As your business flourishes, surpassing the capabilities of your accounting software is a testament to growth. Yet, this transition can bring about hurdles, like a sense of diminishing control as your business scales. Common indicators encompass dependence on various standalone solutions for different operational facets, leading to manual data transfers and disjointed workflows.
As your business grows, you may discover that your existing accounting software is no longer sufficient for your needs, prompting you to delve into enterprise resource planning (ERP) solutions. This shift symbolises a pivotal moment, akin to transitioning from dating to marriage – it demands thoughtful deliberation and carries long-term consequences.
While accounting packages like Xero, Quickbooks, or AccountRight are effective for simple small businesses, they may not adequately support the complexities of a growing enterprise. These packages primarily focus on cash flow management and lack comprehensive features for operations and business reporting.
In contrast, ERP solutions like MYOB Advanced offer a holistic approach to financial management and operations. MYOB Advanced provides customisable options tailored to your business needs, delivering real-time insights into your operations, inventory management, financial health, and more. It eliminates the need for spreadsheets and integrates various functions like accounts payable, receivable, inventory management, CRM, project management, and more into a single platform.
In fact, almost everything you might require is likely to come right out of the MYOB Advanced box.
How MYOB Advanced solves Xero customer challenges
- Transaction Volume: Dealing with a large number of transactions can be a challenge for Xero users, especially when exceeding 1000 invoices per month, leading to performance issues. In contrast, MYOB Advanced handles higher transaction volumes effortlessly without any impact on performance.
- Financial Management: With MYOB Advanced, you gain immediate access to critical insights and complete oversight of your financial performance, spanning various entities, business lines, and even international operations. Its automated processes not only enhance cash flow but also streamline debt collection efforts, a stark contrast to Xero's manual approach to chasing outstanding payments.
- Intercompany Transactions and Branch Reporting: Xero's subscription model restricts users to one entity, making it challenging to handle intercompany transactions without the need for additional Add-Ons.
- Inventory management is a crucial aspect for wholesale and inventory-based businesses. While Xero can be expanded through Add-ons like Unleashed at an additional cost, MYOB Advanced offers comprehensive inventory management right out of the box. This feature makes MYOB Advanced the top choice for businesses in need of efficient and integrated inventory solutions.
- Workflow automation and approval management are essential for businesses seeking efficiency and control. MYOB Advanced stands out in this aspect, offering role-based access and approval processes, a feature lacking in Xero's native platform.
- For technical support, Xero only provides email assistance, which may not suffice for clients heavily reliant on their systems for daily operations. With MYOB Advanced, Momentum offers a single point of contact for prompt resolution of any issues that may arise.
- Auditing Controls: Unlike Xero, MYOB Advanced offers role-based access to the system right from the start. This feature enables businesses to protect their data from potential fraud, create audit trails in case of a data breach, and maintain control over workflows without leaving any gaps or vulnerabilities in the system.
- Integrated Platform: MYOB Advanced streamlines the requirements of expanding businesses that rely on Xero along with various Add-ons. Growing enterprises often seek a central point of contact accountable for their system, rather than juggling multiple personnel and applications.
Small businesses with minimal staff may have intricate needs, while larger enterprises with extensive teams might operate more straightforwardly. However, a common thread weaves through both scenarios – a subtle apprehension regarding effective management and oversight.
This concern often boils down to visibility. Credit to management guru Peter Drucker for the perhaps obvious truism that you cannot manage that which you cannot measure; you can’t measure what you cannot see, either. As reliance on makeshift solutions and piecemeal fixes grows, understanding precisely what transpires, where, and when poses an escalating challenge.
Enter ERP, the beacon of hope. Serving as a unified, organisation-wide platform, ERP grants effortless access to daily performance insights, operational status, and even supplier and customer inventory levels. It places critical information at your fingertips, empowering both you and your team members with the knowledge necessary for informed decision-making.
Eager to delve deeper? Let's explore together and determine if MYOB Advanced aligns with your business needs. Reach out to us today!
