MYOB Exo and MYOB Advanced are two different accounting programs that can be used by small businesses. MYOB Exo is a simplified accounting software that is perfect for small business owners who want to set up their company and manage their accounting needs. MYOB Advanced, on the other hand, has more features for larger companies such as payroll and inventory management.
Both provide users with an easy-to-use interface that makes managing their finances simple. However, there are some things you should know about these two different products before deciding which one will work best for you. In this blog post, we will be discussing the five key differences between MYOB Exo and MYOB Advanced.
MYOB Exo is an “on-premise” software system. This means that you need your own server hardware and database, which is Microsoft SQL. Thankfully there’s been recent advancements in hosting which allows for MYOB EXO to be hosted.
Meanwhile, MYOB Advanced is a software as service (SaaS) system, meaning that you do not need server hardware or specialised software to use the MYOB Advanced. As it is a cloud-based system, all you will need is your internet connection to access the system through a web browser.
As a highly configurable system, MYOB Exo can cater to complexity and differentiation. Consulting services are required to implement the software as configuring the system itself may be too challenging for the average user.
However, once configured, it becomes very user-friendly with benefits including that your business processes are embedded into the software. This allows every team member to follow these defined procedures, often leading to high levels of trust among coworkers who may perform multiple roles on an account or project respectively.
MYOB Advanced’s segregation of duties feature allows for more complex workflows, with different people performing individual tasks. MYOB Advanced’s robustness in managing these complicated processes can help improve your organisation’s audibility by meeting GAAP/IFRS standards as well.
MYOB Exo can function locally where the majority of its services can be run without an internet connection. Expectations to this includes, for example, geolocations, which require an internet connection to function. However, MYOB Advanced – and generally all SaaS – requires a fast and stable internet connection. This is because data is uploaded and downloaded.
In order to gain access to MYOB Exo, businesses need to purchase user licenses upfront and pay an annual licensing fee. Meanwhile, MYOB Advanced offers a monthly subscription of different license levels. Choosing the level appropriate for you depends on your business needs. Costs for both of the software will be contingent on the number of users and the functionality that is used.
MYOB Exo is unique in that it offers direct access to the Microsoft SQL database, the underlying database of this software system. This means you have more options when creating your MYOB account, including fields and stored procedures which can be beneficial for upgrading with no hassle. You’ll also be able to integrate with other systems due to the flexibility of the SQL database.
The underlying database of MYOB Advanced is MySQL. The database is hosted by Amazon Web Services (AWS) so that no direct access to the database can be achieved. This is done by adding a configuration layer between the database and the software. With this, integration is done with the provided Application Programming Interface (API).
MYOB Exo is designed for small business owners who want a simple, straightforward accounting solution. If you’re looking for more advanced features and functions to grow your company’s bottom line, then consider going with MYOB Advanced. If you need help figuring out which accounting software is best for your business, give us a call! We’ll do our best to guide you in the right direction so that you can find an accounting system that will work the best for your needs!
At Stratus Group, our MYOB consultants do not just provide you with the software, we also provide expert knowledge and support. We will make sure that your MYOB Advanced software is implemented properly. We will work with you directly at all times during the whole process to ensure that you get exactly what you need. We also provide after-implementation support and assistance.
Take your business to the next level. With the business world facing so many uncertainties, simplify and protect your processes. Upgrade your system to MYOB Advanced now and get ahead of the competition.
Call us today on 1300 499 000 or fill out our inquiry form and we will get back to you within 24 hours.