While running a business you need to keep track of your products. One of the easiest ways to do this is by using a software that compiles all information in one place. MYOB inventory is specially designed to utilize data to control stock.
By using MYOB inventory you can keep track of products going in and out of your business. A lot of profits are lost in this stage due to orders not being processed correctly. By using the command system to receive items you can accurately track products coming in. Also by using the command centre you can enter sales details also maintaining accuracy in tracking stocks leaving your possession. All stock changes can be done through this software.
Stock changes – if you have a change in the amount of one of your stocked products, like writing off damaged products, this can easily be done through the command centre.
Sales prices – all of your stock prices can be altered through the command centre instead of having to individually go through each product.
Set prices – by using MYOB inventory you have the capability of finding out the value of your products. By taking advantage of this you are able to set a fair price that can also outdo the competition without sending you broke.
Sort products – within the command centre you have 3 categories of which you are able to sort your products into. This gives you a more organised view on the items you sell. Also you are able to search for products faster and easier.
Stock alert – the command centre can alert you when stocks are running low, ensuring that you never run out of a product.
There are two methods used in MYOB inventory. Perpetual and periodical.
Perpetual is used for high volume sales like grocery stores for instance. This is when the stock is automatically updated in the command centre after every sale. This is beneficial because a physical count can be time consuming and wasted time equals less profits. When using this method you are able to constantly track the sales of products. It works off a system that calculates the average cost by using the total value of all items sold for that product divided by how many have been sold. This will equal the average sales price per item. The average sales price is updated every time a product is sold, giving you real time data.
Periodical is best used for businesses that don’t sell a bulk amount of stock. For example a car sales business. As they sell less for a higher amount they can easily do a physical count. Using this method means balances are only updated after the physical count. It is advised to check with your accounting consulting to discuss which option is best suited for your company.
MYOB inventory can bring some organisation to any business. No matter what the product is that you sell you will need to keep all of this recorded. Without recording this information you have no way of knowing if stock is missing. Your profits could be drastically suffering and you could be oblivious.
Using a MYOB inventory you are able to track the trends. You can see when products are being sold (on a discount or seasonal), find out which products are favoured, find returns for possible faulty product lines and find out what stocks and going missing. Also if there are errors in the data recorded you can easily fix the issue and find out any other areas that errors have occurred. It is always advised to do a physical count, a backup count can ensure systems are being used correctly and working properly. There are many advantages to using the command centre. You will notice how they integrate seamlessly into your business and how it helps keep operations running smoothly.