Editors Note: This article was originally published in May 2013 and has been reviewed and updated in order to provide the most relevant and accurate information. Please enjoy this article and feel free to share your feedback with us.
If we think back to the late 1990s, many businesses were moving receipts from shoeboxes and carbon invoice books to a totally foreign interface where they had to learn about debtors, creditors and general ledger. The natural progression for the larger, more complex businesses was their journey to use complete and fully integrated financial and business management software such as MYOB Exo.
The transition from a small financial software to a more complex but better equipped ERP software is often a consideration for managers or business owners This is usually when they feel the company has come to a stage where the processes become more complex and challenging to manage. The old software no longer supports the company to a satisfactory level and there is more hassle than actual benefit of using the current software.
Upgrading from MYOB Premier or AccountRight
A more recent imperative for moving from MYOB Premier or MYOB AccountRight to another MYOB suite of products like MYOB Exo or MYOB Advanced is the lack of specific functionality in these product suites.
MYOB AccountRight Live does not support multi-currency or multiple stock locations. Both are well supported in MYOB Exo and MYOB Advanced.
MYOB Premier and MYOB AccountRight (Desktop version) do not support Single Touch Payroll (STP). MYOB has indicated that this functionality is not going to be included in the future.
If you are already using MYOB AccountRight Enterprise, there is even more imperative to switch.
Once businesses are ready to accept the changes, they learn to love some of the differences between the AccountRight suite and MYOB Exo or MYOB Advanced
Why you should consider MYOB Exo or MYOB Advanced
MYOB Exo is mature ERP software in the MYOB products family. It is a complete, integrated financial and business management system. MYOB Exo consists of various modules which support finance, job costing, fixed assets, point of sales, customers relationship management, consolidation and intercompany reporting. MYOB Exo is Australian software made and designed for Australian businesses to help them succeed. It can be on-premise or hosted. Find out the difference between Hosted vs SaaS here.
MYOB Advanced is relatively new and is SaaS (Software as a Service). As such, it is cloud-based but still gives a business the ability to configure and customize. With broad functionality for larger Tier 3 and Tier 2 businesses, the real strength of this software lies in its General Ledger functionality.
Making the transition from MYOB AccountRight to MYOB Exo or MYOB Advanced allows you to stay with the same software provider but gives you the ability to access more functionality and features in order to support your growing business.
Let’s have a look at some of the differences you may consider useful for your company.
Auditability – Full audit trail
The inability to edit recorded financial transactions was a feature not favoured by many new users. Yes, it’s a feature, not a design flaw. MYOB Exo and MYOB Advanced provide a true audit trail for transactions impacting your profit and loss and balance sheets. Your auditors and accountants love this. Users may find this frustrating 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 MYOB consultant.
Period Based Accounting
You’ve probably never really noticed it but running reports in MYOB AccountRight relies on date selection. With MYOB Exo or Advanced, you can 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. You can post back to prior periods, regardless of the transaction date, thus ensuring that your revenue occurs in the same period as your expense if revenue matching is required.
Reporting in MYOB Exo and MYOB Advanced
The reporting suite in MYOB Exo and MYOB Advanced is far more extensive and customisable than in MYOB AccountRight. There are several different tools for reporting – Sales Analysis Designer, GL Reports, Clarity Reports and Dashboards, SSRS Reports, PowerBI etc.etc.
For Clarity Reports alone, there are around 400 standard reports available with MYOB Exo, most of which are customisable using the inbuilt report writer, and many will need tweaking to your specific 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 and widgets are available and can be configured to show critical reports all in one place. MYOB Advanced gives you full functionality from any mobile device. You may also wish to add websites or your favourite clarity report in graphical format. A popular reporting tool is the Sales Analysis Designer, as it allows for slicing and dicing your data without requiring report writing skills.
As an MYOB Exo user here are some features you won’t be able to live without:
MYOB Exo Grids – Copy to clipboard or ODBC Links
Most of the data on Exo screens can be copied and pasted into Excel. The possibilities from there are endless! If you are using MYOB AccountRight then you are missing out on this feature. You can also link Microsoft Excel directly to the database. Click on “Refresh Data” and your favourite report has the latest info.
Ability to have multiple Transactions Screens open at one time
MYOB Exo Users can have multiple invoices/sales orders/purchase orders open or in progress at the same time, allowing you to multitask more effectively. Users may have found it limiting in MYOB AccountRight to only have up to 8 windows at one time, and only be able to process one invoice at a time.
Sales Analysis Designer
A great sales reports in MYOB AccountRight was the Sales Analysis which listed the 12-month sales for stock items. MYOB Exo’s Sales Analysis Designer has this with the ability to add groupings to this report, filter stock codes, branches, locations. For MYOB Exo users the report possibilities are endless.
Multiple Stock Locations
The core software intuitively deals with multiple stock locations. Using the Blue Echidna add-on, Exo will even allow multiple bin locations and scan picking. Read more about Multi-Stock locations here.
One of Exo’s greatest strengths compared to AccountRight is the ease with which multicurrency is handled, in Accounts Payable, Accounts Receivable and General Ledger. Learn more here.
On Costs Calculation
MYOB Exo handles the calculation for the landed cost of your stock 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! This includes the multi-currency calculations.
As an MYOB Advanced user here are some features you won’t be able to live without:
MYOB Advanced uses the concept of an “entity”, so you can have multiple branches, divisions, or even companies within a single database. No need for consolidating financials outside of the system
Designed to support companies operating across multiple countries, MYOB Advanced easily manages bank accounts in multiple currencies and all other intricacies associated with different taxation regimes.
Mobility and remote access
Being a true cloud solution, MYOB Advanced can be accessed from anywhere, on any device. Learn more about being mobile with MYOB Advanced.
The configurable workflow engine means you can automate repetitive procedures according to your own business processes.
Security and Permissions
Access permissions can be narrowly defined per user or per user group, right down to the field level in any screen. In addition, MYOB Advanced now has Two Factor Authentication as an added layer to ensure your data is secure in the cloud.
Taking the next step
When transitioning from MYOB AccountRight or MYOB Premier, it is important to expect a different system. MYOB Exo and MYOB Advanced are designed for more complex businesses. They require a skilled implementation partner to support you with all phases of the implementation: design, build, User Acceptance Testing and Go-live. The goal is to get it right the first time. If there are features/processes that you will miss in MYOB Premier or AccountRight, speak to us about these. Don’t let it hinder your decision to progress to the next level of software. The transition from MYOB Premier or AccountRight to MYOB Exo or MYOB Advanced is a big step. Many businesses are now outgrowing the MYOB Small Business Suite of products, with the natural progression being MYOB Enterprise Solutions (Exo and Advanced).
Call us for a demo today on 1300 857 464 and let us advise you regarding a move to more functional financial software.
Download our free Capability Matrix to see the full functionality of MYOB Exo and MYOB Advanced. Discover what functions you could benefit from when you upgrade from MYOB Premier or MYOB AccountRight