Is it Time to Evaluate What MYOB Advanced has to Offer Your Business?

Just how scalable is your enterprise software?

Probably, you started out with basic accounting software to manage your business‘ finances. With rapid business growth, inventory management became a challenge, compelling you to add yet another independent application to the mix. You now have a couple of disjointed systems and a lot of spreadsheets that your various team members use on a daily basis.

Maybe it’s time you got rid of software silos and upgraded to MYOB Advanced?

Here’s a compelling story of two companies and their reasons for dropping disparate software in favour of an integrated MYOB platform.

Nextt Group

Nextt Group provides empowerment programs for individuals with disability across the East Coast of Australia. The high-growth organization has multiple sources of income, including government grants and private-sector funding. Originally, it used six different finance applications, each with a separate database, to manage accounting and financial transactions. Their multiple support programs, companies, and regional offices complicated system integration efforts too.

With rapid business growth, it became increasingly difficult for Nextt to coordinate financial reporting and analytics across its various regional offices. Poor visibility into disparate financial systems and data stores necessitated occasional manual entry, which introduced accounting inaccuracies and delays. The company turned to MYOB Advanced for help overcoming the pain points.

Nextt chose MYOB Advanced because the platform provided a cloud-based, centralized database that backed its integrated multiple financial systems. Now, the organization can analyze the financial performance of each program from a centralized point of view. After integrating Carelink with MYOB Advanced, Nextt can produce invoices quickly without having to retype data manually. There’s increased financial transparency, and the provider can add new affiliate companies and programs to its unified reporting system, quickly.

Nextt prefers MYOB Advanced to other solutions because of its scalability and competitive pricing. Check their full story here.

Octet

Octet provides specialized financial products to small and midsized enterprises. With its technology, clients can access credit and use it to buy supplies overseas in several currencies.

The company began experiencing a massive data load problem with the rapid growth of its Receivable Finance product. The service provided some working capital as clients waited for their customers to honor due invoices. However, the accounting software Octet used to manage the service couldn’t process the massive chunks of data coming through quickly enough. It couldn’t solve complicated accounting problems either.

It became difficult to produce in-depth reports based on the analysis of millions of disparate data points generated yearly in Octet’s multi-company, international operations. There was a lack of company-wide visibility, which hindered the extraction of detailed, segmented analytics.

Octet upgraded to MYOB Advanced after its in-house and third-party accounting solutions failed to address its system integration challenges. It chose MYOB Advanced because the platform supported a host of integrated finance applications, including payroll processing and accounting. The cloud-based platform helped eliminate the costs of operating on-premise ERP.

Today, MYOB Advanced integration enables Octet to import massive chunks of data automatically into their accounting solution, minimizing clumsy paperwork as well as daunting and protracted manual data entry. Regardless of the number of companies Octet has onboard, a unified accounting structure provides real-time company-wide visibility into its financial performance.

Octet executives may now leverage MYOB Advanced’s General Ledger and refine statistical analytics down to the level of an individual customer, market, or sales representatives, on-demand! Check their full story here.

Lessons for all

It always reaches a point when operating too many independent software solutions impedes business growth. You may be there already if you can no longer extract meaningful business intelligence from your various enterprise applications. The lack of real-time visibility into the performance of your entire organization at all levels and the inability to produce complex reports should also ring alarm bells.

Perhaps, it’s time you started evaluating the suitability of MYOB Advanced for the software integration challenges you’re facing currently. Get in touch with us at Leverage Technologies to schedule a Demo of MYOB Advanced today!