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MYOB Advanced: Inventory Management Overview

Does inventory management top your list of requirements for an ERP system? Well, the MYOB Advanced Inventory Management module may be what you’re looking for.

Developed to address the challenges of multi-site inventory management, this end-to-end solution automates and improves your entire inventory process – from stock taking and tracking orders to reporting.

Why should you use MYOB Advanced Inventory Management?

There are a lot of inventory management features that set MYOB Advanced apart from the rest, but here are some of the top benefits that businesses can expect from this solution.

Accurate cost management

You can assign different valuation methods for your stock items to accurately track inventory costs. In addition, you can cost stock items according to:

  • Lot or batch number – You won’t need to average out costs across other products in your inventory because you can choose to cost it by batch.
  • Serial number – You can assign specific costs to individual items so long as you have its serial number.
  • Warehouses – Accommodate local costs by preparing for different costs per warehouse.
  • Bin location – Clear specifications around the types of transactions allowed, their priority, and cost can also be set according to bins and locations.

Multiple valuation methods

MYOB Advanced Inventory Management Multiple Valuation Methods

You gain more control of your stock management with this feature that allows you to provide different valuation methods for each item, such as standard cost, moving average, item-specific and FIFO. Moreover, you can change costs and physical inventory from inquiry and report screens.

Multiple warehouses

MYOB Advanced Inventory Management - Multiple Warehouses

Within the one system, you can create multiple warehouses and branches for more efficient redistribution of inventory and reporting. There are also additional rules that you can set up for different warehouses and locations.

Inventory sub-items

Sub-categories for inventory items provide businesses with detailed segmentation that will help track inventory characteristics. You can associate separate costs and information for each sub-category, simplifying your reporting as a result.

Aside from the benefits that we’ve enumerated, there are other unique features that will help your business within this ERP system.

Inventory replenishment suggestions, CRM (customer relationship management) integration, purchase order automation, are just a few of many other capabilities of MYOB Advanced.

Stay tuned as we continue to share more of MYOB’s stock management features. For additional info, you can watch a product demonstration of this module below:

Let the AlphaBiz Team assist you

Want to know more about the features of this software? Contact our consultants or book a demo with us. Existing MYOB users may also reach out to us for MYOB Advanced support.

 

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