Find out how you can improve your inventory control and accuracy
MYOB Exo is a mature ERP system that fully integrates your financial and business management data. The software has been deployed in over 3,000 mid-tier organisations across New Zealand and Australia, and they have benefitted from the typically lower cost to implement compared to other mid-market ERP packages.
Due to its robust stock control and customisability, as well as the deep integration between Inventory and Finance modules, MYOB Exo is very attractive for inventory-based companies. However, when your business continues to grow you may need additional functionality to manage your increasingly complex inventory requirements.
What is MYOB Exo missing?
The profitability of your business is directly tied to your stock cost. When you run multiple warehouses, your standard costs will need to be re-evaluated. Costs such as staff, rent, or freight may differ between warehouses. MYOB Exo does not manage these cost differences.
For businesses with perishable inventory, First in First Out (FIFO) tracking is a must have requirement. FIFO tracking assumes that the first stock taken into the warehouse is the first stock sold out. This means that the oldest inventory costs are assigned to the most recent sales. As the Cost of Goods Sold (COGS) changes over time, tracking stock movement in this way gives a more accurate picture of your business’ profitability. MYOB Exo only supports standard and average costing, and while these measures are simple and easy to understand, you cannot see the clearer picture of your position like you would with FIFO tracking.
Bin Locations are an effective way to manage your inventory. Storing your stock inside bins within locations optimises picking efficiency and helps with your control of stock levels. But managing so many small units within your warehouse can be a challenge for many ERP systems. MYOB Exo can track stock across multiple warehouses and locations, but multiple bins within the same warehouse is out of its scope.
MYOB Advanced is a powerful mid-market ERP system, based in the cloud as a fully Software as a Service (SaaS) solution. You can efficiently manage your stock and distribution with its in-depth Inventory Management module. MYOB Advanced allows system-wide inventory control with real time access to your inventory in transit, available stock, and inventory costs.
MYOB Advanced has the capability for warehouse-specific costing, FIFO tracking, and bin level stock management, as well as many other features and automations to make inventory management easier and more accurate.
eveXso creates and distributes workflows for your operations team, gives your management anytime, anywhere visibility to track staff and resolve issues, and improves the service experience of your warehouse. eveXso can supplement MYOB Exo with multi-bin management functionality, improving accuracy of picking, packing, and shipping. eveXso is cloud-based and usable via mobile app, so from any location in the warehouse you can access up to date, real-time distribution information.
NETSTOCK is an inventory management solution designed to give you detailed information about all stock, across your entire organisation. Leverage their dashboards, KPIs, and forecasts to place correct orders and make sure that you always have the right stock on hand. Using NETSTOCK in conjunction with MYOB Exo can give you the detailed information you need to make good inventory decisions. See more about NETSTOCK here
Our team is ready to help you with all your complex inventory needs. To learn more about MYOB Advanced, eveXso, or NETSTOCK, or to book a free demonstration, email us or call 0800 436 774.