What is ERP?


27th June, 2024

A CFO’s Guide to Assessing the Value of ERP

CFOs and Heads of Finance in mid-sized businesses face mounting pressures to streamline operations, maintain compliance, and drive strategic growth.

As a business grows, the limitations of manual processes and multiple disparate systems become more apparent, making a growing case for implementing an Enterprise Resource Planning (ERP) system.

However, risk-averse finance leaders can and will hesitate due to the perceived costs and complexities associated with ERP implementation.

The truth is, the biggest risk lies in NOT making a change.

For one thing, sticking to outdated systems can lead to time-consuming manual tasks, cybersecurity vulnerabilities, inaccurate data, and slow decision-making.

Read on and discover our guide that helps CFOs assess the value of ERP systems and understand why the benefits far outweigh the risks.

Eliminate Manual Tasks and Boost Efficiency

Manual data entry and spreadsheet management are not only time-consuming but also prone to errors.

An ERP system like MYOB Acumatica automates these processes, reducing the time spent on repetitive tasks and minimising the risk of human error.

Additionally, this automation allows your finance team to focus on more strategic activities that drive business growth.

Key Benefits:

  • Time Savings: Automate routine tasks such as invoicing, payroll, and financial reporting.
  • Accuracy: Reduce errors by eliminating manual data entry.
  • Productivity: Free up your team to focus on value-add activities.
ERP advanced business

Enhance Data Security

In an era where data breaches are increasingly common, ensuring the security of financial data is paramount.

Consequently, a good ERP offers robust cybersecurity features to protect your sensitive information.

Also, with multi-layered security measures, including data encryption, regular security updates, and secure access controls, you can rest assured your financial data is safe.

Key Benefits:

  • Data Encryption: Ensures that all financial data is encrypted both in transit and at rest.
  • Regular Updates: Continuous security updates to protect against emerging threats.
  • Access Controls: Granular user access controls to ensure that only authorised personnel can access sensitive information.

Accurate and Real-Time Data for Informed Decisions

Firstly, making decisions based on outdated or inaccurate data can have significant repercussions.

Secondly, an ERP system provides real-time access to accurate financial information, enabling you to make informed decisions quickly.

By using an ERP, you can integrate all your business data into a single platform, which then provides comprehensive insights into your operations.

Key Benefits:

  • Real-Time Insights: Access up-to-date financial information to make timely decisions.
  • Comprehensive Reporting: Generate detailed financial reports with ease.
  • Data Accuracy: Ensure consistency and accuracy across all business processes.

Streamlined Compliance and Reporting

Significantly, staying compliant with local regulations and reporting standards is a constant challenge for growing businesses.

For that reason, an ERP simplifies compliance by automating tax calculations, financial reporting, and regulatory filings.

As a result, this ensures that your business remains compliant with Australian and New Zealand standards without the manual workload.

PolyNovo’s Growth Story:

  • Overseas Expansion: MYOB Acumatica supported PolyNovo’s growth and international expansion by providing a scalable ERP solution that ensured compliance with local regulations across different markets.

Scalable Solutions for Growing Businesses

As your business grows, so do your operational complexities.

Consequently, an ERP system like MYOB Advanced is designed to scale with your business, accommodating increased transaction volumes and expanding business needs.

Additionally, this scalability ensures that you won’t outgrow your ERP system as you expand.

Key Benefits:

  • Scalability: Supports growth without the need for a complete system overhaul.
  • Flexibility: Adapts to changing business needs and processes.
  • Future-Proof: Invest in a solution that grows with your business.

Integration with Add-On Products: Velixo

One of the significant advantages of MYOB Acumatica is its integration capabilities with powerful add-on products like Velixo.

Velixo is an Excel-based reporting tool designed specifically for MYOB Advanced, allowing CFOs to leverage the familiar interface of Excel while accessing real-time data from their ERP system.

Key benefits of Velixo:

  • Real-Time Data: Direct integration with MYOB Advanced for up-to-date financial information.
  • Excel Interface: Use the powerful features of Excel for financial reporting and analysis.
  • Customisable Reports: Create custom financial reports tailored to your business needs.
  • Streamlined Workflows: Simplify financial reporting processes, saving time and improving accuracy.

Implementation and Training

Concerns about the implementation process and training requirements are valid but manageable. MYOB Acumatica provides comprehensive support to ensure a smooth transition.

Also, with detailed implementation plans and extensive training resources, your team can quickly adapt to the new system and start reaping the benefits.

Key Benefits:

  • Detailed Plans: Step-by-step implementation guides to ensure a smooth transition.
  • Training Resources: Extensive training materials and support to help your team get up to speed.
  • Ongoing Support: Continuous support to address any issues that arise post-implementation.

Embrace the Future with Confidence

For CFOs and finance leaders in growing mid-sized businesses, the decision to implement an ERP system like MYOB Acumatica is a strategic move that can drive efficiency, enhance data security, ensure compliance, and provide real-time insights for informed decision-making.

In particular, the risks of sticking to outdated systems far outweigh the perceived challenges of ERP implementation.

Finally, embrace the future with confidence, knowing that MYOB Advanced is designed to support your business’s growth and success.

Click here to learn more about how MYOB Acumatica can transform your business.

Invest in the right tools and unlock the full potential of your business today.

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.