Many businesses begin with Xero, QuickBooks, and other basic accounting software, which work well for start-ups. As your enterprise grows, people, products, and processes become more complex, so these simple tools may no longer be enough for your needs.
In this article, we shall explore the differences between traditional systems and MYOB Acumatica so you know when to upgrade, what advantages you stand to gain, and how it can help you work efficiently.
A Look at What Traditional Accounting Tools Are
These refer to FreshBooks, Zoho Books, and other entry-level cloud-based software primarily used for bank reconciliation, invoicing, payroll, and the like. They are excellent solutions for sole traders or small businesses since they have limited capacity for project costing, workflow automation, and multi-entity management functions.
A Look at What MYOB Advanced or Acumatica Is
This is a cloud-based enterprise resource planning (ERP) solution based on Acumatica, designed for medium-sized businesses that need more than the basic features.
It is fully online and scalable, as it combines project management, payroll, inventory, customer relationship management, accounting, and reporting in a single platform.
An Examination of Traditional vs. MYOB Advanced or Acumatica
Scalability
The former has a hard time dealing with multiple users or high volumes of transactions, but the latter is made for when you want to grow your business and handle different currencies, companies, and users.
Remote Access
The former may need to be installed on every desktop separately but have limited syncing with the cloud, but the latter is fully online, so people can work from any device, which is great for mobile teams.
Workflow Automation
The former is often semi-automated or less, which is prone to human error, but the latter spares you from hours of manual work, as you can automate sending and approving updates and invoices.
Reporting
The former is usually capable of supporting basic or static reports, but the latter can provide real-time updates on the dashboard, which is good when you want to tell your financial health at a quick glance.
Project Management
The former tends to lack such features or has to update the desktop applications with add-ons, but the latter includes functions for computing job costing, project budgeting, and inventory tracking.
Multiple Support
The former can only handle one currency at a time, but the latter can let your team deal with different transactions, entities, tax jurisdictions, and currencies for easier national or global expansion.
A list of signs to upgrade to MYOB Advanced or Acumatica
- You are managing more than one entity or location, whether as a CFO or manager.
- You are using spreadsheets to fill in the gaps from the software you are using at present.
- You are in need of remote access, workflow automation, or customized reports and invoices.
- You are hounded by your staff about how slow the current processes or workarounds are.
A list of benefits of upgrading to MYOB Advanced or Acumatica
- You no longer need various third-party software since you can do different things in one system.
- You can streamline your operations across different departments, from sales to finance.
- You can boost your decision-making for growth and expansion as you receive data in real time.
- You can prepare your enterprise for the future, as you can use the same system as you grow.
If your goal is to rapidly grow your business, investing in MYOB Advanced or Acumatica for your accounting and management needs might be the smartest move you can make right now. Contact us at Kilimanjaro Consulting when you are planning to upgrade to ensure a smooth transition from your old system to your new one. Our representatives can explain further how this cloud-based platform can help you stay ahead of your competitors and the evolving market landscape.