MYOB Solutions for Financial Services and InstitutionsDrive efficiency and profitability with MYOB for financial services.
The financial services industry is competitive and ever-changing. To get ahead and stay ahead of your competition, you need a software solution that can support your entire organisation. Large, complex financial services organisations use MYOB Advanced to meet their enterprise-level accounting and financial reporting needs.
Why financial services organisations are making 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 financial services 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.
What is MYOB Advanced?
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 financial institutions with a comprehensive set of tools for financial management, project accounting, 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 large, complex financial service organisations and can be customised to suit your specific requirements.
Benefits of MYOB Advanced for financial services
There are many reasons why MYOB Advanced is the best ERP for financial service organisations:
- Multi-entity data management with support for intercompany and cross-company sales functionality,
- Create a truly connected organisation, with different departments, entities, and groups working with the same data in real time,
- Accurate forecasting and planning capability,
- A configurable, flexible Chart of Accounts with a subaccount structure 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,
- 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,
- 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 and gives your organisation the local tools to surpass your competition.
MYOB Advanced Features for financial services
The key features of MYOB Advanced for financial service organisations are:
- Financial management
- Customer service
- Project accounting
- MYOB Advanced Mobile app
MYOB Advanced has the sophisticated financial tools you need to create board reports easily and track revenue across multiple sources and entities. It has support for multi-currency, multiple languages, and complex organisational structures. MYOB Advanced 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.
MYOB Advanced provides a 360-degree view of your customer activities and records. Track your clients within a single integrated database to get a clear picture and maintain auditability. Take your customer service to the next level with automated activities based on the critical customer information stored in your MYOB Advanced Customer Relationship Manager (CRM).
Ensure every dollar is being spent effectively and appropriately to generate an adequate return on investment. Track multiple sources of funding across multiple projects and receive automatic alerts when projects are at risk of going over budget to help keep everything on track.
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 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.
Access MYOB Advanced 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
A successful MYOB Advanced implementation relies on managing risk. Financial services organisations should be aware of the 3 types of risk:
- Software risk
- Implementer risk
- Self-Inflicted risk
MYOB Advanced is a reliable, stable, well-supported, powerful ERP system. It is well established as a good fit for the finance industry due to its flexible General Ledger 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 financial 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. It can be difficult to justify the allocation of funds to a new implementation as it takes the focus away from your clients. However, demonstrating financial responsibility and accountability is the key to growth, reputation, and larger revenue streams. MYOB Advanced lets you share accurate, useful information quickly with total control over business costs and key functions. The efficiency and accountability gains from MYOB Advanced implementation will pay dividends for the future of your organisation.
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 is the largest and most experienced implementer of MYOB Advanced Business 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 financial 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 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 training as part of our implementation process, as well as long-term guidance and support for our financial services 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 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 MYOB Support team take a collaborative approach when solving your issue. All MYOB Advanced Financial Services clients can log and track support tickets through the dedicated MYOB Advanced Support Portal.
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 Finance and Accounting Case Studies
MYOB Advanced has proven success for financial service organisations
Warren Saunders Insurance Brokers
Warren Saunders Insurance Brokers (WSIB) help customers to assess risk and provide the best options for their insurance needs. They firmly believe in the foundations of trust and integrity. Trusted relationships are invaluable to their longevity and client success as a broker.
WSIB’s manual bookkeeping process was slowing down the team and preventing them from reaching their potential. Valuing a low-risk approach, the WSIB team sought out Kilimanjaro Consulting for the MYOB Advanced implementation.
Now, WSIB has greater transparency of their transactional data and reports are generated faster than ever before. They have revolutionised and modernised their processes, speeding up the audit process, maintaining industry compliance, and staying one step ahead of their competition.
Booster is a Wellington-based financial services company that has been helping Kiwis achieve their financial goals since 1998. They are one of the six Government-appointed default KiwiSaver scheme providers and manage over 130,000 investors across KiwiSaver, Superannuation, and Investment Schemes.
Booster uses MYOB Advanced Business integrated with MYOB Advanced Payroll to manage its operations. Since the successful implementation, administration time has been cut by up to 50%, a significant saving of both time and cost. Now, Booster’s 120-strong team can get back to focusing on their customers. The integration of their payroll system with the General Ledger has greatly improved efficiency for the payroll administration team.
MYOB Advanced Financial Services FAQs
MYOB Advanced 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 financial institutions?
How long does an MYOB Advanced implementation take?
Do you offer MYOB Advanced financial services training?
What kind of MYOB Advanced support do you offer?
What are the costs involved when implementing MYOB Advanced for financial services?
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 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 is a suitable and proven business management platform in the finance 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.