MYOB Advanced


15th November, 2021

What is MYOB Advanced Business? Everything you need to know

For large and growing businesses, MYOB Advanced Business offers a comprehensive cloud-based platform for resource planning, inventory management and so much more. Here’s all the key details.

As an organisation grows, the need for more powerful management tools increases. More staff, more revenue and more suppliers to pay all add up to headaches for business managers, unless they have the right systems and processes in place to handle them.

While MYOB Business is the go-to solution for most organisations with less than 20 full-time employees, larger or particularly complex businesses should consider MYOB Advanced Business to best fit their needs.

If you’re a growing organisation, understanding what’s on offer in MYOB Advanced Business could save you a lot of time and expense down the track.

Covered in this article:

  • What is MYOB Advanced Business?
  • Key features & benefits
  • Industries best suited for use
  • What results can I expect from using MYOB Advanced Business?
  • How much is MYOB Advanced Business?
  • Is MYOB Advanced Business for you?
  • What is MYOB Advanced Business?

MYOB Advanced Business is a cloud-based enterprise resource planning (ERP) system that connects critical business functions in one single platform, reducing reliance on manual processes and providing accurate insights in real time. And it’s designed to scale with ongoing growth.

That’s because MYOB Advanced Business has been designed to address the key challenges faced by today’s mid-market organisations, says Valantis Vais, head of product, Enterprise, for MYOB.

“At the core of all businesses there are six, key, overarching business workflows,” said Vais. “They are: generating revenue, managing suppliers, managing your staff, managing work in progress, managing your cashflow and, finally, managing compliance.”

Bringing together these key workflows along with associated information and data into one all-of-business platform, MYOB Advanced Business enables mid-market businesses to easily track and forecast inventory, streamline sales and purchasing, and manage projects and financials in real time.

READ THIS NEXT: ERP systems: everything you need to know

MYOB Advanced Business key features & benefits

The following features, their associated uses and benefits are all on offer within MYOB Advanced Business.

Financial management

  • Handle complex financials across structures and locations
  • Gain real-time visibility and minimise manual data entry
  • Browse customisable and comprehensive reporting and analysis
  • Structure accounts with organised segments
  • Create role and access permissions

Inventory management

  • Multiple sites, staff and equipment issues, sales and purchase order management
  • Compare physical and counted stock
  • Use multiple methods of billing including time and materials
  • Select different valuation methods for each inventory item
  • Adjust costs and physical inventory from inquiry and report screens

Project accounting

  • Real-time tracking and management of billing, time and expenses
  • Have your employees, partners and contractors log timesheets anytime, anywhere
  • Flexible billing arrangements let you bill materials and labour based on the type of work performed, project requirements or customer
  • Manage projects with a single location needed to track all costs, revenues and budgets
  • Manage account processes accurately and efficiently

Customer management

  • Provides a total view of your customer data
  • Manage marketing, quoting, sales, post-sales support and customer information
  • Dashboards and reports provide real-time sales data to help manage forecasts
  • Efficiently communicate with customers through the Customer Portal.

Built for industry

  • MYOB Advanced Business supports a range of industries with specific capabilities including manufacturing, construction, wholesale, distribution and field service management
  • Our team also includes industry experts that can help make certain our customers have their specific needs met

Business intelligence

  • Total accessibility — access your information in one central place
  • Custom reports allow you to drill down into the details quickly and easily
  • Better informed decision making, with easy access to real-time information whenever you need it
  • Gain a 360-degree view of your business to ensure interdepartmental transparency
  • Configurable search to find the information that is important to your organisation

READ THIS NEXT: 14 ERP system benefits to consider in the selection process

Who is MYOB Advanced Business for?

Operations best suited to adopt MYOB Advanced Business are typically bringing in more than two million dollars in revenue per annum, and have 20 or more full-time employees in Australia or New Zealand.

“We have tailored Advanced for you as ambitious Australian and New Zealand companies rather than trying to be a global generalist,” said Vais. “We have local support and unparalleled local expertise.

“This means whether you’re speaking to our sales, customer success or support teams, you are speaking to someone who understands your industry and local nuances.”

More specifically, businesses who consider MYOB Advanced Business will be looking to improve the following in their current IT setup:

  • Software speed and ability to derive insights fast
  • Accurately track costs and revenue at any time
  • Comprehensive financial reporting
  • Analysis reporting including GST and BAS
  • Enhanced financial and budgeting functionality
  • Managing multiple locations, multiple currencies and countries
  • Project management and customer relationship management

READ THIS NEXT: 9 step ERP implementation plan for business operators

Industries best suited for MYOB Advanced Business

  • Agriculture
  • Construction
  • Distribution
  • Engineering
  • Entertainment
  • Financial Services
  • Information Technology
  • Manufacturing
  • Distribution
  • Not For Profit
  • Professional Services
  • Retail
  • Trade Services
  • Wholesaling

What results can I expect from using MYOB Advanced Business?

“The reward for those who implement MYOB Advanced Business includes increased revenue, decreased cost, reduced risk and the most precious commodity of all: a reduction in the amount of time spent performing repetitive, low-value tasks, enabling you to focus on building the business, not working in it,” said Vais.

For ActivTec Solutions’ quality manager, Nandish Trivedi, MYOB Advanced Business created clear efficiencies for his organisation by bringing all critical functions together in one place.

“Everything is linked – sales, purchases, inventory, accounts, finance, payroll – so from a business perspective, we can see that every department is getting more efficient. That means, overall, the business is operating and performing more efficiently too,” Trivedi said.

Typical results for new adopters of MYOB Advanced Business include:

  • Faster decision making enabled by advanced and real-time reporting and insights
  • Greater productivity as a result of streamlined workflows and automation
  • Overall reduction in IT management costs incurred by outdated systems
  • Reduced risk in supply chains and compliance
  • Enterprise-level data security and storage

“Advanced is also a smart platform,” said Vais. “As you digitise your workflows, a smart platform does more than facilitate what you do today.

“We help you benefit from advancements in machine learning and AI.

“As a cloud solution, you can utilise these new technologies across your workflow either to automate repetitive tasks or drive better decision making.”

How much is MYOB Advanced Business?

Because MYOB Advanced Business is tailored to an organisation’s specific needs, pricing depends on what requirements you have.

MYOB Advanced Business is billed as a straightforward and convenient monthly subscription, with no hidden fees.

Is MYOB Advanced Business for you?

If you’re managing a growing business and contending with an increasing level of complexity in your systems and processes, it’s time to consider MYOB Advanced Business.

Regardless of what industry you’re in, MYOB has brought together all the key functionality and features you need to get things running smoothly again, and get your staff operating at their true potential.

Still not sure how MYOB Advanced Business stacks up? You can find out more here, or sign up to MYOB’s Business Un-Ltd Newsletter to get regular updates, insights and case studies right to your inbox.