NetSuite vs MYOB Advanced – choosing the best ERP for your business

The right technology foundation should bring together all areas of your business, help you better connect with your customers, and deliver the modern agility needed to adapt to changing market conditions and future business growth. Without the right system in place, many smaller Australian companies find that they’re simply not equipped to meet the rapidly changing needs of their business.

When businesses start to feel the pressure of inadequate technology, many turn to cloud Enterprise Resource Planning (ERP) solutions to support them through the next step of their business evolution journey. But how do you choose the right ERP solution that best fits your business growth plans when there are so many contenders?

In this article, we compare how NetSuite stacks up against MYOB Advanced, so you have the tools to analyse for yourself how these two software offerings can help meet your organisation’s objectives.

NetSuite vs MYOB Advanced

What is NetSuite?

NetSuite is a long-established cloud ERP system offering a suite of cloud-based applications. It’s currently used by 24,000 fast-growing businesses across the world to run key back-office operations, financial business processes, HR, professional services automation, and omnichannel commerce. NetSuite has a three-tier licensing structure:

• Limited – a great starter edition for single legal entity businesses with fewer than 50 employees.
• Mid-Market – for growing businesses looking for high levels of customisation, consolidated financial reports, and multiple currencies.
• Enterprise – all the bells and whistles of a world-class ERP solution suited for businesses with more than 1000 users.

What is MYOB Advanced?

MYOB Advanced is a relatively new cloud-based ERP system modified for Australian SMEs. At its core, MYOB Advanced brings together financials, project accounting, inventory management, customer management, reporting, payroll, and business intelligence. It also has a three-tier licensing structure:

• Standard – for small businesses who have outgrown their traditional accounting software.
• Plus – a more customisable edition suitable for larger businesses with more complex processes.
• Enterprise – for enterprises needing an adaptable, full-featured ERP.

Because each platform comes with three tiers and many options within each one, it is difficult to do a straight apples-to-apples comparison. Instead, the table below focuses on the high-level differences between the companies and overall solutions.

Gaining confidence in vendor sustainability

When evaluating an ERP solution, it’s also useful to consider factors beyond functionality. Vendor experience, for example, is a critical part of the decision-making process. Understanding the origins and business journey of a provider can give you a good idea of what to expect in the future, giving you confidence that you are partnering with a reliable technology vendor who will support your business as you grow.

Founded in 1998, NetSuite was cloud-native from birth, cementing its place in history as the first company dedicated to delivering business applications over the internet. Acquired by Oracle in 2016 for $9.3 billion, NetSuite has since grown to support more than 24,000 customers worldwide.

Traditionally focused on entry-level accounting and tax products, MYOB launched their ERP solution, MYOB Advanced, in early 2015, following a minority stake purchase of Acumatica in 2014. MYOB Advanced is actually a modified version of the Acumatica ERP system – but targeted for Australian and New Zealand business conditions. Acumatica currently has fewer than 400 employees globally and has yet to reach a profitable status. Meanwhile, the past few years have been tumultuous for MYOB. Most notably, the 2019 departure of CEO Tim Reed, who saw the company twice sold to private equity firms, including the most recent acquisition by private equity giant KKR, as well as listing on and delisting from the Australian Stock Exchange (ASX).

It will take time for MYOB to find its feet and grow its product suite. In the meantime, many Australian business leaders are preferring to invest their ERP dollars in a trusted technology leader like NetSuite, who has shown a steady commitment to continuously developing a truly integrated suite.

Annexa customers who have already jumped ship to NetSuite

While MYOB Advanced is a relatively new product on the market, we have consistently partnered with customers who have opted for NetSuite after their entry-level MYOB accounting system was no longer able to keep up. Astoria Paper made the switch when they realised their inventory control was in jeopardy. True Protein’s need for more operational visibility and integration flexibility didn’t mesh with MYOB’s limitations. NetSuite was also the right move for YWCA and Gateway Packaging, who were both wasting time re-entering and reconciling data across multiple systems – including MYOB – and needed a solution that would simplify their software landscape.

Technology for technology’s sake is useless to any results-focused business. This is why selecting the right platform and shaping your ERP solution to your exact needs is so critical for driving meaningful progress. If you are currently weighing up your options, contact us today for a free consultation diving deeper into the NetSuite ecosystem so you can better understand your ERP options.

Annexa is a leading NetSuite partner with extensive experience designing and implementing comprehensive and customised business systems, including payroll solutions, financial management, warehouse management and ecommerce solutions.