Anyone who works in the warehousing industry knows how challenging it can be to keep track of stock, especially when there are items leaving and returning on a regular basis. The old fashioned way of product management involved a pen and paper spread sheet and hours of work for one unlucky employee. However, thanks to technology, there are now much more cost and time efficient ways of completing this task, in the form of warehouse management software. Arguably one of the leaders in these applications is MYOB inventory software. If you are unsure what this is, or how it works, keep reading to find out.
What Size Business Will This Program Work for?
MYOB inventory software is actually suitable for companies of all scales and sizes. This application has the capability to function effectively for large businesses that operate over multiple locations and have large quantities of stock without getting overwhelmed. However, if you are a smaller, one location business this system will also work well for your needs. One benefit of this application for small companies is that it will future proof you, meaning you wont need to upgrade or change your warehouse management systems if you expand either with more orders or to another location.
What Can This Application do?
MYOB inventory is focused around the items in the warehouse, this includes goods that your business is buying, selling, hiring or leasing. Items will also include services that will be included on invoices, like shipping and handling. In simple terms, this system handles every process that is product related. One helpful feature of MYOB inventory is item price management. This means that the software will track metrics and alert business owners if there has been an internal or external change that will impact the price. This helps business owners stay aware of their pricing and alter it accordingly. Alongside this MYOB inventory also allows companies to put serial numbers on stock, this includes stock adjustments, enter sales, enter purchases, move items, built items and receive items. Serial numbers make it easier to locate stock in a timely manner and keep track of its progress. It will also allow the user to track the product in real time and confirm when it has arrived at it’s destination. One of MYOB inventory’s strong suits is reports, and the program is well known for its analytical capability. This covers all aspects of goods management from the volume of product that is being shipped out to the courier pricing. Reports give the user as much information as possible and allow business owners to make informed decisions and come up with strategies based on the information given. Lastly, and most importantly, MYOB inventory can carry out stocktakes. It’s no secret that stocktaking is on of the most time consuming jobs in the warehouse. Instead of taking up valuable time going around with a clipboard, this application will do it all for you. Using software to complete this process is much more efficient and will eliminate the human error aspect.
Where Can I Find the Reports?
Another great thing about this application is that it is relatively clear and simple to use. The fact that it is so user friendly is one of the main reasons why it’s one of the market leaders. The application will keep track of all the reports it has completed to enable you to go back and check it at any time. As an example, when doing a stocktake the ‘Count Inventory’ window will allow allocations and adjustments, and will let you view a final document of the report that has just taken place.
Although running a warehouse can be challenging, the use of product management applications can make it so much easier. These applications will take out any human error and provide you with all the information you need to make the most well informed decisions.