I would like to enter a large number of references currently in word doc format, as well as pdf papers, into reference management software and am seeking the simplest and cheapest solution.
Mendeley is a popular choice that is widely recommended by researchers. It's also free, so why not try it?
One of the other good things about Mendeley is how versatile it is, which means that it can be integrated into other tools for researchers. An example of this is SciFlow's integration of Mendeley into its online text editor. We created SciFlow to help Scientists write, cite, and format their work together more easily, so they can focus on the content of their papers rather than the layout.
You can come check SciFlow's Mendeley integration at https://www.sciflow.net/mendeley