MYOB Advanced Product Guide: Cloud ERP To Help Your Business Grow

What is MYOB Advanced and how does it differ from other MYOB products such as MYOB AccountRight, MYOB AccountRight Live and other MYOB solutions?

As MYOB Advanced Platinum Partner, we consult Australian businesses on how to get started with MYOB Advanced and we often get asked this question.

If you have 15 minutes to spare then this MYOB Advanced demo will answer most of your questions, otherwise, keep reading…

The aim of this article is to help you understand where MYOB Advanced fits within the MYOB product portfolio. We will also give you some guidance to help you identify the key functionalities, use cases and reasons to adopt MYOB Advanced.

Background Overview of MYOB Advanced

In Australia, we all know and understand the MYOB brand.

For more than two decades MYOB has been dominant in the accounting SME landscape. MYOB has provided great products for start-up businesses, accountants and small to medium businesses.

As a dominant player in the Small and Medium Enterprise (SME) market MYOB has realized the importance of offering existing and new customers a “higher end” Enterprise Resource Planning (ERP) product when customers feel they might have outgrown entry-level accounting solutions and want to move to the next level of business management solution.

The advent of cloud has also created an opportunity for all ERP providers to enter new markets as the Cloud offers a once in a lifetime opportunity for small to medium-sized customers to get access to computing power and functionality previously reserved for large enterprises.

A “pure” multi-tenant Cloud product

MYOB Advanced is a “pure” multi-tenant cloud product. The ERP world is moving to cloud for all the right reasons:

• Pay as you use/pay as you go;
• Access to more computing power than ever before;
• Scale up, scale down with ease;
• Low cost of ownership;
• No need to maintain expense infrastructure;
• Better security;
• Easier Admin;
• Better back-up;
• Focus on what’s important to your business;

End-to-end enterprise level functionality 

MYOB Advanced is a complete ERP solution with an end to end enterprise level functionality. MYOB Advanced functionality covers all aspects of your business requirements including finance, distribution, purchase planning, logistics, warehouse management, services, reporting, business intelligence and mobility.

Let’s focus on some of the great features that customers who have outgrown entry-level accounting solutions love about MYOB Advanced:

• #1 Finance. General ledger with cost centre accounting and dimensions to allow you to analyse cost centre profitability. As an example, set up each state and division as a cost centre and provide your general managers with a profit and loss for each state, division or product line. MYOB Advanced has comprehensive multi-currency capabilities to raise purchase orders, AP invoices or accounts receivable invoices in any currency. Multi-company lets you run multiple companies and produce consolidation reporting.
• #2 Distribution. Inventory management and purchase order planning (making sure that you optimise your inventory levels). Operate multiple warehouses and review consolidated views of inventory across the business. Batch and serial number traceability.
• #3 Warehouse Management. Use the standard warehouse management module or further extend the functionality with complementary solutions for a paperless warehouse.
• #4 Reporting. Full reporting across the business including access to KPI’s, dashboards and business intelligence. The system also lets you produce consolidated financial reports with “drill-in” functionality to transactional documents. Compare multiple years history and data from different areas of the business to give you relevant information for decision making.
• #5 Manufacturing. Available via complementary solutions for complete manufacturing control and reporting/planning.
• #6 Technology. MYOB Advanced offers all of the technology that you would expect from a modern cloud ERP product – mobility, e-commerce, customer portal, employee portal and web client access.

Who is MYOB Advanced for?

Let’s answer one of the most important questions: “Is MYOB Advanced the right solution for my business?”

Most customers that consider MYOB Advanced do so for the following reasons:

• The company has used entry-level accounting products and is looking for a more complete business management solution that consolidates functionality across the entire business;
• You want better reporting;
• Looking for multi-company functionality;
• Wanting complete warehouse management and inventory control;
• Key markets include:
  • Companies with complex financial requirements. You might only have a few users (3-5) in the finance department but you have relatively complex requirements. These requirements will typically include multi-company and cost centre reporting;
  • Wholesale/distribution companies looking for better inventory management including batch and serial number control;
  • Non-profit organisations looking to better manage finance and project accounting;
  • Services based organisations looking for better analysis through project accounting;
• Companies will typically have a turnover of $5 million to $50 million with relatively complex requirements.

For more information on the type of companies (business size, industry, pain points,…) that prefer MYOB Advanced, here are some of our latest case studies:

• Nextt Group Case Study
• Octet Finance Case Study

Alternatively, check some of the latest MYOB Advanced Reviews.

Why MYOB Advanced?

By now, you should have a good understanding of MYOB Advanced and if it’s a good fit for your business. But why would you want to choose MYOB Advanced over other ERP solutions? Here is our answer.

• MYOB is a trusted brand that has been providing great solutions to the Australian market for more than two decades;
• MYOB Advanced is a cloud solution. In a world that is seeing and embracing the advantages of cloud, it’s important to adopt a solution that is Cloud-based;
• It’s a great solution for companies that have outgrown entry-level accounting solutions and are not quite ready for a “heavyweight” ERP software like Netsuite;
• MYOB offers fantastic support across Australia and with MYOB Advanced you get the confidence of a specialised support partner to help you through the journey;
• Modern technology;
• Easy to use with a great interface;
• Quick to implement, ensuring a fast Return on Investment.

Conclusion

If you have outgrown your entry-level accounting solution and want complete control of all aspects of your business, MYOB Advanced offers exactly what you might be looking for.

With enterprise-grade functionalities and a Cloud-based adoption model, MYOB Advanced is the right-size ERP software for businesses that need to step up from basic accounting and are not ready for a heavyweight solution.

Want to learn more about MYOB Advanced and how it can help your business grow smart? Call us on 1300 045 046 or email info@leveragetech.com.au to speak to one of our consultants in Sydney, Melbourne or Brisbane.