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, and 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 individual requirements, it can lack true flexibility – especially when working across multiple companies. Furthermore, as your company continues to grow, 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 a fully Software as a Service (SaaS) solution. It gives you control over all aspects of your accounts, from companies, the general ledger, sub-accounts, and accounting ledgers. The Multi-Dimensional General Ledger boasts true 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 manage, 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, as well as 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-accounts 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), 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 through the use of the deferral schedules in MYOB Advanced. You can automate the system to build a deferral schedule based on the specifically created deferral codes. MYOB Advanced can also automate the recognition of deferral schedules at specified time periods, creating journals in the GL to reflect the repayments.
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 firstname.lastname@example.org or call 1300 857 464 (AU) or 0800 436 774 (NZ).