
- Costs and fees:When considering tool management software, there are upfront costs to consider as well as additional costs that may be associated with using the extended features offered by the solution provider.
- Customer service:For each solution on this list of the best management software tools, we consider both the types of support they offer and the support hours available.
How to choose tool inventory software
The best tool management software for your organization is one that your team can use with minimal effort and training, which helps ensure correct and consistent use of the software. If you need a more advanced system, ask if the company offers training. Many platforms now offer webinars, online guides, and even in-person on-boarding to help businesses get started quickly.
If possible, include key members of your team in your software selection decisions as this will help you gain approval to use the tool management solution you choose for your organization. Getting feedback from the platform's end users will help ensure it meets the team's needs, and having that sense of ownership in the process will make it easier for everyone to get on board.
Of course, sticking to a budget is very important. While the product with the most accessories is attractive, if the expense would cause financial problems, it is not a good choice. Find a solution that meets your needs without breaking the bank, and you can always upgrade later as your business grows.
Finally, look for customer reviews. Seeing what current customers think about your products and services can go a long way in determining which option to choose. Please note that star ratings are not the only factor to consider; A company with 12 five-star reviews doesn't have as strong a reputation as a company with hundreds.
Frequently Asked Questions (FAQ)
Can tool management software help me track asset movement?
Yes, one of the key features that many organizations want in a tool management solution is the ability to track assets as they move from person to person and from place to place. When choosing tool management software, be sure to check the method the software uses to tag and scan your tools so you can track their location from anywhere.
Does my company need tool management software?
The more tools your company manages, the more likely you will need tool management software. The value of the tool is another consideration; the higher the value of the tool, the more likely you will need software to manage its use, location, and other critical parameters of the tool's resources.
Can tool management software help me manage my inventory?
Yes, tool management solutions help you keep track of the tools you own or rent, where they are, how often they are used, how often they are out of stock when users want to use them, and when tools break or run out. useless. . This in turn helps you keep track of tool inventory so you can make the right replacement or purchase decisions.
What should I pay attention to when choosing tool tracking software?
When purchasing tool tracking software, the most important consideration is whether the solution fits your unique business needs. You'll also want to see if the price of the software is within your budget, it's easy to use, and if the vendor offers the level of support you need to get the software up and running in your organization.
What is the best way to track assets as tools?
It depends on how many physical assets you need to manage and how many people need access to this tool tracking software. QR codes, barcode scanning, RFID tracking and GPS systems are common in many different businesses.
Is tool and equipment inventory software safe?
Like most types of software, the best hardware and tool inventory software offers multiple levels of security. When choosing this type of software, you want to look for security features such as two-factor authentication (2FA) or multi-factor authentication (MFA), documentation showing frequent security updates and patches, intrusion detection, user activity monitoring, data encryption, and privacy protection.
FAQs
Best Hardware & Tool Inventory Software 2023? ›
Zoho Inventory – Best budget inventory system for new startups. ecomdash – Inventory software with eCommerce features to grow your business in different directions. Cin7 – Good for small to mid-sized businesses looking for inventory management software. Fishbowl – A feature-loaded solution with Quickbooks integration.
What is the best software to track inventory? ›- QuickBooks inventory management.
- QuickBooks manufacturing.
- Xero inventory management.
- Xero for manufacturing.
- Shopify inventory management.
- Shopify order management.
- Shopify manufacturing.
- WooCommerce inventory management.
Zoho Inventory – Best budget inventory system for new startups. ecomdash – Inventory software with eCommerce features to grow your business in different directions. Cin7 – Good for small to mid-sized businesses looking for inventory management software. Fishbowl – A feature-loaded solution with Quickbooks integration.
Which company has best inventory management system? ›- Cin7: Best overall.
- Ordoro: Best for multichannel sellers.
- inFlow: Best for business-to-business (B2B) and wholesale businesses.
- Katana: Best for manufacturers.
- Zoho Inventory: Best inventory management software value.
- ShipBob Merchant Plus: Best for hybrid fulfillment.
Three of the most popular inventory control models are Economic Order Quantity (EOQ), Inventory Production Quantity, and ABC Analysis. Each inventory model has a different approach to help you know how much inventory you should have in stock.
What do companies mostly use to track inventory? ›Stock Book
The number of inventory items is listed in one column in the book, and sales are written in another column. This allows managers to keep track of how many items have been sold. This can also be done on computer.
- Make a list using an inventory management system. ...
- Add barcodes and QR codes to tools. ...
- Consider categorizing, bundling, or “kitting” tools. ...
- Track items as they move to different locations. ...
- Set up a system for reordering.
The four types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ) , and days sales of inventory (DSI). Each inventory management style works better for different businesses, and there are pros and cons to each type.
What are three of the most commonly used methods of inventory management? ›The three most popular inventory management techniques are the push technique, the pull technique, and the just-in-time technique. These strategies offer businesses different pathways to meeting customer demand.
What are the three types of inventory management systems? ›There are three types of inventory management system: manual, periodic, and perpetual.
How much does the average inventory management software cost? ›
Typically, inventory management software, on average, costs approximately $100 per month, though lower-cost solutions are available. The most expensive software can cost up to $3,000 per month or might come with a one-time licensing fee of a few thousand dollars.
What are the main inventory systems? ›There are two systems to account for inventory: the perpetual system and the periodic system. With the perpetual system, the inventory account is updated after every inventory purchase or sale.
What are the two main inventory systems? ›- Perpetual inventory system. A perpetual inventory control system tracks inventory in real-time. ...
- Periodic inventory system. A periodic inventory system is kept up to date by a physical count of goods on hand at specific intervals.
There are two main ways in which companies manage inventory: periodic systems and perpetual systems.
What is the easiest way to keep track of inventory? ›The simplest way to track inventory is to manually count your inventory every two weeks and compare the numbers versus sales. That's known as periodic inventory. There is also perpetual inventory, where inventory management systems like BinWise are used and integrated into your business's POS.
How do large companies track inventory? ›Businesses use barcode inventory management systems to assign a number to each product they sell. They can associate several data points to the number, including the supplier, product dimensions, weight, and even variable data, such as how many are in stock.
Which inventory system should you use and why? ›Periodic inventory accounting systems are better suited to small businesses that have easy-to-manage inventories or those with low sales volumes. Businesses with larger inventories, high sales volumes, and multiple retail outlets need perpetual inventory systems.
How do you create a tool inventory? ›- Take a Job Site by Job Site Approach. ...
- Apply Barcode Labels to Your Equipment.
- Import Your Asset Data into an Inventory Tracking System.
- Categorize Your Tools.
- Add Your Users to The System. ...
- Establish Policies and Procedures.
- Consider Tracking Tool Usage.
Sortly is a super simple inventory tracking solution that enables businesses and teams to easily track what they have, where it is, and who has it. Anytime, anywhere, on any device.
Does QuickBooks have an inventory tracking system? ›QuickBooks Online has everything you need to manage your inventory. Track what's on hand, get alerts when it's time to restock, and see insights on what you buy and sell. You can also enter non-inventory products and services so you can quickly add them to your sales forms.
What are the top three to five principles of inventory management? ›
- demand forecasting,
- warehouse flow,
- inventory turns/stock rotation,
- cycle counting and.
- process auditing.
FIFO is the most logical choice since companies typically use their oldest inventory first in the production of their goods. Deciding between these two inventory methods as implications on a company's financial statements as this decision impacts the value of inventory, cost of goods sold, and net profit.
Can Excel be used for inventory management? ›With integrated tools, features, and formulas to make spreadsheets more dynamic and interactive, Excel is also capable of handling basic inventory management for small businesses. While not ideal for a medium or large sized inventory, Excel is cost-effective or, if you use it in OneDrive, even free.
Which method of inventory management is most important? ›Demand planning is an important part of successful inventory management. It is the process of determining how much of each item you anticipate selling, and when. Once demand is determined, inventory management follows the flow of goods from the supplier through production and ultimately fulfilling customer orders.
What are the 5 types of inventory? ›- Raw materials inventory. ...
- Maintenance, Repair, and Operating (MRO) inventory. ...
- Decoupling inventory. ...
- Work In Progress (WIP) inventory. ...
- Finished goods inventory.
- Stock Item Master.
- Stock Group Master.
- Stock Category Master.
- Godown Master.
- Voucher Type Master.
- Units Master.
- Price List Master.
Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.
What is the best inventory cost method? ›The most popular inventory accounting method is FIFO because it typically provides the most accurate view of costs and profitability.
Does QuickBooks use average cost for inventory? ›QuickBooks uses the weighted average cost to determine the value of your inventory and the amount debited to COGS when you sell inventory. The average cost is the sum of the cost of all of the items in inventory divided by the number of items. You purchase a widget for $2.00. The average cost is $2.00.
Which inventory system is expensive? ›The perpetual inventory system is expensive because you need different types of technical equipment and trained employees.
What is computerized inventory system? ›
A computerized inventory system enables a company to monitor inventory levels in real time throughout the day. Also known as inventory management software, businesses can stay updated with inventory orders, counts and sales.
Which method of tracking inventory is the most secure and expensive? ›The perpetual inventory system is the inventory accounting method of tomorrow. Not only is it competent but also fast and secure. If you implement it in your business, you will not have to worry about constantly keeping track of your inventory.
Who uses perpetual inventory system? ›Perpetual inventory systems are more suitable for larger companies that need to track stock levels accurately and in real-time. Book inventory systems are more suitable for smaller companies that do not need to track stock levels as accurately.
What are the different types of computerized inventory management systems? ›Within those systems, two main types of inventory management systems – barcode systems and radio frequency identification (RFID) systems – are used to support the overall inventory control process: The 2 Main Inventory Control System Types: Perpetual Inventory System. Periodic Inventory System.
Is Excel good for inventory tracking? ›Excel is an inexpensive way to keep track of inventory, although it does have limitations (and room for error) that inventory management software does not. A spreadsheet offers virtually endless columns for categorizing and sorting the data you need.
Is there a free app that keeps track of inventory? ›Sortly is a super simple inventory tracking solution that enables businesses and teams to easily track what they have, where it is, and who has it. Anytime, anywhere, on any device.
Is Excel best for inventory management? ›Using Excel as a low-cost inventory management solution
While not ideal for a medium or large sized inventory, Excel is cost-effective or, if you use it in OneDrive, even free. Like anything that's free or cheap, Excel isn't perfect inventory management, but it has plenty of valuable features.
Workzone is a spreadsheet-based project management tool that works well as an Excel alternative. The software is built with project management tools such as resource, task, and time tracking. With customized reporting and automation, Workzone can do as much – or as little- as you need.
How do I create a spreadsheet to track inventory? ›- Open a Spreadsheet. You can use any spreadsheet you like. ...
- Name Your Headings. This gives you the information that you will collect on each item in inventory. ...
- Enter Basic Item Information. ...
- Save Your Work.
What QuickBooks Enterprise CANNOT do with Inventory (as of version 2022): It cannot build assemblies straight from a sales order and/or report on just assembly components or subassemblies are required solely based open sales orders.
Does QuickBooks Advanced include inventory? ›
With Advanced Inventory, you can track site-specific reorder points for each item. This means you can have a different reorder point for each site, and QuickBooks Desktop can warn you when you're running low at a specific site.
What inventory method does QuickBooks use? ›QuickBooks Online uses first-in-first out (FIFO). QuickBooks Enterprise can use either method. For most businesses, FIFO shows the biggest gross profit and highest final inventory value on the balance sheet. It also shows how inventory flows through your business.
Does Square do inventory? ›Square's inventory management gives you basic tools to keep a clear count of in-stock items in your item library. For items with inventory enabled, the stock count will update based on sales from the Square app, Square Invoices, and for orders shipped through your online store.
What is the best application to keep track of inventory for a store? ›| Product | Best for | Learn more |
|---|---|---|
| QuickBooks Enterprise Read review on NerdWallet's secure website | Best for Locally installed inventory management software | Read review on NerdWallet's secure website |
| Zoho Inventory | Best for Free inventory management software | |
| Cin7 | Best for Industry-specific plans |
- Best Overall: Cin7 Orderhive.
- Best for B2B Companies: inFlow.
- Best for Retail Stores: Lightspeed Retail.
- Best for Restaurants: Upserve.
- Best for Manufacturing: Megaventory.
- Best Free Option: Zoho Inventory.
Outgoing Stock: =SUMPRODUCT(($B5=item)*(movtype=”Outgoing”)*(quantity)) The outgoing stock formula works with the SUMPRODUCT function to help you easily calculate how much inventory has been sold and shipped. This formula can help you keep better, more accurate data and avoid overselling.
What inventory method does Microsoft use? ›Inventories. Inventories are stated at the lower of cost or market, using the average cost method.