Your guide to using a business management platform (BMP)
Whether you’re just starting out or you’re ready to grow, if you run a business, you've almost certainly set up a process for managing that business.
However, with the rapid progression of online business and ecommerce, as well as the digitisation of business processes over the past few years, there’s a good chance your business management isn’t as functional as it could, or should, be.
What is a business management platform (BMP)?
A business management platform is a tool that brings together applications for accounting and tax management, customer management, enterprise resource planninge management and project management into one online platform.
It makes your supply chain, employee and project management more efficient; not to mention increasing the compliance and accuracy of your business' finances.
Whether you're just starting out, or are a household name, MYOB houses all your business needs. With everything conveniently in one place online, you'll get real-time visibility over your entire business, helping you make better, more informed decisions.
Why you need a business management platform
In a hyper digital, connected world, it’s been found that 50% of businesses in New Zealand* believe they have a disconnection problem.
Because of this, businesses are losing, on average, one whole working day per week manually fixing disconnection issues, with 9 in 10 businesses having to duplicate tasks across systems*.
Additionally, 4 in 5 New Zealand SMEs are making decisions without full visibility of their business*. This lack of informed decision making can have major impacts on your operations, and importantly, your business’ bottom line.
This is backed by 69% of New Zealand SMEs that had digitised parts of their business believing doing so had made them more profitable^.
More than just accounting software, a business management platform houses all business-critical tools and applications online, making it accessible from any device, anywhere.
The benefit of being a cloud-based solution also bolsters your business’ cyber security, protecting you from threats and data breaches. It has been found that on-premise software solutions are three times more likely to be vulnerable to cyber-attack than cloud-based software solutions
There is a better way to do business. MYOB is a business management platform that bridges the disconnection gap, and gives you the visibility and confidence to make better business choices.
*MYOB Disconnection Challenge Report June 2022
^MYOB Digital Disconnection Challenge 2022
†SaaS vs On-Premise Beyond Software
How a business management platform improves business
We all know that spreadsheets have been used for years to manage the mundane cycle of finances and employee management. Spreadsheets to track employee hours; spreadsheets to track leave entitlements and dates; spreadsheets to manage stock; spreadsheets, spreadsheets, spreadsheets.
But what if there was an easier, less manual way of managing your business?
By housing all of your processes and workflows in one dashboard, MYOB is able to save you time and money by automating laborious processes and enhancing oversight on your pipeline.
Streamline your operations
From inventory management to supply chain, GST calculations to project management, the benefit of combined workflows is that you can access every element of your business operations on one dashboard.
This streamlined approach to business management means a more organised operation, but also a more effective and efficient one.
Time and cost efficiencies
A direct result of streamlining anything is increased efficiency.
With the MYOB business management platform, you’re able to save time through new efficiencies including having your workflows and employee management processes in one place, accessible from anywhere.
With this new-found time in your workday, you will also save on costs through cleaning up previously ‘wasted’ hours spent on manually handling tedious data and processes, allowing you and your employees more time to spend on business-critical tasks that make you money.
Real-time data access
A common pain point of business digitisation is access to business-critical data. How do you know how much stock you’ve got in your warehouse? How do you know what invoices to your customers are still outstanding? How do you track your cashflow status?
Accessing your business data is crucial to success, and a business management platform that delivers real-time data and tracking capabilities will help you achieve that. Know exactly where every stage of the process is at, track your employee benefits and allowances, and have confidence that the data you’re receiving is accurate and up to date.
In the digitised world of business, disconnection holds businesses back from achieving their full potential. Manual systems and lots of individualised software solutions that don’t talk to each other lead to digital disconnection that causes financial, strategic and productivity issues.
This also makes it hard to adapt as business needs contract or expand.
Being fully integrated with your daily applications, MYOB is more than accounting software. It’s also fully adaptable to your business’ changing needs; whether you’re growing or downsizing and allows a holistic view of the state of play so you can make more informed business decisions.
How does a business management platform work?
MYOB is a business management platform that has the six key workflows that your business needs, in one place. These workflows help you better manage your customers, supply chain, employees, projects, finances, accounting and tax.
What are the six key workflows?
Take care of your pricing, marketing, quoting and invoicing in one simple process.
Manage your inventory, sales orders and suppliers’ bills while maintaining oversight on each stage of the process.
Streamline your onboarding, employee benefits and payroll, rostering and leave entitlements in one place, accessible from anywhere 24/7.
Get your quotes, time billing, invoicing and job management organised with full oversight and project management capabilities.
Astutely catalogue your invoice financing, payments received, expense tracking and coding and receipts, as well as manage your cashflow in one place.
Accounting and Tax
Ensure you stay compliant, prepare and lodge BAS and GST, and manage your bank reconciliation statements from anywhere.
Build a better business future with MYOB
MYOB helps you master your employee and business management. For businesses of all sizes across all industries, whether you’re growing, starting out or just want to work better, MYOB is a business management platform that brings together your workflows all in one place and adapts to changing needs.
MYOB allows you to spend less time on manual processes and more time on what counts – running your business.
Wherever your business is headed, MYOB adapts to meet your changing needs. We’re there to support your business today, so you can be ready for what comes next by providing the visibility and confidence you need to make better, more informed decisions.
Disclaimer: 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.