A tool tracking and monitoring device is disclosed. The device is made up of: a tool base, having a controller and a transceiver; a tool handle; interchangeable tool bodies with ID tags; and user IDs. The interchangeable tool bodies attach to the tool handle. The transceiver is adapted to receive information from the tool body ID tags and the user IDs and relay that information to the controller; this allows the controller to monitor the use of the tool bodies. The controller is configured to regulate access to the tool bodies according to permissions associated with the tool body ID tags and the user IDs. The device is also adapted to connect with freestanding power tools.