Photogrammetric point clouds obtained with unmanned aircraft systems (UAS) have emerged as an alternative source of remotely sensed data for small area forest management inventories (FMI). Nonetheless, it is often overlooked that small area FMI require considerable field data in addition to UAS data, to support the modelling of forest attributes. In this study, we propose a method whereby tree volumes by species are predicted with photogrammetric UAS data and Sentinel-2 images, using models fitted with airborne laser scanning data. The study area is in a managed boreal forest area in Eastern Finland. First, we predicted total volume with UAS point cloud metrics using a prior regression model fitted in another area with ALS data. Tree species proportions were then predicted by k nearest neighbor (k-NN) imputation based on bi-seasonal Sentinel-2 images without measuring new field plot data. Species-specific volumes were then obtained by multiplying the total volume by species proportions. The relative root mean square error (RMSE) values for total and species-specific volume predictions at the validation plot level (30 m × 30 m) were 9.0%, and 33.4–62.6%, respectively. Our approach appears promising for species-specific small area FMI in Finland and in comparable forest conditions in which suitable field plots are available.