The end of the financial year (EOFY) is often a stressful period for businesses. One of the biggest tasks is the EOFY stocktake, an essential process for accurate financial reporting and strategic planning. Fortunately, with a robust ERP system like MYOB Advanced Enterprise, your EOFY stocktake can be streamlined and simplified, making the process much easier. 

The Importance of EOFY Stocktake 

Stocktaking, or inventory checking, is the process of counting and recording the amount and value of stock a business holds. Conducting a thorough End of Financial Year (EOFY) stocktake is crucial for every business, particularly for tax purposes.  

This process involves several steps. Firstly,  count all inventory items. Then, near the end of the financial year, we record their value. An EOFY stocktake provides an accurate account of inventory, informs financial decisions, and helps ensure compliance with tax obligations.  

Using Spreadsheets for EOFY Stocktake  

While many businesses initiate their stock management processes using straightforward tools like Microsoft Excel or physical printout of the stocklist, this approach may not be as simple or cost-effective as it appears.

Between setting up spreadsheets, conducting physical counts, and manually entering data, the process can become time-consuming and prone to errors primarily due to the duplicate entry process. Furthermore, the lack of real-time updates can lead to inefficiencies and inaccuracies in the stocktake process, particularly as businesses grow and operations become more complex.

In response to these challenges, more businesses are transitioning to cloud-based inventory management software like MYOB Advanced Enterprise. This next-level solution provides real-time updates, enhances accuracy, and streamlines operations, making the EOFY stocktake process significantly more manageable.  

Best of all, when this software is embedded directly into your retail or ecommerce platform, it allows for seamless integration, ensuring smooth and precise stock management. 

8 MYOB Advanced Key Features for an Efficient EOFY Stocktake  

A dedicated and cloud-based inventory management solution like MYOB Advanced Enterprise offers several key features to make the EOFY stocktake and rolling stocktake process more efficient and accurate: 

Multiple Warehouses 

The ability to set up multiple warehouses using MYOB Advanced comes in handy during the EOFY stocktake as it allows you to account for each warehouse’s inventory separately. You can link each warehouse to its own balance sheet item, enabling you to track stock valuation accurately within each warehouse. By doing so, you maintain precise records and can easily compare inventory levels across different warehouses, ensuring a thorough stocktake. 

Location Management 

MYOB Advanced also empowers you to establish specific locations within each warehouse, such as aisles, bays, or bin codes. During your stocktake, this can significantly streamline the task by printing the stock items in the order of the aisle location and pinpointing where each item is located.  

By cutting down the time spent locating items, you can streamline your stocktaking process and reduce the chance of miscounts due to misplaced or hard-to-find items. 

Stock Management 

With the stock management features of MYOB Advanced, you can separate stock controlled items from consumables that are expensed and don’t need to be part of the stock count. You also have the option to group items into classes, making it easier to count and manage similar items during the stocktake.  

Additionally, the system allows you to set up different valuation methods for each item, ensuring accurate valuation of your stock during the EOFY process. 

Incorporating Regular Physical Inventory Counts 

MYOB Advanced offers options for full, rolling, or cyclical inventory counts. These regular counts aid in maintaining accurate stock levels throughout the year, reducing the amount of work and potential discrepancies during the EOFY stocktake.  

Regular counting can also alert you to inventory issues sooner, allowing them to be rectified before the EOFY process. 

Stock Valuation Reports 

The ability of MYOB Advanced to provide comprehensive stock valuation reports allows you to gain valuable insights into your inventory’s value. During the EOFY stocktake, these reports can help you accurately assess the value of your stock, leading to more precise financial reporting and strategic decision-making for the next financial year. 

Serial & Lot track items 

MYOB Advanced Serial and Lot Tracking feature can streamline the End of Financial Year (EOFY) stocktake by offering precise control for greater tracking, monitoring, and accountability on certain items. The preassignment of lot and serial numbers to items during production or when goods are received and packed allows for greater traceability, reducing the chance of errors during the stocktake.  

By mandating the assignment of lot or serial numbers to the full quantity of items before releasing production orders, it ensures that all items are accounted for, making the stocktake process more efficient. This feature thus contributes to a smoother, more accurate EOFY stocktake, minimising the time spent on inventory reconciliation and adjustments. 

Mobility 

With the MYOB Advanced app, available for both iOS and Android, you can significantly streamline your End of Financial Year (EOFY) stocktake. It lets your team to input stock counts in real-time directly from the mobile device, reducing manual data entry and the chance of human errors, making the whole process more efficient.  

Instant data synchronisation gives you an immediate and accurate picture of your stock levels, empowering you to spot any discrepency between the physical count and system stock levels. Plus, the flexibility of the app allows you to carry out stocktaking across various locations, from warehouses to remote sites, ensuring a comprehensive and efficient EOFY stocktake is complete in a timely manner. 

Barcode 

MYOB Advanced includes a barcode scanning feature that can greatly assist with the End of Financial Year (EOFY) stocktake process. This feature saves significant time as it allows the user to scan from a mobile device, which is considerably faster than searching the list by product code or description. 

Streamline Your EOFY Stocktake Effortlessly with Alphabiz Solutions

Investing in a robust inventory management solution like MYOB Advanced Enterprise not only simplifies your stocktaking but also makes your end of financial year a breeze.

If you are ready to transform your business operations, we invite you to book a demo with our expert consultants. Experience firsthand the seamless integration and automation that MYOB Advanced Enterprise can bring.