MYOB Advanced for Professional Services

The professional services industry is a dynamic and varied landscape that consistently values precision, timeliness, and adaptability. Relying on manual processes to manage billable and non-billable time, productivity, expenses, and multi-entity consolidation can hamper your efficiency and waste valuable resources.

To get ahead and stay ahead of your competition, you need a software solution that can support your entire organisation. Larger, more complex professional services organisations use MYOB Advanced (Acumatica) to meet their enterprise-level project accounting and reporting needs.

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Why make the change to a connected business management platform

Small-business accounting software or ill-suited systems create efficiency bottlenecks and take your focus away from helping your clients. Common pain points that your professional services organisation may be facing are:

• Poor visibility of your project accounts across multiple entities or even multiple teams,
• Lack of timely reporting to boards, management, or other stakeholders,
• Basic reporting scenarios that fail to capture the full picture of your organisational health,
• Inflexible project billing processes that compromise client relationships and affect contract compliance,
• Data and compliance management split across multiple disconnected systems,
• Limited accessibility to important data when away from the office,
• Mistakes arising from an over-reliance on manual processes and data entry, or
• A growing team that is becoming increasingly difficult to onboard and manage.

MYOB Advanced is a modern, powerful, secure business management platform that can be configured to meet the needs of complex professional services organisations.

What is MYOB Advanced?

MYOB Advanced Professional Services Edition recognises the unique challenges faced by professional services organisations. It is a seamless and scalable platform for enhanced efficiency, resource management, and client satisfaction.

MYOB Advanced is a cloud-based Business Management Platform localised by MYOB and powered by Acumatica – the world’s fastest-growing ERP system. It provides professional services organisations with a comprehensive set of tools for financial management, project accounting, expense management, revenue recognition, auditability and governance, customer service, and more. The software is designed to streamline business processes, automate tasks and other business events, and provide real-time insights into key performance indicators (KPIs). It is suitable for larger, more complex professional service organisations and can be customised to suit your specific requirements.

MYOB Advanced benefits for professional services

Using an ERP for professional services empowers your team to embrace efficiency and connects your data silos to one single source of organisational truth.

Adaptable software for every professional services organisation

The MYOB Advanced platform is built out of a range of integrated modules to meet your organisation’s specific requirements. You only include the modules you need, and they are individually customised to suit your workflows and processes. Modular systems are scalable to meet your changing requirements and can be added in even after your implementation as you continue to grow.

MYOB Advanced also supports the integration of third-party add-on solutions to further improve efficiency. Industry-specific products can be integrated to address specific functionality areas and create a unique system to match your unique requirements.

Manage your operations from any device

MYOB Advanced (Acumatica) is built for the cloud. It is a cloud-native platform with all the flexibility, functionality, and user-friendly interfaces of a modern ERP system. The cloud brings mobility into your operations. MYOB Advanced can be accessed at any time and from any device, either through a web browser or the purpose-built MYOB Advanced OntheGo app.

With MYOB Advanced, the ability to manage operations from any device becomes a strategic advantage, fostering a more agile and connected approach to business in the dynamic landscape of professional services.

Local business support

MYOB Advanced is a reliable, stable, well-supported, powerful ERP system. Kilimanjaro Consulting offers a long-term support partnership following your MYOB Advanced implementation. Our expert team will be well-versed in your specific system, allowing fast and responsive support. MYOB Support services follow the sun from our offices across New Zealand and Australia – all the way to Perth. This helps you get support when you need it, so you do not have to wait for off-peak support windows with overseas vendors. The value of localised expertise adds an additional layer of MYOB Advanced’s reliability for the success of professional services organisations.

Comprehensive financial reporting

MYOB Advanced has the robust financial management and reporting tools you need to create board reports and track revenue across multiple entities. For professional organisations with complex structures, MYOB Advanced offers the capability to consolidate financial data across multiple entities or branches. This provides one unified view of financial performance across the entire organisation.

MYOB Advanced’s flexible General Ledger and subaccount structure means it can be completely customised to fit your unique organisation. It supports multiple currencies, including multiple base currencies across entities and complex organisational structures. The system collects data in real-time across all teams and entities, which means that every report, Generic Inquiry, or Dashboard is kept up to date with the most accurate, recent information. Create role-specific and login-specific dashboards so that the important information is immediately visible upon login. MYOB Advanced also includes features to assist with compliance management, ensuring that financial reports meet the necessary regulatory requirements.

Automate your processes

Automation is a powerful tool for improving efficiency, freeing up your team from the burden of manual processes. MYOB Advanced comes equipped with powerful automation to streamline your operations:

• The Application Programming Interface (API) simplifies the efficient transfer of information between the system and external sources. The API is used as part of the integration with third-party products. This functionality reduces the manual effort required for data management tasks, enhancing accuracy and saving time.
• Business Events in MYOB Advanced trigger automation based off changing information in your system. These are simple ways to configure the system to fit your unique processes and workflows. Business Events can be used to send automatic email or mobile notifications and more.

In addition to general business processes, MYOB Advanced excels in automating financial processes. This includes automated invoicing, expense tracking, and financial reporting, allowing finance teams to focus on analysis and strategic financial management.

Communicate and collaborate easily

Team-based collaboration improves dramatically when working in the cloud. You can work knowing the data you are using is up to date and consistent across different teams and workflows – no matter where you sign in. Real-time data flow means that everyone is working with the same data at the same time. Don’t waste time chasing other teams for out-of-date spreadsheets – everything comes from the system as your single source of truth.

With the integrated MYOB Advanced Payroll (formerly People) module, you can bring HR, operations, and payroll into one place. MYOB Advanced Payroll is an all-in-one management tool that calculates finances and labour costs, analyses trends, and creates detailed reports – all in real-time and integrated into MYOB Advanced Business. It handles multiple pay groups and frequencies, leave requests and approvals, and automated onboarding.

MYOB Advanced Workforce Management

Bring onboarding, rostering, timesheets, and payroll together in one seamless, automated solution. MYOB Advanced Workforce Management is an add-on module to MYOB Advanced Payroll that improves the efficiency of even more of your administrative processes.

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MYOB Advanced features for professional services

There are many key features that make MYOB Advanced the best ERP for professional services:

• Multi-entity data management with support for intercompany and cross-company functionality,
• Create a truly connected organisation, with different departments, entities, and groups working with the same data in real time,
• Track multiple projects across multiple locations in real time,
• Upload and track expenses with automated approval pathways,
• Client information is organised and stored in one place, alongside billing and project information,
• Accurate forecasting and planning capability,
• A configurable, flexible Chart of Accounts with subaccount structures that can be customised to fit your requirements,
• Cloud-based data encryptions securely access data from anywhere, at any time,
• Identify inefficient processes to make the most out of revenue,
• Manage and pay your entire team from a single integrated platform,
• Automate bank reconciliations with Bank Feeds functionality to streamline the billing process,
• In-built fixed asset management,
• Deliver timely, accurate and highly segmented financial reports to board members and management,
• Cash flow improvements from the convenient monthly subscription cost,
• Integrate a range of third-party add-on products to maintain a single source of truth for your data and enhance core functionality,
• Multi-device accessibility: view your data from anywhere and at any time on any device,
• Track compliance requirements across your organisation within a single system.

Importance of local software

There are many benefits to using a system that has been designed for your local region. All the idiosyncrasies of doing business in Australia and New Zealand will be familiar to you, but not to overseas vendors. Their systems are not built to reflect the complexities that a local provider is more familiar with. MYOB Advanced has been specifically customised to meet the needs of Australian and New Zealand organisations.

MYOB is a stable and reliable local vendor. Your investment supports a mainstay in the ANZ market, as well as giving your organisation the local tools to surpass your competition.

Overcoming the roadblocks of ERP implementation

A successful MYOB Advanced implementation relies on managing risk. Professional services organisations should be aware of the 3 types of risk:

1. Software risk
2. Implementer risk
3. Self-Inflicted risk

MYOB Advanced is a reliable, stable, well-supported, powerful ERP system. It is well established as a good fit for the professional service industry due to its robust project accounting features and configurable subaccount structure. It has shown a strong return on investment for other organisations. To manage implementer risk, engage the services of a trusted, experienced, low-risk implementation partner.

Self-inflicted risk is perhaps the hardest aspect of an implementation for professional services organisations to manage. Typically, the industry is held back by time constraints, tight budgets, and a lack of confidence and willingness to invest in operational solutions. Lack of effective change management can derail an implementation. It can be difficult to justify the allocation of funds to a new implementation as it takes the focus away from your latest projects. Investigate the best ways to build an internal implementation team, including setting your project champion in our guide to building the best team for your implementation.

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The Kilimanjaro Consulting team can help you manage the three areas of risk, ensuring a successful implementation and a strong return on your investment.

Our Services – we help you so you can help others

Kilimanjaro Consulting has the largest and most experienced team of MYOB Advanced implementation consultants across Australia and New Zealand. We are skilled, low-risk implementers helping businesses overcome their challenges through the use of clever, innovative and proven technology. Our dedicated team takes the time to truly understand your organisation and customise MYOB Advanced to meet your requirements. We are experienced in implementing MYOB ERP for professional service organisations.

MYOB Advanced Implementation

MYOB Advanced is a complex, sophisticated business management platform. It requires in-depth solution design and configuration to meet your requirements and to add the most value to your organisation. While an MYOB Advanced implementation may seem like a daunting project, you can engage an expert implementation partner to guide you through to a successful outcome.

MYOB Advanced integrations and customisations

There is a vast array of specially developed connected services that you can integrate with MYOB Advanced to create a technology ecosystem. These systems are specifically developed to meet individual industry or departmental requirements and can further improve efficiency. MYOB Advanced integrations and customisations allow you to build a truly custom system for your organisation.

Business Process Improvement

Business Process Improvement (BPI) is a systematic approach to helping an organisation optimise its processes and improve efficiency. BPI is an integral part of any implementation. There must be an overall improvement in your processes; otherwise, your investment in new software will be suboptimal.

Targeted areas for BPI typically include:

• Automating manual processes
• Validate data integrity
• Improved reporting capabilities
• System integrations if applicable, and
• Process efficiency

MYOB Advanced Training and Support

Kilimanjaro Consulting provides in-depth MYOB Advanced training as part of our implementation process, as well as long-term guidance and support for our professional services clients.

We understand it is crucial to empower your staff with the right skills and knowledge to use your systems effectively. MYOB Training avoids wasting time and resources that cause inefficiencies within even the simplest of processes. We have a dedicated training portal for on-demand MYOB Advanced training options, as well as the skills to create bespoke training that is specific for your site and workflows.

The Kilimanjaro MYOB Support Sherpas will help guide you to the best possible solution if and when you face challenges with your systems. With decades of experience between them, the Kilimanjaro MYOB Support team take a collaborative approach when solving your issue.

For any MYOB Support case, we follow a structured methodology to minimise risk and solve your problem efficiently. Our MYOB Advanced Support team has developed a robust knowledge base grounded in their real experiences in finding solutions for our clients. Knowing more about your issue gives the team the ability to consider multiple resolutions. No matter if the query is small or large, our team will always endeavour to provide the best solution.

MYOB Advanced Professional Services FAQs

MYOB Advanced is a complex and fully featured business management platform. Naturally this leads to many frequently asked questions.

What is an ERP used for in professional services organisations?

Enterprise Resource Planning (ERP) systems are comprehensive software platforms that manage core business processes across various departments such as finance, human resources, procurement, supply chain, and manufacturing. They aim to provide a centralised solution for all aspects of an organisation’s operations. Professional services benefit from having all data collected by their organisation stored and available for analysis in one place.

The right ERP system can also manage professional services requirements around time and expense tracking, payroll and resource allocations, productivity, project management, customer relationship management, time tracking, and billing.

Why set up a cloud ERP for my professional services business?

Moving from an “off-the-shelf” accounting system to an Enterprise Resource Planning (ERP) system brings in significant efficiency benefits for your entire team. Avoid the biggest waste of administration resources by eliminating data duplication across disconnected systems with a connected business management platform. Capturing project, financial, payroll, and inventory data in one place improves visibility and report timeliness. When properly configured and implemented, a powerful cloud-based ERP system can improve efficiency and set your organisation up for future success.

How do I find the best ERP system for professional services?

Book a free, no-obligation consultation with one of our friendly and experienced MYOB Advanced consultants. Discover how our team can support your organisation in your journey up the technology mountain.

Trust the knowledge and experience of an expert. Our team will work to understand your organisation and processes before providing open and honest advice about how MYOB Advanced can improve efficiency for your professional services organisation.

What is the difference between ERP and PSA?

An Enterprise Resource Planning system encompasses your entire organisation, bringing together different departments, operations, workflows, and functions for improved efficiency. ERP systems are used by a wide variety of different organisations and industries; they are versatile and customisable to meet specific functionality requirements.

Professional Services Automation (PSA) software, on the other hand, is designed specifically to streamline and automate the operational processes specific to professional services organisations. This includes project management, resource allocation, time and expense tracking, and other tasks essential to service-based industries. In general, PSA systems have stronger project management capabilities than ERPs. However, they struggle to bring together your entire organisation in one place and positively affect your whole team. A PSA may better capture your project management requirements, while an ERP can capture the entire spectrum of an organisation’s requirements, including project management, time tracking, billing, resource scheduling, revenue attribution, and more.

How long does an MYOB Advanced implementation take?

The length on an MYOB Advanced implementation varies depending on your individual requirements. You should anticipate a minimum of 3 months for the entire implementation project, from design through to go-live.

Your relationship with an implementation partner should be a lifetime one. Choose the implementation partner not only with the skills to customise MYOB Advanced to meet your requirements, but who will be there to support you through your lifetime journey with the system.

Do you offer MYOB Advanced professional services training?

MYOB Advanced Training is essential to get the most out of your system. Our goal is to help you become self-sufficient on your system when you go live. However, for new starters or those who need a refresher in their system we also offer supplementary online training. In the case of MYOB Advanced, because every system is so different and unique, we curate ad hoc training to suit your specific build requirements.

What kind of MYOB Advanced support do you offer?

The support team at Kilimanjaro Consulting are MYOB Advanced experts. They follow a structured methodology to minimise risk and ensure your system works perfectly when the ticket is closed. Our team will always submit a written quote before undertaking any work, to ensure our support costs are clear and transparent.

Continuous support and Business Process Improvement help you get the most out of your investment in MYOB Advanced. Support rates are typically bundled into packages; however, you could also opt to pay for support by the time spent to resolve your problem – usually at a more expensive rate.

What are the costs involved when implementing MYOB Advanced for professional services?

Just like the implementation timelines for MYOB Advanced, the implementation costs also vary from organisation to organisation.

Every MYOB Advanced site is different, and the price reflects this. Because you only pay for the modules you use, and every organisation will use the system differently and with a different number of users, there will be variance between companies for the final cost.

An MYOB Advanced implementation will cost between $50k and $100k depending on the individual requirements. More complex organisations could fit outside this range. Ongoing licence fees range between $2k to $5k per month.

Your organisation may be more or less complex than the exemplar. The best way to find out how much it will cost is to talk to an expert. Our team will attempt to understand the uniqueness of your organisation, how MYOB Advanced can best meet your needs, and provide a quote for implementation, ongoing licences and support.

How will Kilimanjaro Consulting help my organisation to adopt MYOB Advanced?

You may not have gone through an implementation before, but we have. Kilimanjaro Consulting places a supreme focus on the minimisation and mitigation of risk in your implementation. We follow a systematic framework to guide clients and the implementer step-by-step through the process. Without a structured implementation methodology, the speed and sequence of steps will be confused, resulting in frustration and dissatisfaction. A structured methodology incorporates the lessons learned from experience, ensuring that the same mistakes will not be made again.

Get in touch today

The Kilimanjaro Consulting team are experts in configuring MYOB Advanced to meet the needs of professional service organisations. Our team includes CA, CPA, and ACA accountants. We understand your needs and have the skills to configure the system to meet your requirements. MYOB Advanced is a suitable and proven business management platform in the professional services industry. It provides a strong return on investment while also improving efficiency and visibility of your most important data. Contact us to organise a free, no-obligation assessment of your organisation and whether MYOB Advanced is right for you.

To start a conversation about how MYOB Advanced can improve efficiency in your professional services organisation, email sales@kilimanjaro-consulting.com, or call 1300 857 464 (AU) or 0800 436 774 (NZ).