MYOB Inventory: Important Facts Your Business Should Know

MYOB Inventory
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The Mind Your Own Business (MYOB) application is something that has delivered the goods when it comes to managing stock for outlets.

 

Whether you are a major chain that has multiple locations in operation or a small department that caters to a local community, MYOB inventory programming is second to none for quality.

 

Before jumping onboard with the MYOB inventory system to purchase the entire package, it is worthwhile examining some facts about the brand to see if it will be the right fit for you.

 

From the ordering and assembly to the warehousing and distribution of goods, there are a lot of moving parts in the retail sector and your decision should be based on sound knowledge and expertise of the operation.

 

If that is in place, then you can gauge the merits of this system.

Running Stocktakes

 

Running stocktake can be one of the most arduous and timely processes that a company partakes in. Whether it is an annual activity or run twice yearly, MYOB’s inventory programming allows this practice to run with a great deal more efficiency and speed than the alternative. Businesses that continue to run manual stocktakes with a clipboard see their time increase and mistakes occur more regularly, with details overlooked and quantity orders misplaced. The ‘Count Inventory’ window issues a module where allocations and adjustments can be managed with the click of a button. A final sheet that details the report can be provided and kept on file in the aftermath.

Delivering Reports

 

Speaking of reports, MYOB’s inventory capacity is renowned for issuing a series of different analytical documents that gauges on a range of topics. From the volume of goods that is being shipped out to the seasonal suitability of items, the bulk buying purchases to the courier pricing and more – the reports help those decision makers to deliver outcomes and strategies that are in tune with the data. The other advantage of this system is the up to the minute information that can be issued, with published reports produced as a final result.

Establishing Item Price

 

Determining item cost and working around these parameters is something that the MYOB inventory program empowers users to signal when they need to. From the average cost of packaged items to the last cost of the unit they are judging, these are metrics that might need to switch if external or internal influences have a significant impact. By heading to the platform on the MYOB module, a user can switch up and update single item prices or collectively through the pricing shortcuts markup.

Tracking Items

 

The MYOB inventory program allows companies to assign serial numbers to stock across a variety of categories. These include inventory adjustments, enter sales, enter purchases, move items, built items and receive items. The detail on the module is clear for any user who wishes to allocate one for a product, where they can enter and edit a digital production through the option “I Track Serial Numbers for This Item.” Whether it is a sale, a purchase or an order, you can examine in real time where the goods are, where they are heading and when it has been received by the other party.

Minor and Major Adjustments

 

The joy of the MYOB inventory program is that much of the work is automated. This helps companies cut down on simple logistics that soaks up resources, but when decisions are made to alter an item or to rectify a mistake, then that can be resolved quickly. Adjustments are open on the portal by heading to any of the subheadings and making the change yourself, from the item number to the quantity, the unit cost, amount, account number, job or including a memo.

Summary

 

MYOB’s inventory management program remains one of the market leaders for retailers who need to keep their stock up to date. The MYOB inventory system is simplified, user-friendly and continues to produce results that brands can rely upon.