Manage your Multi-Stock Locations CorrectlyFull visibility of your stock, no matter where it is.
Inventory-based organisations start facing problems when they lack full visibility of their inventory. Running out of stock at the worst possible time, having it in the wrong warehouse, or keeping too much stock when it is not needed are some of the challenges that can arise. All these factors have a significant impact on cash flow, affect overall expenses, and complicate logistics.
How to manage multi-stock locations
The challenge with managing your inventory across multiple locations is having the right stock in the right place at the right time. Simply counting stock on hand is not enough when you are moving items between locations or selling stock on backorder. You need to be able to track stock across every stage of your operation, from purchasing through to sales, as well as track all the associated costs. Whether your warehouses are in different suburbs, cities, states, or countries, you should be able to trust the information in your system.
Being able to provide your customers with the right information, whether that be through a quote over the phone or through an online portal like Dealers Online, empowers them to place orders faster – knowing that you can deliver orders on time and in full.
Implementing a comprehensive, customisable Business Management System with robust inventory control is the key to managing inventory across multiple locations.
Multi-stock locations in MYOB Advanced Business and MYOB Exo Business
MYOB Advanced and MYOB Exo are fully integrated financial and business management solutions. Both systems include holistic financial management tools that enable efficiency and promote growth within dynamic organisations.
Due to their customisable inventory management modules, MYOB Advanced and MYOB Exo give organisations the option to set up multiple stock locations. Multi-stock location is a feature that provides full visibility of your stock across different areas of your warehouse or different warehouse locations, whether that be different suburbs, cities, states, or countries. This simplifies the supply or transfer of stock, giving you complete control and visibility of overstock or out-of-stock locations.. While using MYOB Advanced and MYOB Exo, you will have access to accurate, real-time reports on stock information. As a single source of truth for your organisation, these Business Management Systems display a comprehensive view of all stock holdings, no matter where they are located.
Full visibility with MYOB Advanced and MYOB Exo
Both MYOB Advanced and MYOB Exo give you 100% visibility of stock, including ordered, incoming, receipted, committed, transfer out, transfer in and more. The systems automate the management of stock held in multiple locations. When entering data manually, you run the risk of making a mistake, which can lead to inaccurate stock listings. MYOB Exo provides up-to-date information that is pulled directly from the system to provide your organisation with real-time data about your stock.
MYOB Advanced and MYOB Exo multi-stock locations allow you to categorise products or services into groups (i.e., product categories such as size, colour, etc.) for the purpose of your product catalogue, price lists or for sales analysis. Multiple reports are available for reporting stock movements into, within, and out of your company, including transfers between locations. Similarly, stock can be seen per status: physical stock, not for sale, committed, backorder, incoming. Minimum and maximum stock levels can be set per location, and separate bin codes can be set per location. Multiple Stock locations per item can be dealt with using the Blue Echidna or Evexo add-on.
If your organisation requires the additional complexity of multi-stock functionality, you may need the support of multi-currency features. MYOB Advanced and MYOB Exo provide complete visibility of all foreign transactions across your entire organisation. Read more about how the right software can manage your complex financial requirements.
Benefits of managing stock across locations in MYOB Advanced and MYOB Exo
- Stock is recorded per location – so you can account for every item across every warehouse
- Products or services can be categorised into groups for your e-commerce, product catalogue, price lists or sales analysis – reducing unnecessary manual re-categorisation
- Multiple reports are available for reporting stock movements into, within, and out of your company– giving you 100% visibility,
- View your stock per status: physical stock, not for sale, committed, backorder, incoming, etc.
- Minimum and maximum stock levels can be set per location, and separate bin codes can be set per location – giving you confidence and control of your stock
Choose the right solution to manage your complex inventory
MYOB Exo has a comprehensive scope. However, as your business continues to grow, you may need additional functionality to help manage your increasingly complex inventory requirements. MYOB Exo does not support features such as:
- Costs per location,
- First in First Out (FIFO) Inventory method,
- Multi-Bin locations within the same warehouse.
Organisations that require more complex inventory management tools will require a different solution to support their needs. MYOB Advanced provides the capability for specific warehouse costing, FIFO tracking and multi-bin level stock management that operates outside the scope of MYOB Exo.
The Netstock supply chain planning solution will analyse data in your ERP and provide actionable insights to drive smart decisions across your business. It helps you to raise POs in minutes, transform stock-outs into stock-ins, and reduce excess inventory. It monitors inventory KPIs so you can take control of stock control.
Consider a Warehouse Management System (WMS), such as eveXso, to monitor your inventory for more efficient distribution. Directly integrating with MYOB Exo, it provides bin-management functionality that gives accurate picking, packing, and shipping reports. eveXso is updated through cloud technology, and you can access the latest data about your stock from anywhere.
Learn more about the improvements that MYOB Advanced and alternative add-ons can make to meet the demands of your complex organisation.
Making the transition to an inventory-capable system
When considering transitioning to new software, you need to ensure that the specific functionality you require is available.
If your businesses manage stock in multiple locations and you are currently using a system that does not cater for this, you will be familiar with the following pain points:
- Not having visibility of where your stock is
- Inaccurate reporting of stock
- The uncertainty of how much stock you should be holding
- Running the risk of being over or understocked.
- Manufacturing inefficiencies due to poor visibility or production of unnecessary stock
- Labour-intensive work to manually keep stock lists and quantities up to date
- Wasting time calling other warehouses to find stock in your other locations
- Not able to track serial and batch numbers along with expiry dates
Consider how you can take control of stock control with MYOB Advanced and MYOB Exo.
Taking your stock and logistics management to the next level
Once you have become familiar with MYOB Advanced and MYOB Exo’s multiple stock locations, you might be interested in the cloud-based add-on product, Netstock. This inventory management software can seamlessly integrate with both MYOB Advanced and MYOB Exo to further inform your stock management decisions. NETSTOCK will produce quality forecasts, reduce the time spent on manual tasks, and compute the optimal investment required to achieve target fill rates. If stock management is at the core of your business, Netstock is a product for you.
Order fulfilment is a complex process with tasks such as managing inventory levels, coordinating with suppliers, optimising logistics, and meeting customer expectations promptly. Your organisation’s success relies on getting this process down to its simplest and cheapest form. The goal is to remove inefficiencies and find the most cost-effective distributors. Leveraging technology can unleash your logistics process and unlock cost savings.
How can software solutions improve real businesses?
The Arcadia Corporation successfully transitioned into the cloud and achieved a single, efficient platform from which they now manage Accounts, Inventory Management and CRM. Moving from MYOB Exo to MYOB Advanced improved functionality and provided end-to-end management of its products. Additionally, integrations with their core business management system enhanced visibility and simplified reporting for the finance and sales teams.
Learn more about the real benefits of moving your organisation into the cloud by reading the case study here.
Where to from here?
Above all, MYOB Advanced and MYOB Exo are complete, fully integrated financial and business management solutions. They are highly configurable to meet your organisation’s needs today and in the future. Contact us today for a no-obligation consultation. We can discuss your current requirements and how MYOB Advanced and MYOB Exo can improve efficiencies in your organisation.
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Achieving optimal warehouse efficiency in a period of market decline is paramount; any inefficiency directly impacts your customers and bottom line. Taking the steps to maximise productivity now will position your company for success when the market improves.
Watch the webinar recording to discover the strategies and processes to reduce errors, maximise productivity, and increase operational efficiency.
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