MYOB Exo: Quick Tips and Tricks – Part 1

Kilimanjaro Consulting are dedicated to ensuring all MYOB Exo users are making the most out of their software. In addition to the support and training that we provide, we have put together some quick tips and tricks so you can upskill yourself in a matter of minutes! Here are 5 quick tips that will improve efficiency in your day to day tasks. 

Quick Tip One: GL Bathchno on Transactions

If you’re having trouble finding transactions in Exo to reconcile your bank statement, enable the column ‘GLBatch No’ within the Transactions tab of the Debtor or Creditor Account Details. This will show you which transactions have been posted through to the GL.

Quick Tip Two: Idle session timeout period

For those on MYOB Exo Business version 2016.3 and above, you can configure an idle timeout for users by configuring the new ‘Idle session timeout period in minutes’ User profile setting. If this setting has a value greater than zero, then users will be logged out after a period of inactivity that exceeds the entered value (in minutes).

Note: Because this is a User-level profile setting, you can set different timeouts for different users, or have no timeout for some users.

A warning message appears when the idle timeout has been exceeded:

The user has 60 seconds to cancel, after which their session is ended and they are logged out of Exo Business. 

Quick Tip Three: Custom filters on ExoGrids

Use Custom Filters in Exo to select just the data you’re after. In this example, we are filtering on jobs in Job Costing with WIP to invoice, but Custom Filters can be set in all Exo Grids.

In the Job Management Screen, right-click on the Title bar and select Custom Filter > Set Filter.  Click Options… and New.  

In the Filter SQL field enter your filter.

Note: You will need to know the field names to do this. These can be obtained from the Enprise Education Centre, or from Enprise.

Once you’ve entered the field name, click OK. You can now run your Search (click the Search button) and apply your filter. 

Quick Tip Four: Multiple column sort on ExoGrids

In Exo Grids, you can sort by multiple columns by clicking on the first column heading, then holding the Shift key down and clicking on the second.

Quick Tip Five: Lock Columns in Job Costing

In Job Costing, you can set your column widths and then lock them to ensure they can’t accidentally be changed. 

Step 1: Right-click on the header and select Save column settings.  

Step 2: Go to Utilities > Lock column widths

If you have any enquiries please call us on 1300 857 464 or email us at [email protected]

MYOB Exo 2020.1 is here

MYOB Exo is an integrated range of business applications that gives you visibility of all your information in one place. It is a multi-user system that is built on the most robust, industry-standard technologies available. It can support over a hundred concurrent users. For almost two decades, MYOB Exo has been one of the most popular ERP solutions on the Australian market. As you would expect,  with mature software comes updates and new releases. The most recent version of MYOB Exo, Version 2020.1, future-proofs the software and response to the user’s changing needs and adds long-awaited functionality. To keep up with MYOB Exo’s regular updates, visit our Version History page here.

Leverage your investment in  MYOB Exo

Work environments are constantly changing, as your needs and those of your customers evolve. Your business must be dynamic and flexible to succeed. MYOB Exo Version 2020.1 will help you respond to those changes.

This release brings several new features and functionality, but most importantly the modern new user interface will change the user experience forever.

What you can expect – New features of 2020.1

Updated User Interface

MYOB Exo 2020.1 offers an array of enhancements focusing on the user experience, providing users with a system that will allow your team to use the software more efficiently than ever before. If you are running an older version of MYOB Exo, here are some features you might find new and exciting:

New Functions in 2020.1

  • A new level of technology in the back end
  • New spelling checker
  • Greater security and privacy
  • Invoice search on debtor and creditor payment screens
  • Greater control over automatic period locking at EOM
  • Reviewing blocked automatic reversal
  • Handling extra search fields and extra fields
  • Clean screens
  • Simplified interface
  • Improved scaling for modern monitors.
  • Spell check on character fields
  • Foreign characters

New User Interface in 2020.1

  • A modern and fresh new look
  • Toolbar and Menu Icons
  • Dropdown Menu
  • Shortcut Icons
  • Shading of table rows
  • Overdue account indicator

Now let us take you through some of the most significant features:

Larger range of shading and characters

  • Alternate shading on multiple transaction and data lines: improving readability

  • Foreign characters on key fields (ie stock description)

Importing into the stock movement screen

Bulk stock uploads used to be relatively painful as users had to key the items and quantities in one by one on the stock item adjustments screen. Now you can import from a separate file or copy and paste from your clipboard, enabling data aggregation before loading into MYOB Exo.

Spell check on memo fields

Don’t you hate spelling errors on your sales order confirmations or invoices? Exo’s in-built spell-check function provides users with the support they need to get it right the first time.

Invoice Search on the debtor payments screen

This feature now allows you to search invoice numbers regardless of the current debtor selection, making it quick and easy!

Foreign Characters FAQ

In the past, we could only show foreign characters in a printed report or on invoices. With Unicode built into the new infrastructure, we can have foreign characters on the screen which helps usability.

Business Alerts

During times of increased data security awareness, we thought it would be useful to remind everyone of business alerts and how to provide additional protection for your data.

Business alerts tend to be created by advanced users that have at least completed Business Tools training. To see how the business alert function works, watch the demonstration of all the new features of Exo 2020.1 here.

Please note you should have some training in the use of Business Alerts prior to attempting this. Call our friendly MYOB Exo consultant team for assistance if required on 1300 857 464.

6 ways to evolve your ERP in a COVID-19 world

Being “connected” is now more important than ever before. These unprecedented times have meant businesses are working in different ways and accessing systems and solutions like never before. This poses a lot of questions for management and IT around how you can continue to operate in a secure and timely fashion. You need to ensure employees, supplier and clients can access the information they need, when they need it, without putting your business at risk.

That’s where Kilimanjaro can help. Below, we’ve answered the 6 most commonly asked “connectivity and security” related questions about MYOB Exo:

1) Is it secure to allow employees to access MYOB Exo from home?

Yes, with the right tools in place. The engine behind MYOB Exo is a Microsoft SQL database. What this means is you can connect to this from anywhere with some simple mechanisms. The choice of mechanism depends on your circumstances and requirements, but each provides a level of security to make sure your data is safe.

Some possible solutions are:

  • Team Viewer
  • Virtual Private Network (VPN)
  • Microsoft Terminal Server (plus VPN)

At Kilimanjaro, we can assist you in selecting the right options for your recommendations.

2) Can I move my MYOB Exo database to the cloud?

Yes, MYOB Exo can be fully hosted in the cloud. Again, your individual requirements will determine the best solution for you, so you are well-advised to talk to your channel partner before making any decisions.
Some possible options are:

  • Fully managed hosted environment (our server in the cloud)
  • Self-managed hosted environment (your server in the cloud)
  • Or a combination of the two

3) How can I allow my B2B customers to access the system from on-line?

MYOB Exo provides several options for this and has integrations with some of the more popular webstores and eCommerce sites such as Shopify and Magento. Kilimanjaro also offers a “module” called Dealers Online, which can be quickly deployed within a week and is tightly integrated to MYOB Exo. With this, your customers can view stock in real-time, place their orders, and with pricing policies and stop credit taken into account, no manual intervention is needed.

4) When using MYOB Exo Payroll, can employee information be viewed on-line?

Absolutely. Using the online employee portal MyStaffInfo, employees can securely apply for leave, check leave balances, and download payslips from any location, and in any web browser. If you are running MYOB Exo Payroll (Employer Services) and are not yet running MyStaffInfo, you really should be.

5) Can my salesforce access the system from their mobile device?

As with most modern ERP solutions, MYOB Exo can be accessed from mobile devices, allowing your salesforce to place orders directly into your MYOB Exo system from home (or if essential, the road). Using the MYOB Exo OnTheGo app, authorised members of your team can key their orders directly into your MYOB Exo system, from wherever they are. All they need to do is simply download the app from the Apple app store.

6) Can I run MYOB Exo Payroll from anywhere?

Like MYOB Exo, your MYOB Exo Payroll (Employer Services) software solution can also be hosted in the cloud. This will give you all the same benefits and features you currently experience, with the added benefit of being able to securely access it from any location, whether that be at home or in the office.

We also offer a completely new cloud-based Australian payroll solution called MYOB Advanced People. If you have some spare capacity in your payroll team, now may be a good time to consider moving. MYOB Advanced People can easily manage all your online payroll needs, and also offers a fantastic Employee Self-Service portal to allow employees to manage their needs online too.

We hope this has helped to answer your connectivity and security questions about MYOB Exo. The team from Kilimanjaro are still as always here to help, so feel free to reach out to us to talk about how any of these solutions could be applied to your requirements. You can fill out the form below or give us a call on 1300 857 464

MYOB Exo Business: Online Training Course Available Now!

At Kilimanjaro Consulting, we understand the importance of empowering your staff with the right skills and knowledge. This is especially true for using your MYOB Exo Business system efficiently and cost-effectively. Therefore, we have made one of our most popular MYOB Exo Business courses, Headstart, available in an on-line format. With the ease of your own desk and learning at your own pace, this online course is for you.

MYOB Exo Business Training at Kilimanjaro

For over a decade, Kilimanjaro Consulting has been providing users with training on MYOB Exo Business through our classroom-based MYOB Exo Business Headstart training, MYOB Exo Report Writing and Business Tools courses.

The MYOB Exo Business Headstart course has proven especially valuable to businesses training staff on MYOB Exo Business. There are close to 1,500 users completing one or more modules in the course. There is no better way to introduce new MYOB users to the software than by attending the MYOB Exo Business Headstart course.

With our MYOB courses scheduled regularly in Sydney, Canberra and Melbourne, we train MYOB Exo users on the ins and outs of MYOB Exo Business. However, we appreciate that it is not always practical for businesses to send staff to attend our classroom-based courses.

Kilimanjaro’s online training platform

Three years ago, we launched our online Training Portal with the aim of providing online editions of our classroom-based courses.

Through our Training Portal, to date, 90 users have completed our online MYOB Exo Business End-of-Financial-Year courses run annually in June/July and December/January. A number of short courses have also been available on MYOB Exo Payroll, MYOB Advanced Business and MYOB Advanced People.

This year, we are excited to expand our offering of online courses. We are very proud to announce the launch of our next online course:

MYOB Exo Business – Online Training Course

Similar to the classroom-based course, this online course is divided into 6 modules. This replicates the popular MYOB Exo Business Headstart course. The modules include:

  • Module 1: Getting Started
  • Module 2: Sales and Orders
  • Module 3: Purchasing and Stock Costs
  • Module 4: Maintaining Stock
  • Module 5: Accounts Receivable, Accounts Payable, Bank Reconciliations
  • Module 6: General Ledger, End-Of-Period and BAS (Australia)/GST (New Zealand) Reporting

Cost: $165.00 per module excluding GST and credit card processing fee of 1.7%.

Navigating the modules in MYOB Exo Business – Online Training Course

Modules can be completed independently and in any order. However, it is recommended that users complete Module 1: Getting Started first.

Each module consists of a number of sections, each focusing on a specific area. Each section is made up of a series of short lessons that can be completed in 5 to 20-minute sittings, making it easy to fit in with a user’s work schedule. At the end of each section, a brief multiple-choice quiz is presented to affirm a user’s knowledge and to highlight potential areas they may need to revisit before moving onto the next section.

As part of each module, users can also download a PDF version of the training manual provided in hardcopy at our classroom courses. For your convenience, a forum is also available within each module to pose course-related questions to the training team at Kilimanjaro Consulting.

Finally, at the successful completion of each module, users will receive a downloadable Certificate of Completion.

For more information on our MYOB Exo Business – Online Training Course, visit our Training Course Outline page. To access our online courses, register free on the Training Portal. If you have any questions regarding training, the Training Portal or our online courses, contact our training team on 1300 857 464 or emailing the team at [email protected]

Why MYOB Software is Not Only For Small Companies

Brief History of MYOB

MYOB software had its origins in the late 1990s during the time when GST was about to place a huge administrative burden on small companies in Australia. The reporting requirements meant that without accurate accounts, a company would not be able to comply with the GST legislation. This encouraged large numbers of small businesses to move from paper-based systems to computerised accounting. This coincided with the fear of the Y2K bug. Consequently, businesses moved into a new era of computerisation or upgraded their existing systems.

MYOB was at the forefront of this wave, having developed software for small Australian businesses. Not only was MYOB’s software easy to use, but it cut through accounting jargon by converting debtors and creditors to “spend money” and “receive money”. This meant that you no longer had to be an accountant to keep books for your small business. MYOB developed a deep understanding of how small Australian businesses work. The software was localised, meaning that the language and the business processes used were in line with conventional Australian practices. Because their products were tailored to an Australian market, MYOB was compliant with all taxation requirements, including GST.

Progression of MYOB software

MYOB continued to develop the software and a pathway evolved for businesses to easily migrate from the basic versions to the more complex versions of MYOB. A business would be able to move from MYOB Business Basics to Account Right Standard, Account Right Premier and Account Right Enterprise. As internet connectivity and speeds improved, MYOB took advantage of this. They developed products that leveraged off the power of the cloud. Products such as Live Accounts and Account Right Live were introduced into the market.

MYOB is regularly in touch and connected with their users. As users requested more functionality, the products became more complex and robust. The “top of the range” product became MYOB Account Right Enterprise which allowed multiple users to access the software at the same time.

Software constraints were not going to prevent Australian entrepreneurs from growing. As businesses grew and became more complex, so did their software requirements. In 2004, MYOB acquired Solution 6. This was the start of its journey into software for larger, more complex organisations. The existing MYOB business software provided solutions for small to medium-sized businesses. The focus then expanded to include medium to large businesses which is where MYOB ERP came in. Enterprise Resource Planning (ERP) refers to software that organisations use to manage day-to-day business activities. Nowadays, a complete MYOB ERP suite includes enterprise performance management, software that helps; plan, budget, predict and report on an organisation’s financial results.

Transition Phases

As businesses grow, they go through several phases. We call the first phase the start-up phase. The accounting requirements in this phase are fairly basic. Following establishing a business, the accounting requirements need to cope with increasing transactional volumes and provide reporting to management for decision-making purposes. Tax compliance is essential in all phases of a business’ growth.

Once a business reaches a turnover of about $6m a year, or about 20 employees, it undergoes quite a dramatic transition. In this first transition, reporting and financial control become important (as opposed to bookkeeping or accounting). As soon as a financial controller or finance manager is appointed to the team, the nature of the software used needs to change. Not only is the business looking at their financials, but they are also looking at non-financial indicators. Directors or managers need to understand the financial impact of their actions and at the same time, legal compliance must be maintained. It is at about this point that companies would look for an ERP system as opposed to an accounting system.

The second major transition is when the company has grown to the point where multiple people are doing multiple tasks. There is a separation or segregation of duties. For example, the accounts function now splits into Accounts Payable and Accounts Receivable. A person may be responsible for raising purchase orders, but another person would be responsible for approving them, and a third person responsible for receipting them. This segregation of duties and responsibilities is embedded in larger software systems. Small companies cannot operate using these systems as one person is still performing multiple functions.

When looking at MYOB’s portfolio for medium to larger businesses, you will find a range of MYOB ERP solutions that suits every business size and type.

which MYOB ERP software is right for my business?

MYOB Advanced for Larger Companies

Companies that are moving towards, or have moved into this separation or segregation of duties phase, would be well advised to look at cloud-based ERP, MYOB Advanced. An example is our client Museum of Australian Democracy, who found the system to be the perfect fit for them. MYOB Advanced has a sophisticated general ledger system with many segments to suit the requirements of every organisation. It allows multiple profit and loss statements and balance sheets at a branch or tenant level. This MYOB ERP can deal with both multiple entities and consolidation of these. Find out more about how MYOB Advanced can streamline your financials here.

This is true Tier 2 software and requires an experienced finance team to get the best out of it. It is software as a service (SaaS), browser-based, and sold on a subscription model with a monthly fee per user. MYOB Advanced has the benefit of MYOB’s heritage, localisation, backing and support and technical development. It is a strong contender for any larger company looking for a robust ERP or accounting solution.

MYOB Exo for medium to large companies

Having the vision to grow your business is one thing, but having the tools to do it is essential. If you are not ready for a cloud-based product or prefer to have your own system hosted, have a look at MYOB Exo, a highly configurable business management solution that allows you to centralise all your business processes in one place. MYOB Exo provides greater insight into all facets of your operations, along with more control. This MYOB ERP solution has the flexibility to grow with your business. You can view and analyse inventory management, job or projects costings, HR, Payroll and every other aspect of your operations, giving you the information required to make better business decisions.

Moving to MYOB ERP

As your company processes become more complex, you might feel as though your current accounting software is limiting your business.  Moving from off-the-shelf software such as MYOB AccountRight or similar accounting products is a fundamental step to take your business to the next level.

MYOB Exo is an ERP software for growing businesses. Its flexibility and SQL back-end allows it to be seamlessly integrated with other solution you might already have in your company. Your business can also connect with many Cloud-based add-on solutions. These products can easily expand the specific functionality your business need.

For more information, read the key differences between MYOB Exo and MYOB Advanced here.

If you want to know more about MYOB ERP, including MYOB Exo or MYOB Advanced and how it can help grow your business, call us on 1300 857 464 or simply fill out the contact form below and we will have one of our MYOB Specialists have a chat with you. To continue reading about the products, download the free PDF downloads below.

Making the Transition from MYOB AccountRight to MYOB Exo or MYOB Advanced

Editors Note: This article was originally published in May 2013. It has been reviewed and updated to provide the most relevant and accurate information. Please enjoy this article and feel free to share your feedback with us.

If we think back to the late 1990s, many businesses were moving receipts from shoeboxes and carbon invoice books to a foreign interface where they had to learn about debtors, creditors and general ledger. The natural progression for the larger, more complex businesses was their journey to use complete and fully integrated financial and business management software such as MYOB Exo.

The transition from small financial software to a more complex but better equipped ERP software is often a consideration for managers or business owners. This is usually when they feel the company has come to a stage where the processes become more complex and challenging to manage. The old software no longer supports the company to a satisfactory level. Therefore there is more hassle than the actual benefit of using the current software.

Upgrading from MYOB Premier or AccountRight

One of the decisions to move from MYOB Premier or MYOB AccountRight to another MYOB suite of products like MYOB Exo or MYOB Advanced is the lack of specific functionality and controls in these less complex product suites.

Not only is lack of functionality a reason to upgrade to MYOB Exo or MYOB Advanced but MYOB is also introducing a change to the pricing model of MYOB AccountRight Live.

MYOB AccountRight Live has moved to a SaaS model and invoiced monthly. Account RightLive Premier version allows two entities per licence. To save on your license fees, consider using a site that is built to handle many entities in one, such as MYOB Advanced.

MYOB AccountRight Classic v19 (MYOB Premier) does not support Single Touch Payroll (STP), whereas MYOB Exo Payroll and MYOB Advanced People do.

If you are already using MYOB AccountRight Enterprise, there is even more imperative to switch.

Once businesses are ready to accept the changes, they learn to love some of the differences between the AccountRight suite and MYOB Exo or MYOB Advanced

Transition from MYOB AccountRright to MYOB Exo or MYOB Advanced

MYOB Exo vs MYOB Advanced: What you should consider

MYOB Exo is mature ERP software in the MYOB products family. It is a complete, integrated financial and business management system. MYOB Exo consists of various modules which support finance, job costing, fixed assets, point of sales, customers relationship management, consolidation and intercompany reporting. MYOB Exo is an Australian software made and designed for Australian businesses to help them succeed.  It can be both on-premise or hosted. Find out the difference between Hosted vs SaaS here.

MYOB Advanced (powered by Acumatica) is relatively new and is SaaS (Software as a Service). As such, it is cloud-based but still gives a business the ability to configure and customize. With broad functionality for larger Tier 3 and Tier 2 businesses, the real strength of this software lies in its General Ledger functionality.

Making the transition from MYOB AccountRight to MYOB Exo or MYOB Advanced allows you to stay with the same software provider but gives you the ability to access more functionality and features to support your growing business.

Let’s have a look at MYOB Exo vs MYOB Advanced and the key differences that you may consider useful to know for your company.

Auditability – Full audit trail

The inability to edit recorded financial transactions was a feature not favoured by many new users. Yes, it’s a feature, not a design flaw. When we wight up MYOB Exo vs MYOB Advanced, a true audit trail for transactions impacting your profit and loss and balance sheets is provided. Your auditors and accountants love this. Users may find this frustrating at first, but it is something you get used to, and the bonus is that you can be sure that the printed/emailed invoice that your customer holds is the same that your accounting system holds. There is some flexibility around this issue and should be discussed in detail with your MYOB consultant.

Period Based Accounting

You’ve probably never really noticed it, but running reports in MYOB AccountRight relies on date selection. With MYOB Exo or Advanced, you can run most reports by Periods. Some reports also allow for date selection in addition to periods. Periods are defined by date range, and you have the flexibility to create as many financial periods in a year as you require. You can post back to prior periods, regardless of the transaction date, thus ensuring that your revenue occurs in the same period as your expense if revenue matching is required.

Reporting functions in MYOB Exo vs MYOB Advanced

When comparing the reporting suite found in AccountRight vs that in Exo and Advanced, you can see that the latter are far more extensive and customisable.

MYOB Exo comes with around 400 standard reports. Most of which are customisable using the inbuilt report writer and many will need tweaking to your specific business requirements. The G/L reports come with a report writer. This is easy to use and doesn’t require in-depth knowledge of the underlying database. Dashboards and widgets are available and can be configured to show critical reports all in one place.  Sales Analysis Designer and SSRS  (SQL Server Reporting Services) Reports providing even more functionality.

The Sales Analysis Designer is a popular reporting tool, as it allows for slicing and dicing your data without requiring report writing skills.

MYOB Advanced has several reporting options from inbuilt report writers, GL report writers, screen enquiries, dashboards, and Pivot Tables!

OData feeds and PowerBI integration provide further reporting options.  However, when looking at Exo vs Advanced, only MYOB Advanced gives you full functionality from any device, anytime anywhere.

On-Screen, enquiries are becoming a standard way to report within ERP’s rather than having to run reports to screen. Kilimanjaro Consulting offers courses on report writing for both MYOB Exo and MYOB Advanced.

As an MYOB Exo user, here are some features you won’t be able to live without:

MYOB Exo Grids – Copy to clipboard or ODBC Links

Most of the data on Exo screens can be copied and pasted into Excel. The possibilities from there are endless! If you are using MYOB AccountRight, then you are missing out on this feature. Also, you can link Microsoft Excel directly to the database. Click on “Refresh Data”, and your favourite report has the latest info.

Ability to have multiple Transactions Screens open at one time

MYOB Exo Users can have multiple invoices/sales orders/purchase orders open or in progress at the same time, allowing you to multitask more effectively. Users may have found it limiting in MYOB AccountRight to only have up to 8 windows at one time, and only be able to process one invoice at a time.

Sales Analysis Designer

A great sales reports in MYOB AccountRight was the Sales Analysis, which listed the 12-month sales for stock items. MYOB Exo’s Sales Analysis Designer has this with the ability to add groupings to this report, filter stock codes, branches, locations. As a result, for MYOB Exo users, the report possibilities are endless.

Multiple Stock Locations

The core software intuitively deals with multiple stock locations. Using the Blue Echidna add-on, Exo will even allow multiple bin locations and scan picking. Read more about Multi-Stock locations here.

Multi-Currency

One of MYOB Exo’s greatest strengths compared to AccountRight is the ease with which multicurrency is handled, in Accounts Payable, Accounts Receivable and General Ledger. Learn more here.

On Costs Calculation

MYOB Exo handles the calculation for the landed cost of your stock within the software. Therefore, you no longer need MS Excel spreadsheets to help you work out how much to add to your suppliers’ invoice.  Exo takes care of the calculation and all of the required G/L entries too! This includes the multi-currency calculations.

As an MYOB Advanced user, here are some features you won’t be able to live without:

Intercompany Consolidation

MYOB Advanced uses the concept of an “entity”. You can have multiple branches, divisions, or even companies within a single database. No need for consolidating financials outside of the system.

Multi-Currency

Designed to support companies operating across multiple countries, MYOB Advanced easily manages bank accounts in multiple currencies and all other intricacies associated with different taxation regimes.

Mobility and remote access

Being a true cloud solution, MYOB Advanced can be accessed from anywhere, on any device. Learn more about being mobile with MYOB Advanced.

Workflows

The configurable workflow engine means you can automate repetitive procedures according to your business processes. This also allows for separation of duties along with the master and transactional approval workflows.

Security and Permissions

Access permissions can be narrowly defined per user or user group, right down to the field level in any screen. Row-level security allows one to control the visibility of certain data to certain users. Also, MYOB Advanced now has Two Factor Authentication as an added layer to ensure your data is secure in the cloud.

Taking the next step

When transitioning from MYOB AccountRight or MYOB Premier, it is important to expect a different system. MYOB Exo and MYOB Advanced are designed for more complex businesses. They require a skilled implementation partner to support you with all phases of the implementation: design, build, User Acceptance Testing and Go-live. The goal is to get it right the first time. Therefore, if there are features/processes that you will miss in MYOB Premier or AccountRight, speak to us about these. Don’t let it hinder your decision to progress to the next level of software. The transition from MYOB Premier or AccountRight to MYOB Exo or MYOB Advanced is a big step. Many businesses are now outgrowing the MYOB Small Business Suite of products, with the natural progression being MYOB Enterprise Solutions (Exo and Advanced).

Call us for a demo today on 1300 857 464. Let us advise you regarding a move to more functional financial software.

Free resources to help you further

Making your way through ERP selection processDownload our free Capability Matrix to see the full functionality of MYOB Exo vs MYOB Advanced. Discover what functions you could benefit from when you upgrade from MYOB Premier or MYOB AccountRight.

If you are at the beginning of your ERP journey and you aren’t sure where to start, download our free Ebook that will take you through everything you need to consider and what to be wary of during this process.

 

Manage your Multi-Stock Locations Correctly

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.