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Is MYOB Advanced Good For Inventory Management?

Is MYOB Advanced Good inventory Management

There are many different software programs on the market that specialise in inventory management. One such program is MYOB Advanced. MYOB Advanced is designed to provide a comprehensive view of your business operations and give you the information you need to make informed business decisions.

If you would like to learn more about why MYOB advanced is good for inventory management, feel free to continue reading down below!

What is MYOB Advanced?

MYOB Advanced is a suite of powerful, easy-to-use tools for accountants and business owners on the go. As a business process automation tool, MYOB Advanced helps you manage complex transactions and activities. It allows users to automate workflows, processes, and tasks so that everyone knows exactly where their hard-earned cash goes!

Is MYOB Advanced Good For Inventory Management?

One aspect of your business that MYOB Advanced will provide tremendous value for is inventory management. MYOB Advanced is great for inventory management because it provides you with the tools and techniques needed to manage your inventory effectively. MYOB Advanced has the following features to help you maximise your inventory management experience:

1). End-To-And Inventory 

Eliminate the hassle of managing your inventory with automation. MYOB Advanced allows you not only to keep up with what’s in stock but also get a heads-up on when something might be about due or running low. More importantly, with system-wide control, you can change how requests are gathered and suppliers bid without involving any paperwork or manual processes. 

2). Real-Time Data 

MYOB Advanced is a powerful and innovative tool that will help you to make your business workflow more efficient. Being a cloud-based system, your data is available in real-time so you can fulfil sales orders, enter quotes, and create shipments on a synchronised platform to make better-informed inventory decisions. You’ll also get a real-time view of setbacks such as backorders so that you can adjust your decision-making processes accordingly.

3). Multiple Valuation Methods

MYOB Advanced can be used as your business continues to grow and expand. It has multiple valuation methods such as standard cost and moving average that will keep you up-to-date with market conditions. You can even adjust costs from inquiry or report screens! This ensures that the numbers match reality no matter what happens.

4). Multiple Warehouses

MYOB Advanced gives you complete control of your inventory so that no matter how many warehouses there are you’ll always know what’s going on. This software has an incredible toolset for managing this information, including location-specific costs and quantities and redistribution of inventory across main warehouses to other warehouses too.

Is MYOB Advanced Good inventory Management

5). Serial Numbering

MYOB’s Advanced features make it easier to track your inventory. You can assign serial numbers upon receiving, issuing or assembling items. This makes it much easier for you to track inventory movement along with costs associated with this. 

6). Two-Step Transfers

MYOB Advanced allows you to stay updated on inventory moving in and out of your transit account to ensure that you are aware of the locations and movements of your inventory items.

7). Automation of Purchase Orders

With automatically-generated purchase orders based on replenishment algorithms and your stock levels, you can re-order with confidence. Your company’s needs are taken care of by the best vendor available—delivering quickly and at a fair price!

8). Accurate Cost Management

MYOB Advanced can be used to track the inventory hold costs and cost of goods sold, as well as accurately calculate profit margin. With the software’s ability to specify the different valuation methods for different types of inventory items, accurate cost management has never been easier.

9). Inventory Sub-Items

MYOB Advanced can track inventory characteristics with the use of sub-categories. You’ll be able to assign quantity information to each item, allowing you detailed segment insights and aggregated totals for your business needs!

10). Inventory Replenishment Suggestions

MYOB advanced has features such as historical sales data analysis to help decipher whether your inventory needs replenishment. System-generated replenishment recommendations are also available to alert you when your overall inventory is running low. This will save you significant time in the long run when it comes to inventory replenishment.

Summary

When it comes to inventory management, MYOB Advanced is a comprehensive solution that can help your business process accounting information more smoothly and quickly. Whether you are new to the industry or have been doing this for years, having an efficient system in place will save you time and money! 

At Stratus Group, our MYOB consultants do not just provide you with the software, we also provide expert knowledge and support. We will make sure that your MYOB Advanced software is implemented properly. We will work with you directly at all times during the whole process to ensure that you get exactly what you need. We also provide after-implementation support and assistance.

Take your business to the next level. With the business world facing so many uncertainties, simplify and protect your processes. Upgrade your system to MYOB Advanced now and get ahead of the competition.

Call us today on 1300 499 000 or fill out our inquiry form and we will get back to you within 24 hours.

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