MYOB Solutions for Schools and Educational InstitutionsPut the focus back on your students while driving financial efficiency with MYOB for Education.
The education industry is competitive and ever-changing. To get ahead and stay ahead,, you need a software solution that can support your entire organisation. MYOB Advanced (Acumatica) is a market-leading option to meet the enterprise-level accounting and financial reporting needs of education organisations.
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 achieving your mission. Common pain points that your educational organisation may be facing are:
- Poor visibility of your financial information across multiple entities,
- Lack of timely reporting to boards, management, or other stakeholders,
- Basic reporting scenarios that fail to capture the full picture of your organisational health,
- Data and compliance management split across multiple disconnected systems,
- 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 (Acumatica) is a modern, powerful, secure business management platform that can be configured to meet the needs of complex educational organisations.
What is MYOB Advanced?
MYOB Advanced (Acumatica) is a cloud-based Business Management Platform localised by MYOB and powered by Acumatica – the world’s fastest growing ERP system. It provides educational institutions with a comprehensive set of tools for financial management, project accounting, auditability and governance, stakeholder 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 large, complex education institutions and can be customised to suit your specific requirements.
Benefits of MYOB Advanced for education
There are many reasons why MYOB Advanced (Acumatica) is the best ERP for educational organisations:
- MYOB Advanced (Acumatica) can accommodate a school’s changing needs as it grows or faces enrolment fluctuations, without major system infrastructure changes,
- Create a truly connected organisation, with different departments, entities, and groups working with the same data in real-time,
- Advanced security measures, including encryption, backups, and updates, to protect sensitive data,
- A range of integrated modules to support financial management, student administration, human resources, and more.
- A configurable, flexible Chart of Accounts with a sub-accounts structure that can be customised to fit your requirements,
- Enable remote work and collaboration in the cloud – securely access data anywhere, and at any time,
- Automate administrative tasks such as student enrolment, fee collection, payroll processing, and more – free up your staff to work on more strategic or student-focused tasks.
- Manage and pay your entire team from a single integrated platform,
- Automate bank reconciliations with Bank Feeds functionality,
- 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 and better manage budgets with accurate financial reporting, and expense and revenue monitoring,
- Integrate a range of third-party add-on products to maintain a single source of truth for your data and enhance core functionality,
- No requirement for on-premise hardware maintenance and reduces the burden on your IT team,
- Multi-entity data management with support for intercompany and cross-company sales functionality,
- Maintain regulatory and compliance requirements for financial reporting, data privacy, and more 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 (Acumatica) 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 benefit your stakeholders.
MYOB Advanced Features for financial services
The key features of MYOB Advanced (Acumatica) for educational institutions are:
- Financial management
- Customer service
- Inventory Management
- Project accounting
- MYOB Advanced Mobile app
MYOB Advanced (Acumatica) has the sophisticated financial tools you need to easily create board reports and track revenue across multiple sources and entities. It allows for better tracking and management of tuition fees, donations, grants, and other sources of income. MYOB Advanced (Acumatica) collects data in real-time across your organisation. Login and role-specific dashboards and reports are always kept up to date so you can see the clearest, most-accurate picture of your organisational health. Manage your assets from purchasing through to disposal with a single source of truth.
The Customer Relationship Manager (CRM) module can be adapted to manage interactions with students, parents, donors, and other stakeholders. It can also be used to track admissions, student communications, and alumni engagement efforts. Track everything within a single integrated database to get a clear picture and maintain auditability. MYOB Advanced (Acumatica) provides a 360-degree view of your stakeholder or target group activities and records. Take your service to the next level with automated activities based on the critical information stored in your MYOB Advanced (Acumatica) CRM.
Improve tracking and management of your inventory with MYOB Advanced (Acumatica). Manage stock across multiple sites and locations with full visibility. School supplies, textbooks, uniforms, and other equipment can all be accounted for, with support for purchase orders and sales order management. Create approval workflows to ensure the right orders are prioritised and approved for processing.
Ensure every dollar is being spent effectively and appropriately.. The Projects module is useful for managing initiatives such as scholarships and infrastructure development. Track multiple sources of funding across multiple projects and receive automatic alerts when projects are at risk of going over budget. Collaboration functionality such as tasks and automated reminders enhance communication across teams leading to smoother execution.
Payroll and Workforce Management
With the integrated MYOB Advanced Payroll (formerly People) module, you can bring HR, operations, and payroll into one place. MYOB Advanced (Acumatica) 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 (Acumatica) 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 (Acumatica) Workforce Management is an add-on module to MYOB Advanced Payroll that improves the efficiency of even more of your administrative processes. Keep track of casual staff and manage awards automatically in MYOB Advanced Workforce Management.
Access MYOB Advanced (Acumatica) from any browser or via the MYOB Advanced OntheGo app. 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.
The integration of these modules within MYOB Advanced (Acumatica) promotes data consistency, reduces manual data entry, and supports informed decision-making across different areas of the institution. It allows for seamless sharing of information among departments, leading to improved collaboration and efficiency.
Overcoming the roadblocks of ERP implementation
Choosing the right implementation partner is as important as choosing the right software. The partner’s role is critical to the long-term success of the software in your organisation. It is important to get your MYOB implementation right the first time.
A successful MYOB Advanced (Acumatica) implementation relies on managing risk. Education organisations should be aware of the 3 types of risk:
- Software risk
- Implementer risk
- Self-Inflicted risk
MYOB Advanced (Acumatica) is a reliable, stable, well-supported, powerful ERP system. It is well established as a good fit for the education industry due to its integrated modules and customisable sub-accounts structure. It has shown strong benefits for other schools and education bodies. 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 education institutions 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. It can be difficult to justify the allocation of funds to a new implementation as it takes the focus away from your students. However, demonstrating strong financial responsibility and accountability is the key to growth, reputation, and better managed revenue streams. MYOB Advanced (Acumatica) lets you share accurate, useful information quickly with total control over organisational costs and key functions. The efficiency and accountability gains from and MYOB Advanced (Acumatica) implementation will pay dividends for the future of your school or education body.
The Kilimanjaro Consulting team can help you manage the three areas of risk, ensuring a successful implementation with clear benefits from your investment.
Our Services – we help you so you can help others
Kilimanjaro Consulting is the largest and most experienced implementer of the MYOB Advanced (Acumatica)Business Suite across Australia and New Zealand. We are skilled, low-risk implementers helping organisations 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 (Acumatica) to meet your requirements. We are experienced at implementing MYOB ERP for educational organisations.
MYOB Advanced Implementation
MYOB Advanced (Acumatica) 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 (Acumatica) 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 (Acumatica) to create a technology ecosystem. These systems are specifically developed to meet individual industry or departmental requirements and can further improve efficiency. MYOB Advanced (Acumatica) 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 your organisation optimise its processes and improve efficiency. BPI is an integral part of any implementation. There must be overall improvement in your processes, otherwise your investment in a new software is 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 (Acumatica) training as part of our implementation process, as well as long-term guidance and support for our clients.
We understand it is crucial to empower your staff with the right skills and knowledge to use your systems effectively. 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 (Acumatica) training options, as well as the skills to create bespoke training that is specific for your site and workflows.
The 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 Support team take a collaborative approach when solving your issue.
For any support case, we follow a structured methodology to minimise risk and solve your problem efficiently. Our MYOB Advanced (Acumatica) 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 for Educational Institutions Case Studies
MYOB Advanced (Acumatica) has proven successful for a number of education institutions. Case studies and / or references available on request.
MYOB Advanced Education FAQs
MYOB Advanced (Acumatica) is a complex and fully featured business management platform. Naturally this leads to many frequently asked questions.
Where can I learn more about MYOB Advanced for education institutions?
How long does an MYOB Advanced implementation take?
Do you offer MYOB Advanced Education training?
What kind of MYOB Advanced support do you offer?
What are the costs involved when implementing MYOB Advanced for schools or educational institutions?
How will Kilimanjaro Consulting help my organisation to adopt MYOB Advanced?
Get in touch today
The Kilimanjaro Consulting team are experts in configuring MYOB Advanced (Acumatica) to meet the needs of financial 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 (Acumatica) is a suitable and proven business management platform in the education 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 (Acumatica) is right for you.