MYOB Adds Inventory Module to MYOB Business

Accounting Software
Item records in MYOB Premium Inventory module for MYOB Business

MYOB has added a cloud-based inventory module for MYOB Business designed for small retailers. MYOB Premium Inventory is sold as a freemium model; managing the first 10 items is free, and then users pay AUD$22 a month on top of their accounting software subscription. 

The inventory module appears as a tab within the browser-based MYOB Business accounting software. MYOB inventory module runs on all mobile devices and PC and Mac platforms. 

MYOB says the inventory module is designed to show businesses how much it costs to carry stock, margins on individual products, and how to maintain the right stock levels. The module will also help SMEs forecast for seasonal events or sales periods, adjust pricing, and avoid the risk of overselling, MYOB says.

The inventory module is designed for small retailers with fairly basic requirements. Each inventory record can be displayed as a card with bar indicators showing stock on hand, stock available, stock on order, and committed stock. 

Item list in Premium Inventory module for MYOB Business
Item list in Premium Inventory module for MYOB Business

Features include:

  • Displaying stock-on-hand quantity, average cost and total value
  • Using preset details on invoices and orders to streamline sales and purchases  
  • Adjusting inventory items for lost or damaged stock, shrinkage and re-evaluation of inventory
  • Automating procurement with stock reorders 
  • Analysing item sales including revenue, profit and margin on each product
  • Locating stock using stock on hand reports

Myob Premium Inventory updates the inventory tab in MYOB’s reporting section with three new reports. These include:

  • Re-order – a list of your items to be re-ordered based upon your minimum stock levels 
  • Stock on hand – displays current stock level quantities, and inventoried items committed and on order 
  • Item sales analysis – analyses your items’ sales performance over time,
List of inventory reports in Premium Inventory module for MYOB Business
List of inventory reports in Premium Inventory module for MYOB Business

The inventory reporting section also includes three standard reports: 

  • Items register – a detailed list of transactions for infantry items 
  • Item list – a list of your items with item information 
  • Inventory value reconciliation – compares the total value of all on hand inventory to the current balance of the linked inventory accounts

MYOB claims it will add features to its inventory module for “larger retailers, wholesalers and any business manufacturing their own goods” that will match the features already available in MYOB’s desktop program, AccountRight.  

In related news, Xero announced at its recent Xerocon conference that it was also building an inventory module using technology from a recent acquisition, LOCATE Inventory.

Product item page in MYOB Premium Inventory module for MYOB Business.
Product item page in MYOB Premium Inventory module for MYOB Business.

Image credit: MYOB

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