Which ERP system right for my business? MYOB Exo vs MYOB Advanced Business
You may be wondering whether MYOB Advanced Business or MYOB Exo is more suited to your business. It can be difficult to decide which one of these ERP systems would suit your business best since they both have many features that can be hard to distinguish. There is no simple answer to this question, so let’s take a look at the main features of each to allow us to compare and contrast each system and work out which one’s best for your business.
On-premises vs SaaS
Firstly, you’ll need to consider if you want an on-premises ERP system or Software as a Service (SaaS). On-premises systems are hosted on Microsoft SQL, which adds extra complexity of maintaining and servicing your server hardware. New advances in hosting MYOB Exo removes the requirements of needing your own server with an off-site (rented server space). MYOB Advanced is a SaaS software only requires an internet connection, which means it doesn’t require server hardware and therefore also doesn’t require the hardware maintenance costs.
It is important to also consider licensing costs. MYOB Exo requires an upfront purchase of an annual license and hardware. Whereas, MYOB Advanced Business has a straightforward and manageable monthly subscription fee. Advanced Business is a fully functional accounting software that allows you to only pay for what you need. Both MYOB Advanced and Exo’s licencing fees depend on the user type e.g. warehouse, finance or sales and also the level of functionality your system requires. Contact Integrated Logic today if you aren’t sure which one would suit your business best.
Complexity and Separation of Duty
Businesses differentiate and specialise as they grow and become more complex. Many off-the-shelf accounting systems, such as Xero or MYOB Business, are one-size-fits-all and generally suits smaller companies with simpler needs. You may find that your business outgrows these systems very quickly or that these systems never fully supported your business processes in the first place. Your business may require a configurable and versatile software that is able to grow with your business. MYOB Exo is a highly configurable system that is efficient and auditable. Your business processes will be defined and embedded in your software and many users can have access to multiple roles, which requires significant trust. If you need an ERP system that allows you to delegate authority and segregate duties so one employee does not have the authority to compete a single task without approval from a manager, you should consider MYOB Advanced Business instead. This is often required by larger, more complex organisations or for companies that need high levels of audibility and compliance.
Industry or vertical
MYOB Exo deals with inventory, importing, warehousing, distribution and retailing businesses. MYOB Exo, therefore, has the potential to massively improve your business’ efficiency. It also has the capacity to add-on products or connect services to further increase the power of your system. Exo has limited capability for manufacturing and only offers single control accounts for each of the sub-ledgers. It also has limited auditing capacity unless it is enhanced by further development.
MYOB Advanced Business, on the other hand, is good for companies that are dependent on General Ledger to track costs and revenue. It has a flexible General Ledger that allows transactional dimensions to be added easily and reporting lines configured. MYOB Advanced Business is particularly suited to professional services organisations, government agencies, not-for-profit and corporate organisations. It offers high functionality for inventory-based businesses and can handle companies that are trading in multiple entities, countries, and currencies smoothly.
This should be considered when choosing a system, as internet connectivity across Australia is not always consistent. MYOB Exo can run locally, and many system functions can run without an internet connection. If your server is hosted in a data centre, it requires constant internet connection. MYOB Advanced Business requires fast internet connection, as data is constantly uploaded and downloaded to the cloud.
MYOB Exo has limited mobility compared to MYOB Advanced Business. Exo offers an OnTheGo app that allows you to securely connect and access your business information to enable your sales staff to manage the quote and order process. This allows you to make key decisions quickly and improve customer satisfaction by optimising the order process.
MYOB Advanced has a responsive and accessible mobile application that is available on most devices. The app allows your business information to be accessed easily by the staff that need it. This allows them to complete their day-to-day tasks on the go. The app allows you to create and manage tasks, review, and approve documents, enter expense claims and receipts. For more information, feel free to contact us.
Introducing MYOB Exo
Let’s introduce MYOB Exo properly. MYOB Exo is a mature system that has been tried and tested over several years to iron out all the bugs and form a stable product with deep and broad functionality. Exo is a fully customisable, on-premise ERP solution designed for growing businesses. It can run every aspect of your business in one place.
Exo is ideal for small to medium companies that are looking to gain a complete image of your business processes to help you make critical business decisions. It streamlines your data into one location and removes the need to replicate data entries across different systems, which improves efficiency and lowers the rate of errors. MYOB Exo offers multiple add-ons that enhance the capability of your system and accelerate your business to unimaginable heights.
A flexible General Ledger and account structure
Platform allows deep integration with internal and external products
It is run on a reliable and robust technology Microsoft SQL database
Superior inventory management capabilities
Limitless custom, comprehensive reports
Multi-company licence structures
Integration of modules: financial, CRM, job costing and POS
What businesses does it suit?
Perfect for businesses dealing with inventory, importing, warehousing, job, and project costing. It is also perfect for businesses that have outgrown your current business system with increased transaction volumes, increased locations and users accessing the system or complex importing, exporting and distribution.
You should choose MYOB Exo if:
Consolidate view of company data
Extended reporting functionality
Highly configurable system that integrates with other products
Reliable, tested product to manage future
On-premises servers and SQL data base = lower capital cost of implementation
Too much time manually manipulate data
Access SQL database but with cloud-based environment
Need more than Exo? Introducing MYOB Advanced Business
Let’s introduce Advanced Business properly. MYOB Advanced Business is the fastest growing ERP software in the world. It is a cloud-based system that is designed to suit local companies in Australia and New Zealand. MYOB Advanced Business is ideal for complex, medium to large organisations. It aims to make your business more effective and mobile.
MYOB Advanced Business is an end-to-end business management system that gathers data across your entire operation. This reduces admin time, improves efficiency and leads to greater control of your business and decisions with access to real-time reports. The system can grow as your business does so it continues to meet your business needs.
MYOB Advanced Business gives you control of your finance, payroll, inventory management, Customer Relationship Management (CRM), sales and purchasing management, and distribution. It also includes industry-specific editions for construction, manufacturing and professional services. This system allows you to understand your clients’ requirements better and make decisions with updated data.
Customisable and flexible General Ledger (GL)
Organisational configurable workflows so you can approve requests and actions
Automate emails for users, customers, and suppliers
Customisable dashboards to give you an immediate view of your relevant data
Integrated CRM to maintain database prospects, customers, and contacts to allow you to manage pipelines and convert leads to sales orders
Automate transactions and costs from advanced modules
OnTheGo app allows your employees to enter time and expenses from any mobile device at a time
When isn’t MYOB Advanced Business?
MYOB Advanced Business is not for businesses looking for out-of-the-box functionality or businesses looking for low-cost solutions. This ERP system is designed for larger, complex and growing businesses that are required to adhere to strict audibility requirements and separation of responsibilities.
ERP systems have repeatedly been determined to be the best solution for business requirements. Integrated Logic offer free consultations and demos to ensure you are confident on every aspect of the decision of which ERP system will suit your business.