When inventory-based businesses don’t have full visibility of their inventory, they start facing problems such as 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. All of these factors have a significant impact on cash flow, affect overall expenses and complicate logistics.
How to manage multi-stock locations
It doesn’t matter if your warehouses are disbursed across the city, in different states or even different countries: you should be able to have full visibility of how much is where. Real-time information about stock availability leads to increased customer satisfaction. As as a result, if you don’t have the right system in place to allow you to make business decisions, now is the time to consider implementing a customizable ERP system.
Multi-stock locations in MYOB Exo
MYOB Exo is a fully integrated financial and business management system. The software provides a complete financial business system that enables dynamic businesses to keep growing. For that reason, MYOB Exo gives businesses the option to set up multiple stock locations. Multi-stock location is a feature that provides full visibility of your stock in different areas or your warehouse, different warehouses, or warehouses in different states or locations. Therefore businesses are able to supply or transfer stock for a customer by having control and visibility overstock locations and availability, using MYOB Exo. While using MYOB Exo you will have access to reports providing accurate stock information and a single view of all stock, no matter where it is.
If you are managing thousands or millions of S.K.U.’s you may require to hold reserve stock for key clients. For example, a company may order a large quantity of an item (or items) on one purchase order, but request staggered delivery or delivery to multiple locations. For example, Woolworths places an order of 500, 000 items, but does not want it delivered all at once. Your business will need to “virtually” hold the stock, possibly even in multiple locations. This is done by keeping an accurate record of committed stock. This will ensure your “available for sale”: stock numbers are always accurate. If you are managing the stock of raw materials and finished products, you will also have the visibility to see this stock separately.
Full visibility with MYOB Exo
MYOB Exo gives you 100% visibility of stock, including ordered, incoming, receipted, committed, transfer out, transfer in etc. The system automates the management of stock held in multiple locations. You can wave goodbye to the laborious work of creating manual reports in Excel. Therefore the risk of an inaccurate stock, leading to dissatisfied customers.
MYOB Exo multi-stock locations allow you to categorise products or services into groups 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 add-on. If multi-stock locations is a factor in your business, you are most likely dealing with multicurrency as well. MYOB Exo will support you with this too, with no hidden or missed on-costs. For more information, visit our page on Multi-currency functionality.
Benefits of having the ability to manage multi-stock locations in MYOB Exo
- Stock is recorded per location – removing the uncertainty
- Products or services can be categorised into groups for your webstore, 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 including transfers between locations – giving you 100% visibility
- The stock view is 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 – giving you confidence and control of your stock
What if you are running MYOB AccountRight?
If you are a current user of MYOB AccountRight Classic (v19 Premier), you may know that this software is being phased out, therefore MYOB recommends users to migrate to a newer version of the software.
When considering transitioning to the new software, you need to make sure 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 to 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 and 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 Exo.
Taking your Stock management to the next level
Once you have become familiar with MYOB Exo’s multiple stock locations, you might be interested in cloud-based add-on product, NETSTOCK. This inventory management software can seamlessly integrate with MYOB Exo and other MYOB ERP to empower your stock management decisions. NETSTOCK will produce quality forecasts, reduce the time spent on manual tasks, and solve for 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.
Where to from here?
Above all, MYOB Exo is a complete, fully integrated financial and business management system. It is highly configurable to meet your business’ needs today and in the future. Contact us today for a non-obligatory consultation. We can discuss your current requirements and how MYOB Exo can improve efficiencies in your business.