Take advantage of a multi-dimensional general ledger to keep pace with your growing company.
MYOB Exo is a mature Business Management System that fully integrates your financial and business management data. The software has been deployed in over 3,000 mid-tier organisations across Australia and New Zealand, and they have benefitted from the typically lower cost to implement compared to other mid-market Business Management Systems (ERPs).
Despite being configured to suit the requirements of your business, MYOB Exo can lack true flexibility in its accounts, especially when working across multiple companies. Furthermore, as your company continues to grow, your processes and workflows need to adapt to new challenges in order to maintain efficiency.
What are the alternatives if my financial structure is too complex for MYOB Exo?
MYOB Advanced is a powerful mid-market Business Management System, hosted in the cloud as a Software as a Service (SaaS) solution. It is built to comprehensively cover your complex financial management needs. This gives you control over all aspects of your accounts: companies, general ledger, sub-accounts, and accounting ledgers. Within a single, integrated environment, your multi-dimensional general ledger can achieve true multi-company and inter-company consolidations. General-ledger-centric businesses gravitate towards MYOB Advanced due to this increased flexibility.
There is no limit to how many companies you can manage in MYOB Advanced. Multiple combinations of companies, including those with branches, is possible within the accounts structure, allowing you to manage your entire organisation from one place.
Configuring the sub-accounts in MYOB Advanced
Correctly configuring the sub-accounts is extremely important for the financial management of your business. This structure directly informs your ability to report on your data and is imperative for getting the best possible view of your company’s position. Sub-Accounts allow for further segmenting of your financial data, allowing you to slice and dice the information across your company when building reports.
Determining the correct sub-account structure is extremely important and differs from business to business. The layout of your sub-accounts will directly influence your reporting outcomes, as well as your cost-centre structure. One of the reasons you would choose an experienced and trusted MYOB Partner for your implementation is because you can rely on the correct sub-accounts structure being created for your company.
The power of automation in financial management
The ability to automate different aspects of your financial management is increasingly important for complex organisations. For instance, automating deferral schedules for payments can save significant amounts of time for your team. You can automate the system to build a deferral schedule based on the specifically created deferral codes. MYOB Advanced can also automate the recognition of deferral schedules at specified time periods, creating journals in the GL to reflect the repayments. All of this can be created and customised for your individual system, so each automation is totally configured for what your team needs.
To begin your journey with MYOB Advanced or to learn more about how it can streamline your approval process, email us, or call 0800 437 774.