MYOB Business Solutions
The differences between accounting and ERP software
From simple accounting to customisable ERP software, MYOB has intelligent products to help businesses of all shapes and sizes succeed. To illustrate the difference between MYOB’s accounting software and ERP products, this article outlines the main features offered by each.
Accounting and Business Management Software to suit all
Everyone knows that MYOB makes accounting software, but what you may not know is that MYOB also offers ERP software. In fact MYOB is the number 1 choice for Enterprise Resource Planning in Australia and New Zealand*.
This means that whether your business is just starting out or on the way to becoming a multinational conglomerate, MYOB has a solution to suit your business – Essentials, AccountRight, Exo and Advanced.
Each product allows for an easy transition to the next tier as your business grows and your requirements change. It also allows for “larger small businesses” to get the features they need without having to move to a larger system in one go.
When a business is starting out, decisions are often based on cost – which makes accounting software packages like Essentials and AccountRight great. But as your business continues to grow in size and complexity, your needs begin to change, and more often than not, the only answer is a move to ERP system.
In this article we look at the main differences between MYOB’s accounting software packages Essentials and AccountRight, and their ERP counterparts: MYOB Exo and MYOB Advanced. We also provide links to help you gain a deeper understanding on ERP, including downloadable content.
MYOB Essentials Accounting – is a browser-based accounting program designed for sole operators and relatively small-businesses with a handful of staff.
Aside from all the basic accounting essentials such as invoicing, expenses and bills, it includes basic payroll and inventory functionality. It is cost effective and easy to use.
Essentials is available in three versions, Starter, Payroll for One and Unlimited Payroll. It’s great for those who are new to accounting due to its simple ease of use.
Essentials works on both Mac and PC, and allows you to use bank feeds while staying on top of GST and BAS.
MYOB AccountRight – is a desktop program that saves its data file to the cloud. It includes a more complex payroll system that tracks time against jobs and inventory control that can assign multiple prices to one product or volume discount rules. This makes it suitable for growing small businesses.
AccountRight is also is also available in 3 different versions; Standard, Plus and Premier. AccountRight allows users to effortlessly calculate and track GST, manage invoices and expenses, bills, quotes and purchase orders, while tracking jobs, inventory and suppliers.
Both Plus and Premier versions feature payroll functionality, with Premier also allowing you to manage 2 company accounts.
MYOB Business Solutions Chart
MYOB Exo – More than an accounting solution, MYOB Exo is a completely integrated Enterprise Resource Planning (ERP) and Human Resource Management (HRM) solution for medium sized to larger businesses. At the core of MYOB Exo are two product suites: MYOB Exo Business and MYOB Exo Employer Services.
Thanks to its modular design and extensive range of third party apps, MYOB Exo allows you to create a true bespoke ERP solution that meets all your specific business requirements.
At the core of Exo is MYOB Exo Finance, a powerful business accounting and distribution management solution. It provides complete visibility across your entire business, assisting you to make educated, timely decisions crucial to your success. Exo allows you to effectively manage your business processes, data, staff, customers and suppliers in an efficient and organised manner.
Key features include:
+ Visibility of every financial transaction and stock movement
+ Accounting and General Ledger functions with customised reporting
+ Intercompany consolidation so you can view all your accounts and results of your group of companies in one location
+ Multiple locations/divisions/branches functionality
+ Comprehensive Management dashboards
+ Advanced stock management including serial number and batch tracking and bin management
+ Extensive landed cost and shipment tracking for importers
+ Extensive foreign currency management
+ Integrated job and project costing functionality including quoting, labour charges, tracking and reporting
+ Works orders, bill of materials and assembly of goods
MYOB Advanced – A fully integrated and customisable cloud business management platform made up of two cloud-based product suites; MYOB Advanced Business and MYOB Advanced People.
MYOB Advanced Business is an online ERP management system that provides a customised, scalable, cloud-based platform at a convenient, monthly price that eliminates the need for ongoing hardware costs.
MYOB Advanced People is a feature packed payroll solution that has powerful pay item and entitlement functions, catering to many employee needs.
The MYOB Advanced suites deliver an end-to-end business management solution that provides ERP and payroll functionality on a single platform. Information flows between functions, reducing duplication of effort, manual data entry and offers real-time business insights.
In similar fashion to Essentials and AccountRight, MYOB Advanced is available in three feature-packed, expandable editions: Advanced Standard, Advanced Plus and Advanced Enterprise. It also features a mobile app MYOB Advanced OnTheGo.
+ Easy financial management and GL function
+ Extensive inventory and distribution capabilities
+ Comprehensive management dashboards
+ Customer relationship management
+ Integrated project accounting functionality
+ Time sheets and expenses
+ Multiple locations/divisions/branches
+ Consolidation of financial transactions for all entities
+ Customisable accounting process flows and checklists
Ready to take the next step?
If your business has been using MYOB Essentials, AccountRight or any other smaller accounting software package such as Xero, quickbooks or pronto for a while now, we suggest you download our “Beginners guide to moving to an ERP“. This guide provides you with several methods to help identify and define the full spectrum of costs and benefits associated with an ERP implementation, as well as the calculations needed to determine a true return on investment analysis.
No longer a small business? Want to consider preparing for growth? Already experiencing business growing pains? Contact our ERP Specialists and set yourself up for business growth with a a no-cost, no-obligation ERP consultation.
Simply fill out the contact form, hit submit and we will get back to you.
Alternatively, feel free to call us on 1300 553 228.