MYOB Advanced – building a foundation for future growth

The world that we live in is rapidly changing – working from home, big data, the internet of things, digital transformation, artificial intelligence and mobility are having an impact on our day-to-day lives. If we don’t keep up with changes in technology, we risk being left behind. Implementing new technology in any business should deliver business benefits:

• Improved cash flow
• Better customer service
• Happier team members

Cloud technologies have reduced the upfront investment required for companies to invest in the latest technologies. Small to medium-sized companies now have access to technology that was previously only for larger businesses (with big IT budgets and lots of internal IT resource).

The key for smaller businesses is to build a foundation for further growth and scalability. Many entry-level accounting software solutions are designed for a small number of users and cannot “scale” for larger businesses. These entry-level accounting solutions are great for smaller, less complex businesses but, are an inhibitor to further growth. Typical challenges include:

• System running slow as you add users/data volumes
• It is difficult to get to data for reporting and analytics
• Islands of information
• System workarounds to cater for a lack of functionality
• Multiple 3^rd party solutions that are not integrated
• A lack of automation

The move from entry-level accounting solutions to an Enterprise Resource Planning (ERP) solution is a big step that involves careful product selection, implementation, user training, project management and change management. There are several key lessons here:

• Allocate sufficient budget to run a comprehensive implementation project using a structured implementation approach
• Ensure that your business has enough “internal muscle” – resource, time and skill set to implement MYOB Advanced
• Consider a phased approach to implementing MYOB Advanced
• Make sure you monitor business outcomes and improvements as part of your MYOB Advanced implementation process

The budget required to implement MYOB Advanced (user training, system configuration, user acceptance testing etc.) together with internal resource requirements sometimes leads to companies delaying decisions to implement any ERP solution. This further delays the business benefits that can be achieved from implementing MYOB Advanced. Remember that what we are doing is building a platform for future growth. We are looking to technology as an enabler to digital transformation:

• Quicker quote to cash timeframes
• Access to data for improved decision making
• Automation of day to day tasks
• Workflow and approvals for better information flow

ERP solutions like MYOB Advanced create a platform for further technology advancement and improvement – building a foundation system for digital transformation across your business. Stage one implementations of MYOB Advanced might include the base system – finance, inventory, reporting. This foundation system provides a quick ROI. This foundation system allows you to quickly scale and add other integrated solutions:

• EDI
• E-commerce
• Business Intelligence/data analytics
• Account payable automation
• Workflow and approvals
• Wireless warehouse / advanced warehouse management
• Expense management automation
• Advanced purchase planning/inventory optimisation

Since 2005 the team at Leverage Technologies has been helping companies across Australia create value and achieve real business benefits from ERP solutions. Our experienced team can help you implement MYOB Advanced as a platform for further business growth. CONTACT US today to find out how MYOB Advanced can help your business achieve digital transformation.