A cloud-based enterprise resource planning (ERP) system called MYOB Advanced Business links important company functions on a single platform, decreasing the need for manual procedures and delivering detailed insights in real-time. Additionally, it is built to scale with continued growth.
According to Valantis Vais, head of product, Enterprise, at MYOB, “MYOB Advanced Business has been created to answer the key difficulties encountered by today’s mid-market enterprises.”
There are six fundamental, all-encompassing business workflows, according to Vais. They are: producing income, controlling suppliers, and your personnel, handling work-in-progress, controlling your cash flow, and, finally, controlling compliance.
Why Should You Advance Your Business With MYOB?
- It requires no recurring hardware expenses and runs through a web browser.
- Created especially for Australian companies.
- Available to every team member on any device.
- Accessible at a reasonable monthly cost.
What Exactly Is MYOB Advanced?
Acumatica has created Advanced in the USA, a cloud-based ERP, and accounting system for small businesses to large corporations. The product itself has been around for a while, has undergone testing, and is used today by thousands of businesses across the globe.
MYOB has modified Acumatica to suit Australian and New Zealand legal requirements. MYOB Advanced was introduced on January 28th, 2015, and is now offered by AlphaBiz Solutions.
Amazon hosts MYOB Advanced in Sydney, Australia. With a 99.99% uptime rate, Amazon servers are among the most reliable in the business. MYOB prioritises security and data sovereignty, and by partnering with Amazon, they have succeeded in doing so.
What Does This Mean For The Business Owner?
MYOB Advanced differs from many other existing accounting solutions in two key aspects. Its Cloud-based solutions are the future of all business services.
- It operates in your browser, is entirely online, and runs without third-party software but requires substantial upfront expenditures with on-premise servers and technology.
- MYOB Advanced offers every instrument for success in a compact package compared to other cloud products and is scaleable from a solo operator to the largest organisation.
The software has a monthly subscription fee, so do check the plans!
What Does This Mean To The Accountant?
MYOB Advanced is a highly scalable application in terms of complexity, tools, and features. MYOB Advanced will be simple for experienced accountants, and novice users will appreciate the interface’s smartness and intuition. AlphaBiz Solution offers many stages of training, and advanced users have access to a vast diversity of written instructions and explanations.
What Does This Mean To The Employees?
Your staff will find it easier to complete their daily responsibilities and, as they become more productive, will be able to accomplish more in lesser time thanks to the system’s speed and responsiveness compared to many other available alternatives.
You can regularly and automatically provide all the necessary information to your new employees by pre-configuring your onboarding procedure. You can also customise your onboarding forms and carry over its selected settings to other programs like MYOB Advanced Payroll. So, establishing one reliable source of information and managing award rates and other data becomes simpler.
Your new team members can complete the onboarding process using a number of different devices, with virtual signature capturing configured to comply with Australian and New Zealand regulatory standards.
New team members can submit their personal information, attach supporting documents, view their regular working hours, finish TFN and Medicare Levy declarations, and supply payment and superannuation data during the onboarding process.
What About My Data Security?
As previously said, data security is our first priority, so MYOB Advanced follows the same security standards as your regular online banking interface. Therefore, if you have been conducting personal or commercial banking online, you have already put your financial information on the cloud.
We employ and follow industry best practices, such as:
- Use of a protected, encrypted communication channel for all interactions to protect the security of data transfer between the computer/browser and the MYOB product.
- Compliance with the Payment Card Industry Data Security Standard (PCI DSS) for handling credit card data.
- Compliance with Australian and New Zealand privacy laws, including the Australia Privacy Act.
- Managing and monitoring all product suites and related services with a skilled and experienced internal security team.