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6th May, 2024

MYOB Advanced Business helps you thrive amidst challenges

While running a business is never easy, the last few years have been especially tough.

Economic headwinds continue buffeting businesses of all sizes, with high interest rates, fuel and utilities costs increasing the cost of doing business.

With consumers also feeling the pinch, businesses face the double whammy of weakening demand against a backdrop of higher operating costs.

In this challenging economic context, leaders must look to the future, think strategically, and identify opportunities to move the business forward.

Technology is one of the key levers business leaders can pull to drive growth. With the right software platform, businesses can achieve more with less resources — and even thrive during these challenging times.

The role of tech in business growth

Software plays a critical role in today’s global, digital economy. Beyond facilitating day-to-day processes to run smoothly, the right tech tools ensure speed and accuracy, while providing leaders visibility into their business and greater control over operations.

However, many companies are held back by their tech stack. Small and medium-sized businesses tend to run their businesses off basic accounting software, Excel spreadsheets and a few other software applications that may not integrate.

While this fragmented approach may work while a business is small, it becomes increasingly hard to manage as a business scales.

Likewise, disconnected software systems slow productivity and add to operating costs. And in tough economic times, inefficiency is especially problematic: keeping costs low and the business agile is key to survival.

ERP advanced business

What is an enterprise resource planning system?

An enterprise resource planning system (ERP) brings together all critical business management functions in a single database.

With native integrations between software modules, data flows seamlessly through the platform.

READ:  ERP vs accounting software: 9 key differences

With a cloud ERP, users can access and update data in real time. With workflows digitalised and automated, tasks and activities can be system generated.

This relieves staff of administrative work, while ensuring accuracy and increasing speed of operations.

Put simply, an ERP improves efficiency and lifts productivity – making it a valuable solution for any business.

How MYOB Advanced Business promotes growth

MYOB Advanced Business is a comprehensive, fully integrated, open, cloud-based system that’s specifically designed for ambitious, mid-market ANZ companies.

Here are some key features that will help drive growth:

  • All-in-one platform — MYOB Advanced Business brings together core business functions, including finance, sales, customer service, inventory management and more into one business management platform.With all modules seamlessly integrating with your accounting software, your financial records are always up to date.
  • Scalable and flexible — You pay for the modules, third-party integrations, and usage that you require. As you grow your business, you can increase your number of entities, volume of transactions, number of users and more. MYOB Advanced Business can scale seamlessly alongside your business, so you won’t outgrow your software.
  • Accessibility and mobility — Cloud-based and mobile-enabled, users can access business software and data online from any device. This constant connectivity enables staff to achieve more each day.  Further, for companies that have a mobile workforce, being able to collect and access data out in the field increases efficiency and enables fast, informed decision making.
  • Real-time data and analytics — As a fully integrated ERP, MYOB Advanced Business pulls data from across business functions to generate advanced reports and in-depth analytics. With real-time data and a 360-degree view of your business, you have the information you need to make strategic decisions, drive growth, and unlock future value.

How MYOB Advanced Business supports business functions

An ERP should support all business functions. Here’s an overview of what MYOB Advanced Business offers:

  • Financial management — Manage accounting and tax, handle complex financials across structures and locations, allow for intercompany and consolidated financial reporting, manage international compliance and multi-currency requirements.
  • Workforce management — Bring onboarding, rostering, timesheets, and payroll together. Use Smart Roster automation to save time and ensure compliance. Easily manage time and attendance tracking, timesheets, and approvals for accurate, on-time pay.
  • Payroll management — Handle complex awards and payments, stay compliant with the latest tax rates and regulatory reporting requirements, easily set up, modify, and generate payroll reports.
  • Inventory and distribution — Manage complex multi-site inventory, use automation to reduce paperwork and carry out workflows, improve picking, packing and shipping.

MYOB Advanced could accurately control our inventory, manage customer special pricing and segment our customer groups without any drama.

Marie Kapetanakis, Founder, Kosmea
  • Purchase orders – Automate procure-to-pay processes, strengthen spend control, improve supplier relationships, and capture digital audit history.
  • Project accounting – Bill materials and labour based on the project or work performed,allow employees, partners and contractors to log their time, track project costs against budget.
  • CRM – Store customer and prospect contact information, record sales and other interactions with your brand, target marketing automations effectively, support your sales team in closing deals.

To find out more and to organise a demo, contact us.

A customisable solution

With a modern, powerful, customisable ERP like MYOB Advanced Business, business leaders can design the solution that fits their needs.

MYOB’s open architecture also allows customers to extend their platform with additional third-party integrations, helping them future proof the business and their software investment.

Whatever the economy is doing and whatever challenges companies face, having the right technology provides companies with real and enduring competitive advantage.

Find out more about MYOB Advanced Business here.

Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.