Frequently Asked Questions
What is Enterprise Resource Planning (ERP) software?
Enterprise Resource Planning (ERP) software connects every part of your business – all in the cloud.
Our business management platform, MYOB Advanced, is powerful ERP software that brings together all your needs in once place. Financial management, CRM, account management, managing teams, managing your business compliance, work processing and more.
Our ERP software can be tailored to provide a full 360-degree view of your business in real time, streamline your processes and automate manual tasks so you can spend more time focused on strategic initiatives that grow your business.
What is a software stack?
Many firms own or subscribe to a stack of software tools to run their business. Often these software tools function as ‘islands of system automation’. These disparate systems can create a maze of information and may require workarounds within a business to deliver any meaningful work processes, reporting or business insights.
MYOB Advanced is an all-of-business management platform that substantially replaces a software stack, eliminates islands of system automation, and provides a full 360-degree view of your business in real time.
What is SaaS?
SaaS is the acronym for ‘Software as a Service’. SaaS is a cloud-based method of providing software to users. SaaS users subscribe to an application, rather than purchasing it once and installing it. Users can log into and use a SaaS application from any compatible device over the Internet.
MYOB Advanced is a SaaS product and is cloud hosted.
What is MYOB Advanced Professional Services?
MYOB Advanced Professional Services is a cloud-based all-of-business management platform designed for accounting practices and professional service firms.
Featuring powerful tools to help you acquire, grow and retain your customer base, run your firm and extract critical insights to make smarter business decisions and to ultimately grow your business value.
MYOB Advanced delivers all-of-business management software, in one cloud platform. It's everything you need to scale and support your growing business.
MYOB Advanced has an integrated General Ledger. Why is this so useful?
MYOB Advanced features an integrated General Ledger.
This powerful solution eliminates the need to maintain multiple sources of truth in different systems, giving you a complete view of the state of your accounting practice including managing your firm’s compliance, your accounts payable and receivable and your firm’s profit and loss reporting.
The integrated General Ledger also enables your Work In Process activity to not just be recorded against a job budget, but also reflected in your firm's profit and loss reporting. Gain insights from reporting which job types, for which customers, are the most profitable.
Does MYOB Advanced give me real-time visibility of my business?
Yes. Effectively manage your job workflow, streamline account management, drive your marketing campaigns, manage your accounting practice financials in real time and more – all in a scalable and integrated solution.
Does MYOB Advanced manage job time tracking and customer billing?
Yes. Manage account processes accurately and efficiently and experience real-time tracking and management of job 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.
Why would I choose to take up a Business Management Platform vs a Practice Management Platform?
Traditional practice management solutions help you manage your practice's workflow, time tracking and job costing for customer work, a small part of what is needed to run an accounting practice.
Practice management reporting is typically limited to the job or staff level, in isolation from the broader business metrics that modern accounting practices need to make smarter business decisions.
MYOB Advanced is an all-of-business management platform with tools to help you acquire, grow and retain your client base, run your accounting practice and extract critical insights to make smarter business decisions and to ultimately grow your accounting practice value.
- Work Processing
- Integrated General Ledger
- Managing Practice Compliance
- Team Management
- Account Management
- Business Growth
- CRM and Marketing
- Financial Management
- Real Time Reporting Dashboards
How does MYOB Advanced help acquire customers and grow customer value?
Acquire customers and grow customer value with these MYOB Advanced tools:
- Track leads and engage customer groups via targeted marketing campaigns
- Identify opportunities for customer growth with dashboards and general inquiries
- Send targeted marketing campaigns with rich insights captured through the Customer Relationship Management (CRM) tool
- Identify and nurture your top value customers using dashboards and flexible reporting
- Identify where to invest effort to grow your referrers and referral rate with easy-to-use reporting
- Expand your acquisition and commercial capabilities with integration to Salesforce.
How does MYOB Advanced help run my practice more efficiently?
Run your accounting practice efficiently with these MYOB Advanced tools:
- Save up to 10 hours a month on data entry with bank feeds
- Reduce debtor days using integrated email, automated reminders, payment instalment options and visibility of all your debtors and their status
- Easily consolidate reporting from multiple entities and accounts – including Profit & Loss and Balance Sheets
- Manage complex or simple jobs, from budget to completion easily, with intelligent project accounting
- Compare budgets and expected revenue with actuals using the financial reports
- Track Work In Progress and due dates with real time dashboards
- Manage your team’s capacity
- Manage complex financials and payroll on the same platform using the integrated General Ledger and by adding MYOB Advanced Payroll (MYOB’s scalable and secure cloud payroll solution)
- Work anywhere, anytime from your smart device.
How does MYOB Advanced help my practice make smarter business decisions?
Make smarter business decisions with these MYOB Advanced tools:
- Gain a 360-degree view of your practice’s performance with an integrated General Ledger and comprehensive reporting
- Provide detailed reporting per department, office or company
- Bring management reports to life through visual dashboards and financial alerts to make timely and more informed decisions
- Optimise business services and teams with profitability reporting
- Consolidate financial reports across companies.
MYOB Advanced Payroll
What is MYOB Advanced Payroll?
MYOB Advanced Payroll is a scalable and secure cloud payroll solution that can be added to your MYOB Advanced Professional Services platform.
What are the benefits of MYOB Advanced Payroll?
MYOB Advanced Payroll provides:
- Reduce errors and risk with streamlined payroll processing.
- Quickly set up, modify, and report payroll on any browser. Plus, eliminate payroll complexity and enjoy peace of mind as MYOB Advanced Payroll ensures you always use the latest tax rates.
- Automated workflows ensure your employees are paid accurately and on time.
- An all-in-one management tool to calculate finances, track labour costs, analyse trends and create detailed reports in real-time.
Stay up-to-date with tax obligations and new tax changes (including STP and SuperStream in Australia).
Empower Your Employees
Increase employee satisfaction with mobile and online self-service capabilities for employees and manager.