Take advantage of a multi-dimensional general ledgerAs your company grows, make sure your system can handle your expanding financial management needs.
MYOB Exo is a sophisticated ERP system that can fully integrate your financial and business management data. The software has been deployed in over 3000 mid-tier organisations across Australia and New Zealand. They have benefitted from the typically lower cost to implement compared to other mid-market ERP packages.
While MYOB Exo can be customised to suit your requirements, it can lack true flexibility – especially when working across multiple companies. Furthermore, as your company grows, automation should become a key focus of your processes.
Alternative options to handle your complex financial structure
MYOB Advanced is a powerful mid-market Business Management Platform based in the cloud as an entirely Software as a Service (SaaS) solution. It gives you control over all aspects of your accounts, from companies to the general ledger, sub-accounts, and accounting ledgers. The Multi-Dimensional General Ledger boasts accurate and innovative Multi-Company and Inter-Company consolidations, all within a single, integrated environment. General-Ledger-centric businesses gravitate towards MYOB Advanced due to this increased flexibility.
You can easily manage multiple companies (even those with multiple branches) from one location in MYOB Advanced. There is no real limit to how many companies you can handle, and there can be a combination of companies with branches and those without.
Configuring the sub-accounts in MYOB Advanced
The segmented account structure of MYOB Advanced also allows further categorisation of your financial data for more in-depth analysis and reporting. You can build a report on any of the dimensions of your segmented sub-accounts, slicing and dicing your data to get the most appropriate view.
Determining the correct sub-account structure is extremely important and differs from business to business. The layout of your sub-accounts will directly influence your reporting outcomes and your cost-centre structure. One of the reasons you should choose an experienced and trusted MYOB Partner for your implementation is so that you can rely on the correct sub-account structure being created for your company. By enabling certain restrictions, control accounts can be set against the following subaccounts: Accounts Payable, Accounts Receivable, Fixed Assets, Inventory, Taxes (GST), Purchase Orders (Receipts), and Sales Orders (Shipments). This improves the security of your data and reduces error rates when posting to the General Ledger.
Leverage automation in your accounts
One example of extracting more power from your system through automation is deferral schedules in MYOB Advanced.
Deferral schedules automate recognising your revenue and expenses in the correct accounting period(s). The system creates a deferral schedule during sales invoice/memo or supplier bill/adjustment entry. Users must select a pre-configured deferral code in the invoice or bill.
The Deferrals module replaces manual calculation and reconciliation that is often completed in a spreadsheet. This manual process is both inefficient and prone to errors. Integrated with the general ledger, this module ensures that journal postings occur automatically for each periodic recognition.
Our team is ready to help you with all your complex financial management needs. To learn more about how MYOB Advanced or book a free demonstration, send an email to email@example.com or call 1300 857 464 (AU) or 0800 436 774 (NZ).