Control your accounts and untangle complex financials with MYOB Advanced
The financial management features of MYOB Advanced are especially relevant for complex organisations in need of greater oversight.
Financial management limitations are a major barrier to business growth—how can you tackle new markets, launch new products, expand your operation or take calculated risks if you can’t fully grasp (or command) your financial position?
So it’s no wonder that finance is often the impetus for upgrading or implementing new enterprise solution.
More SMEs are seeking out MYOB Advanced for enterprise-grade financial management software because it’s designed for both:
- Small and medium businesses that have outgrown traditional accounting software; and
- Companies with complex, multi-entity, multi-branch financial management requirements.
Talk to Leverage Technologies about getting your complex financial requirements in check with MYOB Advanced.
Core finance features in a centralised system
MYOB Advanced unifies your business processes and data on one easy-to-use, cloud-based platform. From the finance team’s perspective, it dramatically reduces manual handling and increases the speed and precision of accounting tasks and financial reporting.
The Financial Management module within MYOB Advanced gives you powerful tools to more easily manage:
- The Chart of accounts and general ledger
- Sub-accounts and cost centre allocations
- Branch accounting
- Banking, bank feeds, and bank reconciliations
- Fixed assets
- Deferred revenue and expenses
- Project accounting and the associated revenue recognition
- Authorisations and approval workflows for POs
- Accounts payable and receivable
- Debt collection and overdue charges
- Detailed and consolidated financial reporting
- Cash flow forecasting
- Financial dashboards and KPI reporting
- Financial analytics
[FEATURE ARTICLE – Four smart financial management features in MYOB Advanced]
MYOB Advanced for sophisticated financial reporting
Wouldn’t you like to be able to task your finance team with finding answers to nuanced, high-level questions, rather than waiting on them to compile and double-check transactions and end of month reports?
MYOB Advanced gives you access to accurate reports and interactive dashboards that offer a clear picture of financial health within specific departments and projects, and across your entire operation. Financial reporting tailored for your needs is easy to deliver when you work with us to implement MYOB Advanced.
You can effortlessly generate whole-of-company reports such as:
- Balance sheet
- Profit and loss
- Cash flow
- Sales and product performance
- Company consolidation
- Profit centre reporting
And you can quickly drill-down into reports to see the source transactions for more detail or determine the root of certain results.
MYOB Advanced streamlines the work of creating multiple reports for different parts of the business required at close periods, or on an ad hoc basis to inform major investment or strategic planning decisions.
Because it’s a centralised database with automated features, MYOB Advanced also reduces errors and improves efficiency. Working in the cloud with up-to-the-minute data makes it easy to distribute and act on information when it counts—not weeks or months later.
Adopting a cloud ERP solution of the calibre of MYOB Advanced will not only enhance your ability to see and control finances—it supports an uplift in the performance of your finance team. They’ll have less ‘grunt work’ and greater bandwidth to contribute strategically or investigate opportunities to cut costs and grow revenue.
Multi-entity, multi-location, and multi-currency accounting is simplified
The business environment is increasingly complex. Even small operations may depend on multiple brands, revenue streams, ABNs, branches, and partners to deliver its products and services or enhance the value chain.
As your business grows, convoluted structures and relationships that were easy to manage at first become more difficult to keep track of and manage effectively—at the heart of this complexity is usually finances.
There’s an increased effort (and more opportunities for mistakes) when you’re running multiple accounts, ledgers, and entities spread across multiple locations.
MYOB Advanced comes with everything you need to manage complex finances including:
- Great localisation tools for BAS, bank feeds and reconciliations
- Ability to configure multiple entities (ABN’s) in a single database
- Creation of sub-accounts and allocation of expenses by cost centre
- Data segmentation by applying multiple dimensions in the chart of accounts
- High-level consolidated reporting across multiple companies
- Straightforward and automated inter-company transactions
- Support for multiple currencies so you can buy and sell overseas
- Automated tools to adjust gains and losses from foreign exchange rates
- Ability to prepare statements in foreign currencies or translate statements
In addition, because MYOB Advanced is a flexible, market-leading solution, a range of complementary and third-party applications are available to extend its functionality. For instance, you might want to integrate applications for optical character recognition (OCR), AP or expense management automation, or more advanced reporting and business intelligence.
[CASE STUDY – Octet Finance adopted MYOB Advanced to achieve company-wide consolidation and customised segmentation of financial data in real-time]
Stay on top of project budgets and costs with MYOB Advanced
Another way that businesses face complexity in managing finances is through project work. Whether your business is built on project-based services or you only run occasional projects alongside business-as-usual activities—projects have their own distinct financial management requirements.
MYOB Advanced includes a specific Project Accounting module that helps you:
- Track and adjust project progress and costs against budget
- Allocate shared costs and overheads to projects based on custom formulas
- Allocate and record time and expenses
- Allocate stock and resources to a project
- Manage multiple rates and billing models
- Generate project-specific reporting
Scale the sophistication of your financial management
MYOB’s accounting pedigree means stepping up to their Enterprise Resource Planning (ERP) solution is a safe move—it’s the ideal way to scale the sophistication of your business systems and your core accounting and reporting capabilities.
If getting control of your finances is the driving force behind your need for a new enterprise system, you’d be wise to consider MYOB Advanced.
We can help answer any questions you might have about MYOB Advanced.
Talk to a friendly consultant now by phoning 1300 045 046 or make an online enquiry.
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