The systems supporting you to run your business shouldn’t make things harder. Rather they should be your business ally, helping to simplify processes, drive efficiencies, and empower everyone to focus on the bigger picture.
Are you outgrowing MYOB?
At one stage, you might have selected MYOB to do just that – improve operations. But as your business adds new users, products, customers, markets and revenue streams, your once-efficient systems may no longer be able to keep up. You might find those simple, streamlined processes getting overly complicated. Data starts to creep over to other systems, creating silos and inconsistencies. You and your team might find yourselves creating workarounds and manual interventions just to get your daily jobs done.
If this sounds familiar, it’s time to reassess your technology stack and consider more advanced, scalable solutions that can adapt to your business’s dynamic needs.
While MYOB’s accounting solutions are an ideal solution for small businesses, they have a number of limitations that eventually become roadblocks to growth. To help you identify these indicators and support a proactive transition to a more scalable solution, below we outline why so many of our customers have assessed their ERP options and chosen a better alternative – the advanced features of NetSuite cloud ERP.
Let’s begin with a quick recap of each platform.
MYOB Business and MYOB Essentials
MYOB’s accounting features provide a solid foundation for Australian and New Zealand businesses looking for basic accounting and financial management capabilities. However, the capabilities are limited when addressing advanced inventory management, sophisticated financial forecasting, and comprehensive reporting needs.
NetSuite cloud ERP
NetSuite’s features offer an extensive suite designed to accommodate the complexities of growing businesses. Its robust ERP functionalities touch on everything from advanced financial management and CRM to eCommerce and warehousing – all within into a single platform. In particular, the customisable and scalable nature of NetSuite positions it as a more appropriate choice for growing businesses.
Please note that, unless otherwise stated, this article refers to the two smaller MYOB accounting solutions – MYOB Essentials and MYOB Business.
MYOB to NetSuite is the natural next step
Is your business eyeing up growth and expansion?
It will quickly become apparent that MYOB’s limitations in multi-currency handling and global compliance can kneecap even the most fastidious plans. Its capabilities – largely tailored to domestic operations – make it less suitable for extensive international ventures.
On the other hand, NetSuite is engineered for growth-minded businesses. Moving into new territories, geographies and markets is far easier when you can lean on NetSuite’s ability to handle multiple entities, currencies, tax regulations, and languages. A system with built-in global readiness, spares you from the pain of operating across borders ensuring compliance and operational efficiency throughout whatever markets you want to explore.
Have your systems spiralled from a few to many?
MYOB often requires additional third-party integrations to handle various business functions. You might start by introducing a CRM solution to support sales and marketing, or another to handle inventory. Then there’s the spreadsheets required to manually bring all the data together. Each solution seems like a great fix. But the more disconnected systems you add, the more you create system fragmentation, a well-known efficiency blocker. Operations noticeably slow as data is manually reconciled across systems, delaying access to those crucial business insights.
Creeping IT costs too, can turn your savvy, affordable MYOB investment into a less appealing one as additional third-party systems and integrations quickly add up.
With NetSuite you no longer have to manage technology silos because everything is managed on the one single platform. In this case, NetSuite is best because it consolidates all core business functions into a single integrated platform. It’s highly configurable so you can add and extend the platform with rich capabilities as your needs evolve. Need advanced revenue recognition? You can add NetSuite native modules to do that. Looking to implement complex project accounting capabilities? NetSuite’s robust features and extensive app options let you add incremental functionality to keep projects working like clockwork.
And while it represents a higher initial investment, it eliminates the need for multiple disparate systems. Costs also tend to be outweighed by the long-term benefits brought along by productivity, efficiency and systems agility.
Are you struggling with manual processes and workarounds?
As businesses grow, the reliance on manual processes and workarounds will organically increase. In particular, MYOB’s limited automation capabilities can result in significant time spent on repetitive tasks, such as data entry, reconciliation, and reporting.
NetSuite’s automation features streamline these processes. Automated workflows, real-time data integration, and comprehensive reporting capabilities significantly reduce manual interventions.
Do you need more advanced reporting and analytics?
Accurate and timely reporting is a business must-have, particularly for fast-growing businesses who need to know what is happening everywhere all at once. MYOB’s basic reporting capabilities may quickly quickly fall short when it comes to accessing the level of detailed insights needed for strategic planning and performance monitoring.
NetSuite really amps up your financial and operational insights with advanced analytics and reporting tools, and real-time access to key performance indicators (KPIs). Customisable and role-based dashboards let you track metrics that matter most, and with a comprehensive view of your business performance, you can quickly identify opportunities and mitigate risks.
Upgrading from MYOB to NetSuite
Outgrowing MYOB is common to growing business. The best MYOB alternative is NetSuite. It provides a natural migration path, already walked by many Australian and New Zealand businesses. MYOB defectors understand that while MYOB served its purpose, eventually they simply didn’t have the right solution to enable their next stage of development.
NetSuite’s comprehensive suite of integrated business applications is tailored to meet more complex, mission-critical business processes. Its scalability, advanced functionalities, and global readiness make it an ideal choice for businesses who have outgrown MYOB.
Explore more resources:
- NetSuite versus MYOB: The essential guide to upgrading your business systems >
- NetSuite vs MYOB Advanced – your ultimate ERP decision guide >
- Why Australian and NZ MYOB users are levelling up with NetSuite >
Infographics:
Get a technical comparison of each platform’s key features with these easy-to-read infographics.
- MYOB Business vs. NetSuite: Feature by feature comparison >
- MYOB Acumatica (Advanced) vs. NetSuite: Feature by feature comparison >
MYOB to NetSuite case studies
Cargo Crew: From a patchwork of systems to one unified cloud management platform
Learn how NetSuite supported Cargo Crew’s growth when they switched from MYOB to an integrated, synchronised cloud accounting, financials and marketing platform.
Gateway Packaging: How they thought outside the box to gain visibility and efficiency with Annexa and NetSuite
When replaced MYOB and other isolated systems with a single NetSuite instance able they gained advanced visibility and reporting capabilities, plus plenty more growth-supporting capabilities.
YWCA: Cloud ERP empowers YWCA’s mission with a unified NetSuite solution
A mish mash of systems including MYOB, Xero, Excel spreadsheet and SAP became a single high-performing platform when YWCA migrated to NetSuite.
ATOM: How they fuelled their ambitious growth plans supported by NetSuite and Annexa
A strategic move from MYOB Advanced to NetSuite cloud ERP saw ATOM’s revenue grow over 72% in just three years.
Source: NetSuite Australia