Running a business is difficult without a sound ERP system to rely on. These systems are helping companies to achieve better efficiency due to increased collaboration between different departments.
However, there are a plethora of ERP systems today, and choosing the best one for a company can be overwhelming even for the IT experts. One of the most popular ERP software available today is MYOB, and there are several types of this ERP system available.
The two most common ones are MYOB Advanced and MYOB Exo. Here are the differences between the two to help you pick the right product for your business whenever you have to choose between the two. Please continue reading below:
MYOB Exo is the oldest of the two, as MYOB Advanced was only launched recently. MYOB Exo is an on-premise kind of system which implies that you have to host it on your own server hardware.
You will also need to install Microsoft SQL database to facilitate the running of the ERP. Modern-day advancements in the hosting niche mean that you can find somewhere to host this system, eliminating the need for buying a bespoke server for your business.
MYOB Advanced is a Software as a Service (SaaS) system. You do not have to invest in a server or find somewhere to host it for you. All you need is access to the internet, and you can access the system using regular internet web browsers such as Google Chrome.
For the traditional MYOB Exo, you have to buy a license and pay for an annual fee. All these are paid upfront, and you cannot use the system without paying. For the MYOB Advanced, you can pay a monthly subscription based on the functionality you want to use.
Your implementation partner will help you choose the best subscription to choose from, depending on your business needs. The cost of the subscription is related to the functions you get, and the more you pay, the more you can do with the software.
Business needs grow over time, and as they scale, they need complicated software to handle their needs. They cannot rely on a one-size-fits-all kind of software. MYOB Exo is a configurable system that has room for complexity and differentiation.
You might need the services of an expert to help you configure it since an average person might not be able to do it well. The configuration is the hard part, and after that, it is easy to use.
For the MYOB Advanced, the segregation of duties is more refined. This comes into play when more than one person might be needed to close one task. This makes this software perfect for business processes that require the input of several employees.
In a nutshell, businesses need to distinguish between trust and segregation of duties. For the first one, where all employees are trusted, MYOB Exo stands out as the better option.
However, in places where there is much-needed transparency, and people do not want additional bureaucracies in their process, MYOB advanced is the best option.
MYOB Exo can be hosted locally, meaning that users can access it without internet connectivity. However, it all depends on what you are doing on the software as some services require an internet connection, especially those tied to the geo-locations.
For MYOB Advanced, you need an internet connection and, more specifically, a fast one if you are to access the system efficiently.
Some of the critical differences between MYOB Exo and MYOB Advanced have been mentioned above, so once you go through them, hopefully, you should be able to choose one that suits your business.
If you are looking for accounting software solutions anywhere across Australia, then please get in touch with us at Stratus Smart Software Solutions.
We are accredited and experienced MYOB Australia/NZ Enterprise Partners with a dedicated team of business, accounting and IT Consultants who are passionate about helping Australian businesses grow.
Call us today on 1300 499 000 or fill out our inquiry form and we will get back to you within 24 hours.