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The company said that two-thirds of businesses are missing a trick by failing to use stock management tools.
Business management firm MYOB has released its first cloud-based inventory administration software.
The company said that the software — Premium Inventory — would be integrated within existing MYOB Business software.
In a recent report, MYOB found that only one-third of Australian companies use any tools to assist them with tasks such as stock management and said Premium Inventory would be readily accessible.
“It essentially takes the guesswork out of managing your inventory, by providing visibility on how much it’s costing to carry stock, what margin you’re making on each product, and ensuring you can maintain the right amount of stock,” said the general manager SME at MYOB, Emma Fawcett.
“This means you can better forecast for seasonal events or sales periods, adjust pricing accordingly, and avoid the risk of overselling.
“Supply management is one of the processes that we know if digitised properly can make a big difference to a business’s chance of success.”
Ms Fawcett also said that using the software would simplify end-of-year tasks for businesses, including chores such as stocktake.
“Thinking ahead to next year’s tax time, it will make end-of-year tax processing much quicker and simpler, as it [lets] you assess, audit and complete tasks like stocktake faster than ever before,” she said.
Ms Fawcett said that the software gave managers a way of ensuring oversight on inventory levels and business operations, but it would be a part of MYOB’s existing business software so companies would not have additional expenses.
“Adding inventory management capability to MYOB Business means SMEs no longer need to pay high prices for premium solutions, where they only use a fraction of the available features,” she said.
“We’re firm believers that businesses should be able to tailor their software to best suit their needs and only pay for what they really need, especially given the current financial pressures they’re facing.”
MYOB said that the Premium Inventory software would be free for MYOB Business customers to track up to 10 items, with a fee for those wanting further functions.
“This new feature demonstrates how we’re continuing to develop our business management platform focusing on the processes that matter the most,” said Ms Fawcett.
MYOB specialises in business and accounting software for companies with up to 1,000 staff.
Josh Needs is a journalist at Accountants Daily and SMSF Adviser, which are the leading sources of news, strategy, and educational content for professionals in the accounting and SMSF sectors.
Josh studied journalism at the University of NSW and previously wrote news, feature articles and video reviews for Unsealed 4x4, a specialist offroad motoring website. Since joining the Momentum Media Team in 2022, Josh has written for Accountants Daily and SMSF Adviser.
You can email Josh on: This email address is being protected from spambots. You need JavaScript enabled to view it.
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