Discover the key differences between Xero with add-ons and MYOB Advanced to make an informed decision for your business management platform.
Choosing a business management platform for growing businesses.
As businesses grow and expand, their accounting needs also evolve. It is important to choose a business management platform that can support the increasing demands and complexities of a growing business. Whether it is managing multiple entities, handling inventory at a deeper level, or expanding into new markets, a robust solution is required.
This blog post will compare two popular options for business management platforms: Xero with add-ons and MYOB Advanced. By understanding the features and capabilities of each platform, businesses can make an informed decision about which one is the right fit for their needs.
Xero + Add-Ons
Xero is a widely used accounting platform that is popular among small to medium-sized businesses. It offers a range of features and functionalities that make it easy to manage finances, invoicing, and reporting. However, for businesses with more complex requirements, Xero may not be sufficient on its own.
To address these limitations, Xero offers add-ons that can be integrated with the platform to enhance its capabilities. These add-ons provide additional functionality in areas such as inventory management, multi-entity consolidation, and multi-currency handling. By leveraging these add-ons, businesses can extend the capabilities of Xero and tailor it to their specific needs.
Xero's limitations become apparent when handling larger business processes, as it struggles with transaction constraints. The requisition/purchase/inventory features are basic, with limited support for expense claims, projects, and multi-currency options only available in the priciest plan. Additionally, the absence of a 'Debtor Chasing' function means businesses must manually track unpaid invoices, and Xero lacks support for Exchange Trade Products (ETPs).
On the contrary, MYOB Advanced offers more than just cloud-based ERP solutions – it provides a holistic, cloud-integrated platform that propels business growth. With advanced capabilities in inventory management, streamlined sales and purchasing processes, and real-time financial management, MYOB Advanced offers a scalable and comprehensive solution for businesses seeking to expand and thrive.
MYOB Advanced Business Platform
MYOB Advanced is a comprehensive business management platform that offers a wide range of features and functionalities. It is designed to meet the needs of growing businesses and provides advanced capabilities in areas such as multi-entity consolidation, inventory management, and multi-currency handling.
Unlike Xero with add-ons, MYOB Advanced is an all-in-one solution that does not require additional integrations to address complex requirements. It provides a seamless and integrated experience, allowing businesses to streamline their operations and gain better visibility into their financials.
With MYOB Advanced, businesses can manage multiple entities, handle inventory at a deeper level, and expand into new markets with ease. It offers a scalable and flexible platform that can grow with the business and adapt to changing needs.
Addressing Xero customer challenges with MYOB Advanced
- Dealing with High Transaction Levels: Xero clients facing performance issues with transaction levels exceeding 1000 invoices per month can find relief in the MYOB Advanced Business Platform, capable of handling much higher volumes seamlessly.
- Enhanced Inventory Management: While Xero can be enhanced through Add-ons like Unleashed (at an additional cost), MYOB Advanced offers built-in inventory management, making it a preferred choice for wholesale and other inventory-based businesses.
- Empowering Financial Management: MYOB Advanced Business provides real-time insights and complete control over your bottom line across multiple entities, lines of business, and even countries. By automating processes, MYOB Advanced boosts cash flow and reduces collection time, contrasting with Xero's manual debt follow-up process.
- Streamlined Workflows and Approval Levels: Businesses in need of structured workflow processes and approvals benefit significantly from MYOB Advanced, as Xero lacks role-based access or approvals in its native platform.
- Robust Technical Support: While Xero offers only email support, businesses heavily reliant on their systems for daily operations can rely on their dedicated MYOB Advanced Partner for urgent assistance through a single point of contact.
- Efficient Branch Reporting and Intercompany Transactions: Unlike Xero, which is limited to one entity per subscription and requires Add-ons for intercompany transactions, MYOB Advanced handles these tasks smoothly.
- Enhanced Auditing Controls: MYOB Advanced Platform outshines Xero by offering role-based access to the system, enabling businesses to safeguard data, provide audit trails in case of a breach, and maintain controlled workflows without any gaps or loopholes.
- Seamlessly Integrated Business Platform: MYOB Advanced Platform simplifies the operations of growing businesses that rely on Xero and multiple Add-ons, providing a centralised contact responsible for their system rather than juggling multiple personnel and apps.
Scalability and Flexibility: Evaluating Xero + Add-ons vs. MYOB Advanced
When evaluating business management platforms, scalability and flexibility are important factors to consider. Xero with add-ons can provide some level of scalability and flexibility by integrating additional functionalities as needed. However, businesses may face limitations in terms of system configuration and handling multi-currency transactions.
On the other hand, MYOB Advanced is designed to be highly scalable and flexible, allowing businesses to easily adapt to changing needs and requirements. It can handle multi-entity consolidation, multi-currency transactions, and complex inventory management without the need for additional integrations.
By choosing MYOB Advanced, businesses can future-proof their operations and ensure that their business management platform can grow with them as they expand and evolve.
Considerations for Business Growth
As businesses consider their options for a business management platform, there are several factors to keep in mind. Firstly, it is important to evaluate the specific requirements and complexities of the business. This includes factors such as the number of entities, inventory management needs, and plans for expansion into new markets.
Secondly, businesses should consider their long-term goals and how the chosen platform can support those goals. Scalability, flexibility, and the ability to integrate with other systems are important considerations in this regard.
Lastly, businesses should also consider the cost and value proposition of each platform. While Xero with add-ons may be a more cost-effective option initially, businesses should weigh the long-term benefits and potential costs of additional integrations. MYOB Advanced, on the other hand, offers a comprehensive solution that may provide better value in the long run.
By carefully evaluating these considerations, businesses can make an informed decision about which business management platform is the right fit for their needs and growth plans.
Contact us today to schedule a lunch and learn session and take the first step towards optimising your business processes with MYOB Advanced.
