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.
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,
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.