Making the Transition from MYOB AccountRight to MYOB Exo or MYOB AdvancedUnderstand the pain points of your current software and learn the benefits of upgrading to a fully featured Business Management System.
Editors Note: This article was originally published in May 2013. It has been reviewed and updated to provide the most relevant and accurate information. Please enjoy this article and feel free to share your feedback with us.
If we think back to the late 1990s, many businesses were changing receipts from shoeboxes and carbon invoice books to an unfamiliar digital interface where they had to learn about debtors, creditors and general ledger. The natural progression for the larger, more complex businesses was to move to fully integrated financial and business management software such as MYOB Exo.
The transition from small financial software to more complex but better Business Management software is often a consideration for managers or business owners. This is usually when they realise that their requirements have become more complex, and the old software no longer supports the company to a satisfactory level.
Upgrading from MYOB Business AccountRight Premier
Moving from MYOB Business AccountRight to the next level of MYOB products like MYOB Exo or MYOB Advanced is motivated by need for specific functionality and controls in these more complex product suites.
Organisations looking to make this upgrade will also be feeling pain in other areas of their operation such as:
- A lack of visibility of their entire operations, with siloed data stored across different databases and spreadsheets
- Slow and tedious manual tasks, that prevent employees from being able to focus on their primary roles,
- The timeliness of their reporting
- Limited control over individual accessibility, visibility, and security with limited auditability and compliance attributes of the current system,
- An inability to properly integrate add-on products into the core system, relying in manual duplication of data across disparate systems, leading to errors and inefficiencies.
Make sure your data survives the transition to MYOB Enterprise
Typically, when you upgrade from MYOB Business AccountRight into the ERP space, your transactional history would be left behind in your old system. Your ERP system is designed to become a single source of truth for your data. To try and accommodate a smooth implementation, our team at Kilimanjaro Consulting have developed a tool that can import your transactional data out of MYOB AccountRight and into your new MYOB Enterprise software. If required, we can even access your historical backups and import that data as well. As every implementation, company, and transition is different, our team of consultants will help you to identify if the use of this tool is right for you. The possibility exists that you can hit the ground running when you go live and leverage the full power of your data and your history in the new reporting and accounting suites.
MYOB Exo vs MYOB Advanced: What you should consider
MYOB Exo is mature ERP software in the MYOB products family. It is a complete, integrated financial and business management system. MYOB Exo consists of various modules which support finance, job costing, fixed assets, point of sales, customers relationship management, consolidation and intercompany reporting. MYOB Exo is Australasian software made and designed for Australian and NZ businesses to help them succeed. It can be either on-premise or hosted. Find out the difference between Hosted vs SaaS here.
MYOB Advanced (powered by Acumatica) is relatively new and is SaaS (Software as a Service). As such, it is cloud-based but still gives a business the ability to configure and customize. With broad functionality for larger Tier 3 and Tier 2 businesses, the real strength of this software lies in its General Ledger functionality.
Making the transition from MYOB AccountRight to MYOB Exo or MYOB Advanced allows you to stay with the same software provider but gives you access to more functionality and features to support your growing business.
Let’s have a look at MYOB Exo Business vs MYOB Advanced Business and the key differences:
Auditability – Full audit trail
The ability to edit recorded financial transactions is a feature not favoured by auditors. Yes, it’s a feature, not a design flaw. When we weigh up MYOB Exo Business vs MYOB Advanced Business, a true audit trail for transactions impacting your profit and loss and balance sheets is provided. There is also separation of responsibilities, and enforcement of delegated authority limits. Your auditors and accountants love this. Users may find this frustrating at first, but it is something you get used to, and the bonus is that you can be sure that the printed/emailed invoice that your customer holds is the same that your accounting system holds. There is some flexibility around this issue and should be discussed in detail with your MYOB consultant.
Period Based Accounting
You’ve probably never really noticed it but running reports in MYOB Business AccountRight relies on date selection. With MYOB Exo Business or MYOB Advanced Business, you can run most reports by Periods. Some reports also allow for date selection in addition to periods. Periods are defined by date range, and you have the flexibility to create as many financial periods in a year as you require. You can post back to prior periods, regardless of the transaction date, thus ensuring that your revenue occurs in the same period as your expense if revenue matching is required.
Reporting functions in MYOB Exo Business vs MYOB Advanced Business
When comparing the reporting suite found in AccountRight vs MYOB Exo and MYOB Advanced, you can see that the latter are far more extensive and customisable.
MYOB Exo Business comes with around 400 standard reports. These are customisable using the inbuilt report writer, and many will need tweaking to your specific business requirements. The G/L reports also come with a report writer. This is easy to use and doesn’t require in-depth knowledge of the underlying database. Dashboards and widgets are available and can be configured to show critical reports all in one place. Sales Analysis Designer and SSRS (SQL Server Reporting Services) Reports providing even more functionality.
The Sales Analysis Designer is a popular reporting tool, as it allows for slicing and dicing your data without requiring report writing skills.
MYOB Advanced Business has several reporting options from inbuilt report writers, GL report writers, screen enquiries, dashboards, and Pivot Tables.
OData feeds and PowerBI integration provide further reporting options. However, when looking at MYOB Exo Business vs MYOB Advanced Business, only MYOB Advanced gives you full functionality from any device, anytime anywhere.
On-Screen, enquiries are becoming a standard way to report within ERP’s rather than having to run reports to printer or screen. Kilimanjaro Consulting offers courses on report writing for both MYOB Exo Business and MYOB Advanced Business.
Read the complete list of differences between MYOB Advanced Business and MYOB Exo Business to understand which product would best suit your organisation’s complex needs.
As an MYOB Exo Business user, here are some features you won’t be able to live without:
MYOB Exo Grids – Copy to clipboard or ODBC Links
Most of the data on MYOB Exo’s screens can be copied and pasted into MSExcel©. The possibilities from there are endless. If you are still using MYOB AccountRight, then you are missing out on this feature. Also, you can link MSExcel©. directly to the database. Click on “Refresh Data”, and your favourite report has the latest info.
Ability to have multiple Transactions Screens open at one time
MYOB Exo Business Users can have multiple invoices/sales orders/purchase orders open or in progress at the same time, allowing you to multitask more effectively. Users may have found it limiting in MYOB AccountRight to only have up to 8 windows at one time, and only be able to process one invoice at a time.
Sales Analysis Designer
A great sales reports in MYOB AccountRight was the Sales Analysis, which listed the 12-month sales for stock items. MYOB Exo’s Sales Analysis Designer has this with the ability to add groupings to this report, filter stock codes, branches, locations. As a result, for MYOB Exo Business users, the report possibilities are endless.
Multiple Stock Locations
The core software intuitively deals with multiple stock locations. Using the Blue Echidna add-on, MYOB Exo will even allow multiple bin locations and scan picking. Read more about Multi-Stock locations here.
One of MYOB Exo’s greatest strengths compared to AccountRight is the ease with which multicurrency is handled, in Accounts Payable, Accounts Receivable and General Ledger. Learn more about multi-currency here.
On Costs Calculation
MYOB Exo Business handles the calculation for the landed cost of your stock within the software. Therefore, you no longer need MS Excel spreadsheets to help you work out how much to add to your suppliers’ invoice. MYOB Exo takes care of the calculation and all of the required G/L entries too! This includes the multi-currency calculations.
As an MYOB Advanced user, here are some features you won’t be able to live without:
MYOB Advanced Business uses the concept of an “entity”. You can have multiple branches, divisions, or even companies within a single database. No need for consolidating financials outside of the system.
Designed to support companies operating across multiple countries, MYOB Advanced Business easily manages bank accounts in multiple currencies and all other intricacies associated with different taxation regimes.
Mobility and remote access
The configurable workflow engine means you can automate repetitive procedures according to your business processes. This also allows for separation of duties along with the master and transactional approval workflows.
Security and Permissions
Access permissions can be narrowly defined per user or user group, right down to the field level in any screen. Row-level security allows one to control the visibility of certain data to certain users. Also, MYOB Advanced Business now has Two Factor Authentication as an added layer to ensure your data is secure in the cloud.
Taking the next step
When transitioning from MYOB Business to a fully functioning Business Management Platform, it is important to expect a different system. MYOB Exo Business and MYOB Advanced Business are designed for larger, more complex organisations. They require a skilled implementation partner to support you through all implementation phases: Design, Build, User Acceptance Testing and Go-live. The goal is to get it right the first time. If there are specific features/processes that you are currently using in your MYOB software, and you can’t live without them, speak to us about them. Do not let it hinder your decision to progress to the next level of software. The ambitious transition from the MYOB Business Suite to MYOB Exo Business or MYOB Advanced Business is a big step. Many companies are now outgrowing the MYOB Business Suite of products and now progressing towards the next natural step: MYOB Enterprise Solutions (Exo and Advanced).
Free resources to help you further
Download our free Capability Matrix to see the full functionality of MYOB Exo vs MYOB Advanced. Discover what functions you could benefit from when you upgrade from MYOB Premier or MYOB AccountRight.
If you are at the beginning of your ERP journey and you aren’t sure where to start, download our free Ebook that will take you through everything you need to consider and what to be wary of during this process.