Four smart financial management features in MYOB Advanced

This post provides a complete and up-to-date overview of how MYOB Advanced helps businesses manage finances.

Accurate and complete financial records are an essential part of doing business no matter the size of your company or your industry. You need to know if you’re making a profit, right? And of course, you want to complete BAS and GST reporting on time.  

As your business starts to grow, slow or imprecise financial management processes hinder your ability to scale and make reliable decisions. Time-poor executives of burgeoning businesses that are still using spreadsheets or standalone accounting tools are doing themselves a disservice.

What’s missing is integrated, digital systems with richer features like consolidated reporting, in-depth analytics, and cash flow forecasting. MYOB Advanced is the definitive, cloud-based Enterprise Resource Planning (ERP) solution for Australian businesses with more extensive financial management needs.

Finance becomes part of a holistic approach to business with MYOB Advanced ERP

What is MYOB Advanced? It’s an ERP solution that delivers end-to-end business management on a single cloud-based platform, centred on robust financial management functionality.

MYOB Advanced also enables you to manage all aspects of a digital supply chain—from purchasing, inventory management, manufacturing, and distribution—plus control sales and customer data, run projects, access business intelligence dashboards, and create reports.

Financial management and payroll are core modules of the ERP, which means financial data flows smoothly between all departments and branches of your operation in real-time. The solution offers:

• Enterprise-level financial and budgeting features.
• A complete view of cashbook, AR, AP, inventory and project transactions.
• A full suite of financial analysis reports, cash flow forecasting, and reporting.
• High-level consolidation for group companies and multinationals.

Four key financial management features in MYOB Advanced

1 – General Ledger:

With MYOB Advanced it’s easy to structure your accounts and sub-accounts to meet your businesses precise needs, and consolidate all of your data from multiple entities and accounts. Reporting can be completely customised, using multiple dimensions to slice and dice data as you see fit. You can also apply role-based permissions to protect sensitive data.

2 – Multi-company and currency:

MYOB Advanced allows you to set up multiple companies and access and manage them separately from one interface. Regardless of their different currencies or account structures, financial data from multiple businesses can be brought together seamlessly—eliminate manual effort to reconcile data and generate reports at the end of the month. Not to mention free up your finance manager to put their talents to use elsewhere. The solution includes full multi-currency support including currency exchange rate feed.

3- Inter-company accounting:

A centralised system with financial management at its heart means inter-company accounting is a breeze. Share accounts, calendars, and data between companies, automate inventory transfers, financial reporting and supplier payments. Attribute expenses from a head office to recoup costs from related businesses, with the ability to split bills by headcount, share of sales revenue or square metres of office space.

[FEATURE ARTICLE – Got multiple ABNs? 3 Ways MYOB Advanced creates a framework for insight]  

4- Bank feeds:

New to MYOB Advanced in 2019, bank feeds functionality overcomes the hassle of manually entering bank statement data. Drawing on MYOB’s established relationships with financial institutions, it’s straightforward to apply for bank feeds and set it up within the ERP. That means bank statement data can be imported at the click of a button, to streamline accounting tasks including reconciliation of accounts and preparing for tax time.  

Financial finesse in a solution that scales with your business

As businesses mature, they want more than to simply be able to balance the books and meet tax and payroll obligations—although those things remain important. Effective financial management becomes critical to success in every facet of the business, so an enterprise solution makes sense.

Growing, mid-sized businesses need a clearer picture of total financial health and how it’s influenced by activities across different business functions, teams, products, and locations. They need insights that help them make future investment decisions and formulate strategies to increase their market share or customer base.

MYOB Advanced is the most flexible and easy-to-use ERP software for small to medium Australian businesses that need robust finance functionality within an integrated business management system.

Leverage Technologies is an MYOB Advanced Platinum Partner and can answer any questions you might have about how the solution can improve your financial management. Reach out online or call 1300 045 046 to get started.