Top 5 MYOB Add-ons for SME’s Inter-company Accounting (2018)
In this post, we are going to review the top 5 MYOB Add-ons Australian SMEs can use to manage their Inter-company accounting requirements in 2018.
As an MYOB user, you know the benefits and limitations of your basic accounting package. For growing SMEs, the typical challenges come from the need of consolidating inter-company accounting and simplifying transactions between multiple entities.
When the challenges translate in poor process management and productivity, companies typically decide to upgrade to MYOB Advanced – this is the “step up” version of MYOB Essentials.
Other times, add-ons can provide a temporary fix to the problem.
MYOB Add-ons for Inter-company Accounting
Most businesses starting with a basic accounting software solution such as MYOB, leverage third-party plugins available on the MYOB Add-ons marketplace to fill the gap of lacking functionalities.
Here is a list of the top 5 MYOB Add-ons for managing inter-company accounting.
1 – Fathom
Fathom integrates seamlessly with MYOB to provide engaging performance reports and insights for your business. Key features include Financial analysis tools, reports, multi-company consolidation and benchmark reporting.
Castaway Forecasting is a flexible financial forecasting and modelling add-on for SMEs wanting to upgrade their accounting system. The add-on includes budgeting and forecasting functionalities and supports complex consolidations across entities.
Cerebiz is an easy to setup MYOB Add-on specifically for intercompany accounting and consolidation. Perfect for Franchisors/Franchisee, business with geo-dispersed offices/branches and growing SMEs or groups. The system allows you to drill down and compare KPIs and reports to monitor the performance of each company.
Spotlight reporting offers a range of tools to manage your financial reports, interactive dashboards, forecasting and inter-company / franchisee management.
5 – Rubihawk
Rubihawk is a BI tool that sits on top of MYOB to enable consolidation between entities, advanced reporting and financial insights. Although the interface looks a bit outdated, the add-on has some close similarities to the MYOB Advanced intercompany accounting module.
Conclusion
Add-ons are a great way to fill the gaps of your basic MYOB accounting package. Many add-ons are available on the MYOB Marketplace for free or for a small ongoing fee for businesses willing to adopt a temporary fix to their accounting challenges.
The reality is, when a businesses grows, the need for integration, functionality and control increases accordingly. When this is the case, businesses must decide whether to investigate an advanced Business Management System such as MYOB Advanced or keep patching the basic MYOB package.
Find more information on upgrading your basic accounting package to MYOB Advanced for better inter-company accounting here or schedule a MYOB Advanced demo here.
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