Are you using MYOB Exo effectively?

Make the most of MYOB Exo in your business

Tuesday January 28th, 2020 MYOB Exo

MYOB Exo Business is a robust business management system that can evolve with your organisation as you grow. The system provides a comprehensive set of modular tools to streamline operations, enhance productivity, and improve efficiency across a range of industries. To truly harness the power of MYOB Exo, businesses need to explore and utilise its key features in ways that best meet your changing needs.

6 ways to get more out of MYOB Exo

MYOB Exo Business has been an established business management platform across Australia and New Zealand for over 20 years. Analysis shows that the average business will operate with MYOB Exo as its core financial and accounting system for about 13 years. While you may be further into or just beginning your MYOB Exo journey, there is a simple guarantee: your business is not the same now as it was when you completed your MYOB Exo implementation.

Whether caused by external market factors or internal process improvements, your workflows and operational structure have changed and will continue to change. MYOB Exo is flexible – it can continue to support your organisation for the years ahead. You should always be on the lookout for new ways to use MYOB Exo, new features, or new add-on products that can improve efficiency.

The Kilimanjaro Consulting team have put together a handful of ways you could be using MYOB Exo more effectively. By optimising your understanding of MYOB Exo’s features, you can streamline processes and increase productivity, ultimately leading to better business outcomes.

1. Unique integrations and customisations with MYOB Exo’s Open-Source SQL Database

At the core of MYOB Exo lies its open-source MS SQL database. This provides unparalleled customisability and adaptability for your organisation. The SQL framework enables MYOB Exo to be tailored to meet your unique business requirements, ensuring that it aligns perfectly with your operations. While your team may lack the SQL skills needed to customise the framework inside MYOB Exo, the expert team at Kilimanjaro Consulting are ready to help.

SQL customisations are the key to a bespoke system that can support your organisation into the future:

Integrate additional applications,
Capture and report on additional data,
Build your own bespoke processes and workflows,
And more.

2. MYOB Exo Bank Feeds

MYOB Exo simplifies the bank reconciliation process by automatically importing and matching bank transactions to your outstanding invoices. MYOB Exo Bank feeds save you time as well as significantly reducing the risk of human error and manual work. If you deal with hundreds or thousands of transactions in your business, make sure you have Bank Feeds set up in MYOB Exo.

Matching rules and automations are the key to unlocking the full power of MYOB Exo bank feeds. By using rules, you can approach 100% accuracy when matching your General Ledger to bank deposits. Kilimanjaro Consulting has gone even further in developing an auto-reconciliation feature for transactions that you have already matched on your Bank Feeds screen. This custom feature saves time by removing the need to manually reconcile the transactions that have already been correctly matched, thanks to Bank Feeds and your added rules. Larger companies that rely on automating these manual tasks will benefit greatly from Kilimanjaro’s auto-reconciliation customisation. However, all MYOB Exo clients will benefit from the standard features on Bank Feeds.

3. Achieving an automated, connected business

Automation is a key driver of efficiency and productivity in modern businesses. Manual data entry is not only time-consuming but also prone to human errors. MYOB Exo offers powerful automation capabilities that can save you time and money. You can streamline data entry processes across various touchpoints, from automating invoice generation and delivery to scheduling recurring transactions. The time and resources saved by avoiding manual data entry can be used for more important projects. The error rate is reduced, and you benefit from real-time data and visibility across your entire operation.

4. Meaningful Data and Insights in MYOB Exo

To make informed decisions, you need accurate and meaningful data. Transforming raw data into actionable insights empowers you to drive business growth and stay ahead of the competition. MYOB Exo provides tools such as extra fields and business alerts that allow you to capture and define data in a way that is relevant to your business.

MYOB Exo Analytics is a powerful data visualisation and business intelligence tool. Use it to build dashboards and immediately see the full picture of your organisation’s financial and operational health.

By strategically utilising these features, you can transform MYOB Exo into a goldmine of information. This enables you to take advantage of your ERP data, generating valuable insights, identifying trends, and making data-driven decisions that drive growth and profitability.

5. Step up your manufacturing capabilities in MYOB Exo

For businesses involved in manufacturing, MYOB Exo offers a range of options to meet your specific needs.

MYOB Exo Works Orders are low-cost processing functions that support batch codes and serialised stock items. They are more complex than standard Bills of Materials, allowing you to move through the production status for each stage of component assembly until the final product is produced. Unlike Bills of Materials, which are either processed or not processed, Works Orders allow you to specify the production status of the order.

Take advantage of an MYOB Exo integration with a comprehensive Material Requirements Planning (MRP) solution, MORE MX. MORE MX is a manufacturing operations and production visibility platform built around MYOB Exo. It streamlines demand-based workorder generation, product recipe configuration, material scheduling and capacity planning so that you can deliver your products on time and in full.

6. Supply-Side Forecasting and Inventory Management in MYOB Exo

Accurate forecasting and efficient inventory management are crucial for businesses to meet customer demands while minimising excess stock. MYOB Exo provides advanced inventory management capabilities, enabling you to gain improved stock control, reduce excess inventory and streamline the procurement processes. The Stock Requirement Forecast Utility allows you to customise reorder calculations based on your specific business needs.

Additionally, MYOB Exo can integrate with Netstock – a best-of-breed supply chain planning software for businesses with more complex requirements. Netstock improves supply-side forecasting accuracy, supply chain and import-freight management, and helps you make better purchasing decisions.

Keep MYOB Exo running smoothly

By choosing MYOB Exo, you have committed to a solution that will be a part of your operations for many years. It is the engine that drives your business. And, like any engine, your MYOB Exo system requires maintenance to perform at its peak.

Kilimanjaro Consulting has developed a MYOB Exo Performance Optimisation program to keep your system running smoothly. This process systematically identifies the areas in your business management software that can be improved. Our highly skilled consultants analyse your system and develop a unique plan for your business.

Do not let slow system performance stifle your team’s productivity. Reach out to our team to improve the performance of MYOB Exo.

Are you using the latest version of MYOB Exo?

MYOB Exo has a long and rich history, from its early days as ExoNet to the latest releases. Each version adds new features and functions to your already robust system. The newest update to the software will always give you benefits over the older versions. Added functionality may be as simple as an improved workflow, a new widget, a tidier report, or more complex functionality. Access to these features is included in your Annual Licence Fee (ALF), so you are missing out on added value by not keeping your system current. Regularly updating your software ensures your team maintains a reliable, powerful platform to suit your organisation for years.

Integration and customisation for MYOB Exo

As businesses grow, they become more complex and develop a competitive advantage over others in their industry. It is impossible to develop one single system that can manage the varied processes of every organisation in the market. Each complex company requires configuration, customisation, and sometimes even a bespoke solution. Out-of-the-box systems simply can’t do the job.

One of MYOB Exo’s strengths lies in its integration with third-party (add-on) products. These products are designed to enhance the functionality of your system, extending and supporting native functionality so that you can make better decisions. Integrating these products into your system removes the need for manual data duplication and reduces overall error rates.

Build a truly custom MYOB Exo system for your organisation by integrating add-on products that meet your specific, additional requirements. Kilimanjaro Consulting recommends and supports integrations with the following connected services:

Phocas, Alchemex or BI4Cloud for Business Intelligence and Reporting,
Netstock for inventory management,
eveXso for warehouse management,
TIG Freight for streamlined shipping, distribution, and freight management,
ProSpend (formerly expensemanager) or Dataline for Accounts Payable automation and expense claims,
ezyCollect for automated Accounts Receivables,
Dealers Online for an integrated B2B website, and
Timetrak for job management and time capturing.

The integrator for MYOB Exo – SynKit

If you already use a 3^rd party web-based application for specific functionality but want it integrated into MYOB Exo, then SynKit is your solution. Developed by the experts at Kilimanjaro Consulting, SynKit leverages the application’s open API to push and pull live data between your two systems. With SynKit, you can take advantage of unique integrations that your competition will be unable to access, such as:

HubSpot or Salesforce as a best-of-breed CRM,
Shopify, Magento, or Woo Commerce for your e-commerce platform,
SmartFreight to automate and streamline distribution and shipping, or
simPRO or AroFlo for job management, time capture, and field services.

SynKit can integrate MYOB Exo with any 3^rd party application with an open API. Contact our team to learn more.

A solution for more complex organisations

If you feel like your business needs a more powerful cloud solution, then consider MYOB Advanced. MYOB Advanced is an end-to-end business management system built for the cloud and supports access to your data from any location and at any time. Whether it is reduced administration time, greater inventory control, or real-time reporting, MYOB Advanced can be configured to improve efficiency in your business.

It is a full Software as a Service (SaaS) product built on the fastest-growing cloud ERP solution in the world – Acumatica. The Acumatica Cloud ERP platform is one of the most flexible and adaptable enterprise software solutions available to the global midmarket. By building on the best features of Acumatica, MYOB has forged a cloud ERP system for complex medium to large organisations to rival and surpass their competition. The strength of MYOB Advanced lies in its ability to automate repetitive and mundane procedures and the live flow of information throughout your organisation.

Kilimanjaro Consulting is the premier consultant for MYOB’s Enterprise Solutions across Australia and New Zealand. Our expert MYOB Exo team is the largest and most experienced, and we leverage this experience to support your system and improve efficiency in your business. If you want to explore ways to optimise MYOB Exo’s performance, contact our team by calling 1300 857 464 (AU) or 0800 436 774 (NZ) or emailing sales@kilimanjaro-consulting.com.