MYOB has launched a new Inventory Management feature, specifically designed to support retailers in Australia and New Zealand. The launch marks MYOB’s latest step in delivering a business management platform that offers much more than just accounting software.

MYOB’s cloud-based inventory management solution provides a low-cost way for small and medium size businesses (SMEs) to track and control inventory from anywhere, anytime, and on any device. It takes the guesswork out of managing inventory by providing visibility on how much it’s costing to carry stock, what margin is being made on each product, and ensuring the right amount of stock is maintained.

This helps better forecast for seasonal events or sales periods, adjust pricing accordingly, and avoid the risk of overselling. It will also make end of year tax processing quicker and simpler, as business owners can assess, audit and complete tasks like stocktake even faster.

Premium Inventory is the latest feature to be added to MYOB Business, which takes a modular approach with flexible pricing to provide a simple, affordable, and scalable solution for businesses of all sizes and sectors.

“Let’s say a business is running low on stock – having their inventory already integrated with their cashflow ledger means they can instantly understand if and how much they can afford to restock. Crucially, they can have this information to hand wherever they may be, and without the need to reconcile the information across different systems, which can lead to errors and productivity loss,” MYOB general manager – SME, Emma Fawcett explains.

“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. We’re firm believers that businesses should be able to tailor their software to best suit their needs and only pay for what they need, especially given the current financial pressures they’re facing.” 

Premium Inventory is free for all MYOB Business customers for tracking up to 10 items. Unlimited item tracking is available for $22 per month.  

Apart from inventory, MYOB’s business management platform offers deep integrations with key partners to help businesses connect the dots across their various processes while tackling common pain points, with the aim of helping more businesses survive and succeed.

Integrations such as those with Amaka lets businesses sync their sales information from their eCommerce platforms directly into MYOB, saving hours every month on data entry and ensuring a speedy reconciliation process.

Pain points like cashflow issues are addressed through strategic partnerships with the likes of fintechs Valiant and Butn. MYOB research has shown that over a third of SMEs (39%) have faced cashflow issues since March and a further 48% experienced financial pressures in the 6 months prior. This has resulted in over a quarter (28%) seeking financial assistance in the past year, with 28% planning to do so in next 12 months.

MYOB’s partnership Sydney-based fintech Valiant provides access to capital quickly and easily to assist with business operations and growth. Valiant matches customers with relevant lending options from over 80 lenders that suit their business needs and then manages all stages of the process from inquiry to settlement, all within the MYOB’s business management platform.

Trial MYOB Business free for 30 days.

Find out more information on inventory management. 

Find out the key features for retailers.