How Finance Managers Can Run A Better Business With MYOB Advanced

Finance Managers are often stuck with entry level accounting solutions that the business has outgrown years ago.

This is because so much of the annual software budget gets spent on operations and sales, leaving the finance department with basic, entry-level solutions that should have been replaced years ago.

Not to worry, with the advent of Cloud solutions many of the traditional barriers to entry have been overcome. Large upfront investments in software, expensive hardware and long implementation timeframes are no longer the reality for many businesses.

In this article, you are going to learn how with MYOB Advanced, Finance Managers can replace older accounting solutions with a modern, Cloud-based solution to manage the entire financial process.

Reasons to say “goodbye” to your basic accounting software

Let’s start by exploring some of the reasons you might be considering a new Finance solution for your business.

You might be wanting to move away from your basic accounting solution due to some of the following “push” factors:

• Your business has grown, and you have outgrown your current solution;
• Island of information. Your current accounting solution does not offer a complete business management solution across the company;
• Your current solution does not offer a database that allows for true, automated reporting and analytics;
• You need multiple years data in the system for prior years comparison reporting.

On the other hand, some of the factors that might “pull” you towards a more complete finance solution might be:

• Need for improved cash flow;
• Need for better, more timely and accurate reporting across multiple are of the business;
• Automation of manual tasks;
• Legal (tax) requirements that need to be covered;
• Do more with less – Need to get results with less time and effort;

MYOB Advanced is a great fit for companies requiring functionality for complex financials. You might have outgrown your existing accounting solution and you are looking for more advanced functionality such as multi-company, multi-currency, cost centre reporting, drill down reporting and more. Let’s discuss these major functional requirements in more details.

MYOB Advanced and the set of functionalities that Finance Managers love

Multi-company. If your Finance team is trying to manage multiple companies with inter-company transactions and consolidation reporting, then MYOB Advanced might be the answer you are looking for. Run multiple ABNs (companies) from a single database and consolidate your financial reporting with ease. No need to log into and out of several separate databases – easy transacting and easy reporting of group results.

Comprehensive GL and chart of accounts. Use dimensions to create an analysis of your financials with ease. Examples of dimensions include business unit, line of business, project and state.

Cost Centre accounting. Using dimensions referred to (above) you can create cost centre reporting. Examples of cost centres might be each state (NSW, QLD, VIC etc.). This cost centre reporting will allow you to report on all financial movements and results by state. This “slice and dice” of dimensions and cost centres provides your business with the ability to easily maintain the chart of accounts whilst providing brilliant reporting and analytical options. Think of reporting by business unit and state. As an example, report on all NSW business or report on a single business unit or brand within NSW or a single brand or business unit across all states. Very powerful reporting at your fingertips!

Flexible reporting with drill down. On the subject of reporting across cost centres, MYOB Advanced offers pivot table type reporting for financials (profit and loss/balance sheet) including drill down to source transaction. Great for assessment of your financials with the ability to analyse the numbers by drilling into the source transactions.

Recurring entries. Set up recurring transactions with ease.

Fixed assets. A full fixed assets module included in the standard financials offering. Capitalise assets, run depreciation schedules and manage asset transfers.

Cash management. At the core of any small to medium-sized business. MYOB Advanced helps you manage your cash flow. Reduce the quote to cash cycle through the use of notes, activities, reports and reminders to help with cash collection.

Automated accounts payable management. Manage the purchasing and accounts payable process through the entire purchasing cycle. This includes automatic purchase recommendations (purchase planning), purchase orders with approval requirements, goods receipting (into the warehouse) and matching of the accounts payable invoice with the purchase order and goods receipt.

AP automation. Why not take your accounts payable automation to the next level? Use an MYOB Advanced integrated solution (OCR technology) to scan and create accounts payable invoices.

Expense management. Struggling to reconcile credit cards and expense accounts? Automate the process with integrated solutions for expense management. Attach images of expense receipts and automate the expense allocation process to ensure timely, accurate expense management.

Workflow. Use workflow for approvals management and get rid of manual approvals.

In addition to this, MYOB Advanced gives you the ability to:

• Offer database type reporting. Automatic reporting connected directly to the database – no need for “manual” reporting in spreadsheets;
• Hold multiple year’s historical data – great for reporting;
• Implement an end-to-end ERP solution – MYOB Advanced offers complete solutions for not only financials but also logistics/warehousing, inventory control, service management and purchase planning.
• Go mobile – Get the information that you want when you want it.

Conclusion

When considering a solution for end to end financial management in the Cloud, MYOB Advanced should be on your list of possible Solutions. Many Finance Managers choose MYOB Advanced because it gives the functionality they need to slice and dice, report and forecast budgets with ease.

The MYOB Advanced system is 100% Cloud-based and provides businesses with the perfect upgrade option when the basic accounting software is no longer enough.

Want to see MYOB advanced in action? Watch this short software demo.

For more information, call us on 1300 045 046 or email info@leveragetech.com.au.