Inventory Management System For Small Business: Tools to Track Assets

Managing inventory is no easy task, especially for small businesses. More often than not, budgets are tight, and the team responsible for the task is limited. If you’re in this situation, don’t worry—there is a simple way you can optimize your Inventory Management capabilities. And it’s a no-brainer: you need an Inventory Management System for small businesses. 

This doesn’t necessarily mean jumping straight into software implementation. We understand that’s not always an option. Setting up (or improving) an Inventory Management system should start with solid planning and a well-designed strategy. In some cases, this could mean using a well-organized Excel spreadsheet. While it’s not the ideal solution, it’s still a great starting point.

In this article, we’ll go over different Inventory Management systems to help you choose the one that best fits your business needs and budget. Plus, we’ll cover how to keep track of inventory for small businesses. Let’s get started!

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What is an Inventory Management system for small businesses?

Fair disclaimer: the word system is often confused with software or tools, but in this article we’re taking a different approach. A system refers to the entire process a business follows to manage its inventory, which may or may not involve dedicated software. While tools and platforms can streamline operations, an effective system is built on well-defined policies, workflows, and best practices.

In a nutshell, an Inventory Management system for small businesses is a process a company follows to track, control, and optimize its IT and non-IT assets. It includes the methods, policies, and workflows used to manage inventory efficiently—whether manually, with spreadsheets, or through dedicated software. The goal is to ensure that assets are available when needed while minimizing waste, reducing costs, and improving overall operational efficiency.

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IT Asset Inventory: Definition, Scope, Management, And Best Practices

Best Inventory Management systems for small businesses

We can start exploring this topic by looking at manual and automated methods. Manual methods are common among small businesses, and there’s a good reason for that.

Depending on the organization’s size and complexity, a manual approach may be sufficient for keeping track of inventory. Among these methods, the go-to solution is often the good old Excel spreadsheet.

Excel as part of your Inventory Management system

Excel can be a great starting point for businesses that need a simple, familiar tool to begin organizing their inventory. It allows you to create structured tables with key asset details, such as name, type, quantity, location, and more. Since most people already know how to use Excel, it’s an accessible option that doesn’t require additional investment in software.

If this sounds like your situation and you're not ready to make the jump to dedicated software, we've got you covered. To help you get started, we’ve designed an Excel template with all the essential elements for managing your inventory. You can download it by filling out the form below: 

While Excel is a practical starting point, it comes with limitations. Managing inventory manually is time-consuming, prone to errors, and requires constant updates. As a business expands, relying on spreadsheets becomes increasingly inefficient. That’s when automation and dedicated Inventory Management software become essential.  

IT Asset Management tools for Inventory Management

If this is your first time choosing a solution or you've been tasked with switching software and the project feels overwhelming—don’t worry! These tools come in all shapes, sizes, and price ranges.

Chances are, there’s already a solution that fits both your budget and your organization’s needs. With that in mind, we’ve put together a list of tools to give you a head start in your search. 

Best Inventory Management systems for small businesses 

We selected a set of tools based on just two criteria: budget and functionality. This means we looked for software solutions that provide small businesses with the essential features for Inventory Management without overspending. Here’s our selection:

1. InvGate Asset Management. 
2. BlueTally.
3. Zoho. 
4. Snipe-IT.
5. inFlow Inventory.

1. InvGate Asset Management

InvGate Asset Management: 5-minutes Demo

InvGate Asset Management is an excellent solution for managing both IT and non-IT assets. Its no-code approach combined with an intuitive interface and its many integrations makes it easy to use. It offers both cloud-based and on-premise deployment options, enabling a quick and flexible implementation of your IT Asset Management (ITAM) strategy.

Creating an inventory is fast and flexible, thanks to multiple asset registration methods. You can manually add individual physical assets, bulk import them via CSV or XLS files (which is useful if you're transitioning from an Excel spreadsheet), use Network Discovery to detect assets automatically, or install InvGate's Agent to track and monitor asset data. Additionally, it features a QR code generator, allowing businesses to design and print unique codes for all their assets.

Is InvGate Asset Management a good option for small and medium-sized businesses? Absolutely. Its scalable pricing structure ensures that businesses of all sizes can benefit from its features without exceeding their budget, making it a cost-effective solution that can grow alongside your ITAM strategy.

2. BlueTally

BlueTally is a versatile Asset Management platform tailored for small businesses. It offers features like assignable assets, barcode tracking, and customizable reporting, making it ideal for tracking both IT equipment and other assets.

BlueTally provides a free plan with full feature access for up to 50 items. Paid plans start at $59 per month (Starter), with higher tiers offering API access and integrations. A 30-day free trial is available.

3. Zoho Inventory

Zoho Inventory is a comprehensive solution that supports tracking of both IT and non-IT assets. It offers real-time inventory tracking, order management, and integrates seamlessly with other Zoho applications, making it suitable for businesses with diverse Asset Management needs.

Zoho Inventory offers a free plan limited to 50 orders per month. Paid plans start at $39 per month (Standard) and go up to $239 per month (Elite), providing advanced automation and integrations. A 14-day free trial is available.

4. Snipe-IT

Snipe-IT is an open-source Asset Management tool designed for IT assets but flexible enough to handle non-IT assets as well. It offers features like asset tracking, license management, and a user-friendly interface.

Snipe-IT is free to self-host, making it a cost-effective solution for businesses with technical expertise. For those preferring a hosted solution, Snipe-IT offers cloud hosting services with pricing details available on their website.

5. GLPI

GLPI is an open-source IT Asset Management and service desk software that can manage both IT and non-IT assets. It provides Inventory Management, incident tracking, and financial management features, making it a comprehensive tool for Asset Management.

GLPI is free to use under the GNU General Public License. Businesses can download and install it on their servers, with professional support and services available through official partners.

6. inFlow Inventory

InFlow Inventory is designed to handle a variety of assets, including IT equipment and other business assets. It offers features like barcode scanning, real-time inventory tracking, and customizable reporting, making it suitable for businesses with diverse inventory needs.

InFlow offers a 14-day free trial. Paid plans start at $89 per month (Entrepreneur) and scale up based on features and order volume.

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How to keep track of inventory for small business

Managing inventory efficiently is crucial for small businesses aiming to optimize resources and reduce costs. Here’s a structured approach to ensure accurate tracking of both IT and non-IT assets while gradually transitioning to an automated system.

1. Define your Inventory Management process

Before selecting a tool or method, establish a structured Inventory Management process. Define the types of assets you need to track, set policies for asset lifecycle management, and assign responsibilities to ensure consistency. Having a well-documented process helps avoid errors and makes it easier to scale operations as your business grows.

2. Choose between a manual or automated method

Once the process is outlined, decide whether to stick with manual tracking (Excel for Asset Management) or transition to an automated system. If you're starting with a spreadsheet, you can download our customizable template to help organize your inventory. Even if you later decide to implement an ITAM tool, having a structured database will simplify the transition.

If you're ready for automation, tools like InvGate Asset Management streamline Inventory Management with automated asset tracking, updates, and seamless integration with other business systems. By switching to an automated system, you reduce the risk of human error and gain access to advanced reporting capabilities.

3. Create a complete Asset Management Database (AMDB)

A structured Asset Management Database (AMDB) is essential for effectively tracking both IT and non-IT assets, whether they are already assigned to someone or not. A well-maintained AMDB includes detailed information that provides full visibility into your assets, ensuring they are properly accounted for and managed throughout their lifecycle.

What details should your AMDB include?

Unify Your IT Asset Inventory in 24 hours!

Each asset should have key details such as Asset ID, category, status, manufacturer, model, assigned department, location, acquisition date, cost, warranty expiration, and depreciation percentage. IT assets, in particular, require additional fields like configuration details (processor, RAM, storage, OS), maintenance history, and security compliance policies.

With InvGate Asset Management, your AMDB is fully customizable, allowing you to define and track the exact fields that matter most to your business. Whether you need to add financial data, licensing details, or even custom attributes specific to your operations, the platform adapts to your needs.

4. Regularly update your inventory data

Keeping inventory data up to date is crucial for avoiding discrepancies. With a manual method, this requires constant effort, as spreadsheets must be updated every time an asset is added, moved, or removed.

Using an IT Asset Management tool automates this process. InvGate Asset Management allows businesses to schedule automated audits, receive alerts for missing assets, and track asset status changes in real time. This eliminates the need for manual record-keeping and ensures inventory accuracy.

Track non-IT assets with QR codes

For businesses managing a mix of IT and non-IT assets, QR codes for Asset Management simplify asset tracking. By assigning a unique QR code to each item, employees can scan assets using a mobile device to update their status or check their location.

With InvGate Asset Management, you can generate and print QR codes directly from the platform. This feature streamlines inventory tracking, making it easier to manage furniture, tools, office equipment, and other non-IT assets alongside IT hardware.

5. Integrate your Inventory Management system with other business tools

To maximize efficiency, your inventory system should integrate with accounting, procurement, and ITSM solutions. Integration ensures inventory data is synchronized across departments, reducing duplicate efforts and improving asset lifecycle visibility.

InvGate Asset Management integrates with ITSM tools like InvGate Service Management, allowing businesses to link incidents, service requests, and maintenance tasks directly to their assets. This creates a fully connected Asset Management ecosystem.

In conclusion

Effectively tracking IT and non-IT assets is essential for small businesses to optimize resources, reduce costs, and improve efficiency. Whether you start with spreadsheets or move to an automated Inventory Management system, having a structured process ensures accuracy and scalability.

If manual tracking is becoming a challenge, InvGate Asset Management can help you automate inventory tracking, streamline audits, and integrate asset data seamlessly. Ready to streamline your Inventory Management? Try it for yourself with our 30-day free trial!