InventoryLab is an accounting, listing, mobile scanning app, and web scouting tool for amazon sellers. These features are all included for a monthly fee of $49.99 per month or an annual fee of $490.
InventoryLab is a complete package, and the accounting features work best when using the listing service as well. Heres a screenshot of what the listing screen looks like (click to enlarge, same goes for the rest of the images in the post):
As you can see above, there is a place to enter in the cost per unit for items as you are listing them for sale. You also have the ability to include other information such as supplier and date purchased. The key value to fill in here is the cost per unit. InventoryLab automatically pulls all of your sales data from amazon, so when items sell the software will calculate your profit and ROI per item. Which looks like this:
This information will be pulled in for all sales. As you can see from the 3 examples shown above, you can see my buy cost, how much I sold it for, and what my ending profits were. Having this information on hand is very useful for analyzing your results. It is also possible to download all of this information into excel to allow for it to be sorted and manipulated a bit easier.
In addition to showing the per item profits in detail as can be seen in the above screenshot, InventoryLab aggregates the totals for any period of time you select to show you your overall profit & loss. Heres an example from my account for the current week:
As you can see, it breaks down the sales, profits, and all fees by day. This is very helpful information to give you an idea at any point in time how your business is doing. These number dont currently include all of my related expenses, so the above numbers arent my net profits for the time period, but they are the gross profits.
In addition to the format just shown, the initial dashboard shows you your profits and loss in graph format to give a more visual representation of your results, take a look:
This is my dashboard for the month of November, as the screenshot was taken 11/7/2014 at about 1:00AM CT. As the weeks go by this chart will continue to fill in and give me charts of my results. At this time I have not entered in all of my associated expenses such as boxes, mileage, etc, but if I enter that in, it will be factored into the pie chart shown above.
Those are just a sampling of the many accounting features that InventoryLab provides. In addition to the accounting features, they also provide an online scouting tool to help with online arbitrage. The tool displays similar information to a mobile app in browser format, which creates efficiency when sourcing online. Take a look at an example:
As you can see you are able to see all of the pertinent information that you need to make a decision whether to purchase an item to resell or not. It consolidates all of the steps as it shows everything on one screen as well as provides several useful hotlinks for research purposes. The keepa, camelcamelcamel, and prime offers hot links are all ones that I use regularly. The webscout isnt a tool that I use all the time, but its a good one to help with online sourcing.
In addition to the accounting, listing, and online scouting tools, an InventoryLab subscription also includes a mobile scouting tool called Scoutify. This has been reviewed separately, and you can find a full review of it HERE.
Now, back to the listing feature for a second, I made a quick video to show some of the hotlinks in action, take a look:
InventoryLab has so many features that its not possible to cover all of them in this post. I will plan to continue to add more videos to show specific features.
Now, on to some overall thoughts both good and bad.
The main complaint that I have about InventoryLab is that when listing items it will display the quantity and amazon warehouses that items will be sent to. This can be helpful when sorting, and minimize the handling of items, however, the displayed quantities and warehouses are not always 100% accurate. This is not really InventoryLabs fault as the shipments arent actually created until they are submitted to amazon, but make sure to be aware that the warehouses displayed when listing can be changed when submitting to amazon. The only other complaint is that occasionally the site loads a little bit slow, but thats nothing major.
Overall, the pros far outweigh any cons of using the service. The accounting and listing service are worth it alone to me, so the fact that the online scout and mobile scanning app are included as well is a big bonus. I rely heavily on InventoryLab for accounting, and it saves me many hours each month from having to sort through various amazon reports. I have been an InventoryLab user since 2013, and dont plan to stop being a customer anytime soon.
I am rating this service a 9.4/10 as if I could only pick one service provider related to my FBA business, I would pick InventoryLab.
If you use InventoryLab, please leave a review below!