In August 2013, MYOB obtained exclusive rights to market Acumatica’s ERP solution in the Asia Pacific region. Acumatica is a US-based provider of cloud-based ERP and financial software. This investment saw MYOB take a seat on the company’s board. MYOB Advanced is a localised cloud ERP solution based on Acumatica that is aimed at mid-range, mid-market enterprises. Some differences in the software cover localised software tax inclusions, and spelling changes to Australian English.
Which accounting software packages are not competitors of MYOB Advanced?
MYOB Advanced is designed for larger, more complex businesses. By their nature, businesses requirements change as they grow. While a small business does not require separation of responsibility, in a larger business this becomes essential. Smaller businesses are less rigid in terms of accounting standards, for example a small business system may allow you to delete an incorrect invoice and rekey it. In a larger business, this would not be acceptable as an audit trail is required for every transaction. The process would therefore be to generate a credit note for the incorrect invoice and create a new invoice. This process would be far too clunky and onerous for a small business however is essential in a larger business.
Accounting software packages such as Xero, Sassoo, QuickBooks, MYOB Essentials, MYOB AccountRight, Attache, Jiwa, Sybiz, Arrow, Tensia are generally not considered to be competitors of MYOB Advanced.
Mid-sized business accounting software includes MYOB Advanced, Netsuite, Microsoft Dynamics and Epicor. MYOB Exo, SAP Business 1 and Pronto can often fulfil the needs of larger businesses but are not SaaS (software as a service).
Understanding your business needs is the first step. As these systems are highly configurable, a demo of an unconfigured system would probably confuse you more than it would clarify things. You should contact a reputable implementation partner such as Kilimanjaro Consulting. You will be put in touch with a consultant who will question you about your requirements, your budget, and your timing. This is to ensure that your company is a good fit with the software. Once those three questions have been clarified, the implementation partner will organise to provide you with an accounting software demo. This can be done at your premises or using a web-based tool such as GoToMeeting. It is sometimes a good idea to attend a demo at the implementation partner’s offices to get a sense of what type of company they are.
Both of these are TLAs – three letter acronyms.
CRM (Customer Relationship Management) provides a tool to record interactions with your customers and to assist you in scheduling future contact with those customers. A CRM system is usually deployed as a component of a marketing strategy. For example, if you decide that you want to contact all existing clients three months after their last interaction with you, your CRM system will alert you as to when this is due. As another example, you may wish to have a marketing campaign targeting certain types of businesses. You would acquire a list of these prospects and upload them to your CRM system.
You would then program your system to execute a series of steps:
- E-mail the prospects with an introductory letter
- Record their responses
- Send out a reminder to those that have not responded
- Schedule a phone call with those that have responded
- Flag prospects that are interested in your product
- Allocate these to sales people on a geographic basis
- Create a report to show how many leads were generated by this campaign
- Create a report to show how many sales were concluded as a result of this campaign
- Create a report to compare the cost of the campaign with the number of sales generated so you can see cost per sale
An ERP system (Enterprise Resource Planning) captures and records information across the organisation. This is usually financial and non-financial information. This information is processed to provide management with meaningful data that is essential for decision making. The company’s processes are also embedded in the ERP system. This guides employees in how various functions are performed within the organisation.
ERP systems are usually found in larger companies who have moved toward standard operating procedures. The ERP software solution spans the entire company from the initial set up of a customer/supplier through to delivery and invoicing of the goods or services provided. The system is configured to suit the processes that have evolved in your own organisation, however in companies with immature processes, the implementation of an ERP system is often the catalyst for changing to best practice.
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