I began my consulting career implementing MYOB for small businesses in 1998. Many of these clients were moving from shoeboxes of receipts and carbon invoice books to a totally foreign interface where they had to learn about debtors, creditors and general ledger. The natural progression for my career was to follow the larger, more complex businesses on their journey to MYOB Exo.
During my transition, I experienced hurdles in letting test of a system I “grew up” with, and learned to love some of the differences between the Account Right suite and MYOB Exo.
Inability to Edit Recorded Financial Transactions
This was once the one feature I hated the most about Exo. Yes, it’s a feature, not a design flaw. MYOB Exo provides a true audit trail for transactions impacting your profit and loss and balance sheets, of which accountants and auditors love. Yes, I found it annoying at first, but it really is something you get used to, and the bonus is that you can be sure that the printed/emailed invoice that your customer holds is the same that your accounting system holds. There is some flexibility around this issue, and should be discussed in detail with your Exo consultant.
Period Based Accounting
You’ve probably never really noticed it, but running reports in MYOB Account Right relies on date selection. With Exo, you run most reports by Periods. (Some reports also allow for date selection in addition to periods). Periods are defined by date range, and you have the flexibility to create as many financial periods in a year as you require. Take for example the idea of 13 accounting periods. You can configure Exo to report in equal accounting periods, so that each period has 4 calendar weeks, which for some industries, would make the comparison of financial periods more consistent.
The reporting suite in Exo is far more extensive and customisable than in MYOB Account Right. Firstly, there are a few different tools for reporting – Sales Analysis Designer, GL Reports, Clarity Reports and Dashboards. For Clarity Reports alone, there are around 300 standard reports available with MYOB Exo, most of which are customisable using the in-built report writer, and some may need tweaking to your business requirements. The G/L reports come with a report writer, which is easy to use and doesn’t require in-depth knowledge of the underlying database. Dashboards are available and can be configured from your desktop to show critical reports all in one place. You may also wish to add websites or your favourite clarity report in graphical format. My favourite reporting tool is the Sales Analysis Designer, as it allows for slicing and dicing your data without requiring report writing skills.
I’ve been working with Exo as an end user and a consultant for the last seven years, and there are some features I now cannot live without:
Exo Grids – Copy to clipboard
Most of the data on Exo screens can be copied and pasted into Excel. The possibilities from there are endless!
Ability to have multiple Transactions Screens open at one time
I can have multiple invoices / sales orders / purchase orders open or in progress at the same time, allowing me to multitask more effectively – Yes, being a woman, this is extremely important to me 🙂 I found it limiting in MYOB to only have up to 8 windows at one time, and I could only process one invoice at a time.
Sales Analysis Designer
One of my favourite sales reports in MYOB was the Sales Analysis which listed the 12 month sales for stock items. Exo’s Sales Analysis Designer has this with the ability to add groupings to this report, filter stockcodes, branches, locations, the possibilities are endless.
On Costs Calculation
MYOB Exo handles the calculation for the landed cost of your testods within the software – no Excel spreadsheet to help you work out how much to add to your suppliers invoice, Exo takes care of the calculation and all of the required G/L entries too!
When transitioning from MYOB Account Right its important to expect a different system. Exo is designed for more complex businesses and requires a skilled partner to design and build the database correctly so that you get it right the first time. If there are features / processes that you will miss in MYOB Account Right, speak to us about these, don’t let it hinder your decision to progress to the next level of software.. The transition from a shoebox to MYOB Accounting was a big step, and many of those businesses are now outgrowing the MYOB Small Business Suite of products, with the natural progression being MYOB Exo. Call us for a demo today on 1300 857 464 and let us show you why!