Are you beginning to wonder if MYOB is still the right fit for your growing business? MYOB’s more lightweight accounting platforms have long been a popular choice among small to medium-sized ANZ businesses who have relied on these platforms to manage their finances during early stages of growth.
However, as your business grows, you might start to notice the limitations of a system that was once ideal.
Let’s explore how upgrading from the various MYOB solutions to NetSuite can provide the scalability, efficiency, and comprehensive functionality necessary to support your business's growth and evolving needs.
Please note that, unless otherwise stated, this article refers to the two smaller MYOB accounting solutions - MYOB Essentials and MYOB Business.
Understanding the MYOB accounting platforms
MYOB Essentials: The most lightweight option, MYOB Essentials is tailored for small businesses needing basic financial management. It includes features such as invoicing, expense tracking, and payroll processing. Its user-friendly interface and accessibility from any device make it an ideal choice for businesses seeking a simple, cost-effective solution.
MYOB Business: Positioned slightly above Essentials, MYOB Business offers additional functionalities suitable for small to medium enterprises. It combines ease of use with more advanced features, such as basic inventory management alongside invoicing, expenses, and payroll. This platform is perfect for businesses that require more capabilities than Essentials but are not ready for the full range of AccountRight or Advanced.
MYOB Advanced (now called MYOB Acumatica): This solution is designed for larger businesses with complex needs and extends beyond basic accounting to include modules for financial management, CRM, project accounting, and supply chain management. MYOB Advanced comes closest to NetSuite in functionality, but falls short when it comes to supporting growth, particularly outside of ANZ’s borders.
It’s worth noting that we have helped customers migrate from all three MYOB solutions. In the many cases, the transition to NetSuite not only addressed immediate pain points but also positioned these businesses for future growth. Each migration journey is unique, tailored to the specific needs and structures of the businesses involved, and we are happy to help guide your business on that journey.
Recognising the signs of outgrowing MYOB
As your business expands, you’ll need more robust solutions to handle increased complexity, whether it’s more employees, complex inventory, or broader market reach. MYOB Essentials and MYOB Business are – both primarily designed for smaller operations - may no longer suffice.
For example, if you’re a retailer looking to add an eCommerce channel, you’ll require a comprehensive system to manage both online and offline sales. Similarly, increased stock levels demand advanced inventory, warehouse, and distribution management solutions.
For manufacturers it may be the need to automate core shopfloor processes to support ongoing development that spurs a shift to NetSuite. MYOB’s capabilities, geared to small businesses, can hinder your ability to manage inventory, production, and services efficiently, often forcing you to rely on cumbersome spreadsheets or integrate third-party solutions.
Learn more: 6 signs you've outgrown your accounting software
Assessing the options
While integrating third-party industry solutions with MYOB might seem like a viable option, it’s equally important to evaluate whether these additions will genuinely support your business’s growth and best practices. In many cases, a complete overhaul with a solution tailored to evolving business needs, such as NetSuite, can provide a more effective and scalable approach.
Clear signs it's time to level up from MYOB
While MYOB has served your business well, there comes a point when growing companies need more robust solutions. Here are some clear signs it’s time to level up from MYOB to NetSuite:
Limited scalability
Symptom: As your business expands, you find that MYOB struggles to keep up with the increased transaction volumes and complexity.
Solution: NetSuite's scalable architecture supports growing businesses by handling large volumes of transactions and complex business processes without performance issues. Its cloud-based platform ensures you can add new users, locations, and functionalities seamlessly.
Data silos and manual processes
Symptom: Your team spends considerable time manually consolidating data from various systems, leading to errors and inefficiencies.
Solution: NetSuite eliminates data silos by integrating all your business processes into a single platform. This integration automates workflows and provides real-time data visibility, reducing manual effort and improving accuracy.
Inefficient financial management
Symptom: Financial reporting and reconciliation are time-consuming and prone to errors due to MYOB’s limited functionalities.
Solution: NetSuite offers advanced financial management tools, including real-time reporting, automated reconciliation, and comprehensive compliance features. These capabilities streamline financial processes and provide accurate, timely insights.
Lack of advanced analytics
Symptom: Making data-driven decisions is challenging because MYOB lacks the robust analytics and reporting capabilities that come with cloud ERP solutions.
Solution: NetSuite's advanced analytics and reporting tools enable you to make informed decisions. With real-time dashboards and customisable reports, you gain deep insights into your business performance, helping you strategise and optimise operations.
Poor inventory management
Symptom: Tracking inventory across multiple locations is cumbersome and prone to inaccuracies with MYOB.
Solution: NetSuite's comprehensive inventory management system provides real-time visibility across all locations. This ensures accurate stock levels, efficient order fulfillment, and reduced carrying costs, enhancing overall inventory management.
Integration challenges
Symptom: Integrating MYOB with other business systems and third-party applications can be complex and may require manual workarounds.
Solution: NetSuite's robust integration capabilities allow seamless two-way connectivity with a wide range of business applications. This helps to streamline operations, enhance data flow, and ensure a cohesive system environment.
Inadequate support for global operations
Symptom: Expanding internationally is challenging with MYOB due to its limited support for multi-currency transactions and international compliance.
Solution: NetSuite supports global operations with multi-currency, multi-language, and multi-subsidiary management features. It ensures compliance with international regulations, making it far easier to manage global expansions.
MYOB versus NetSuite
While MYOB accounting packages are an ideal solution for small businesses, they do have a number of limitations that may eventually become roadblocks to growth. To help you identify these indicators and support a proactive transition to a more scalable solution, we've outlined the signs it's time to select a better MYOB alternative.
Dive deeper:
Signs it’s time to make the switch from MYOB to NetSuite >
MYOB Advanced versus NetSuite
MYOB Advanced is a cloud-based ERP system designed primarily for small to medium-sized businesses in Australia and New Zealand. It offers a suite of applications including financial management, project accounting, inventory management, customer management, reporting, payroll, and business intelligence. Despite its robust features for local markets, MYOB Advanced often requires significant customisation and can struggle with scalability and international operations due to its reliance on subledgers and batch processing. To help you assess options, we’ve created a comprehensive comparison of NetSuite and MYOB Advanced.
Dive deeper:
- NetSuite vs MYOB Advanced - your ultimate ERP decision guide >
- MYOB Acumatica (Advanced) vs. NetSuite: Feature by feature comparison >
NetSuite's impact across diverse industries
NetSuite offers a robust platform that adapts to the unique and complex demands of various industries.
NetSuite for retail & eCommerce
NetSuite is a powerful tool that works hard across the entire sales journey, from initial customer engagement to final purchase and beyond. For retail and eCommerce businesses, adopting NetSuite means streamlining online transactions and integrating them seamlessly with back-end operations. This integrated approach enhances inventory management, personalises customer experiences, and leverages real-time analytics to drive sales and improve customer satisfaction.
NetSuite for wholesale distribution
Efficiency is a must-have trait for wholesale distributors. NetSuite’s cloud-based solutions optimise every facet of wholesale distribution, from inventory and order management to CRM (Customer Relationship Management) and financials. This integration provides real-time visibility across the business, enabling better decision-making and rapid response to market dynamics.
Manufacturers face intricate operational challenges that require a unified management system. NetSuite’s cloud software suite delivers exceptional efficiency and visibility across manufacturing processes, including product development, production, inventory management, and supply chain logistics. Centralising these functions allows manufacturers to become more agile, reduce costs, and improve product quality.
NetSuite for digital businesses
For digital businesses, from start-ups to those preparing for an IPO, scalability is non-negotiable. NetSuite offers a platform that grows with the business, supporting financial management, customer relations, and more. This ensures digital businesses can stay agile, innovative, and competitive as the market evolves.
NetSuite for not-for-profit organisations
Not-for-profits have unique needs in balancing mission-driven work with donor expectations. NetSuite provides an integrated cloud solution that transforms operations, enhances transparency, and improves fund management. This allows not-for-profits to focus on their core missions while maintaining accountability to stakeholders.
In the fintech sector, agility and advanced functionality are critical. NetSuite’s unified financial management solutions handle complex financial operations and regulatory compliance, empowering FinTech companies to innovate and manage their financial landscapes effectively.
For SaaS businesses, managing subscription models and automating billing processes are key. NetSuite’s ERP offers advanced capabilities to handle these tasks, along with providing insights into customer behaviours and revenue streams. This is essential for SaaS companies aiming to scale efficiently and maintain a competitive edge.
The food and beverage industry demands precise management of supply chains, production processes, and regulatory compliance. NetSuite’s unified suite streamlines these operations, managing finances, inventory, and customer relationships effectively. This ensures operational efficiency, cost management, and high product quality, setting the stage for long-term success.
The cost-benefit analysis of MYOB versus NetSuite
Let’s begin with the short-term financial considerations:
Immediate cost of migration or upgrade
Transitioning from MYOB to NetSuite does involve short-term expenses, including licensing fees, implementation costs, and necessary customisations or integrations. In contrast, staying with MYOB involves minimal immediate costs if your business already has a functional setup.
Training and adoption
Training employees to use NetSuite efficiently represents another short-term cost. MYOB, being familiar to your team, requires a smaller investment in training. However, this must be weighed against the potential inefficiencies and manual workarounds necessary to keep using MYOB as your business grows.
Operational disruptions
Switching to a new system can temporarily disrupt business operations. This transitional phase, while potentially costly in the short term, needs to be compared with the ongoing inefficiencies and limitations faced with MYOB.
Now onto the long-term financial considerations:
Scalability and growth support
In the long term, investing in NetSuite can be financially beneficial due to its scalability and ability to support business growth without frequent upgrades or add-ons. In comparison, MYOB may require additional investments in third-party tools as your business expands.
Operational efficiency
NetSuite's advanced features can lead to significant improvements in operational efficiency over time. This contrasts with MYOB, where the lack of advanced features might necessitate additional manual work, potentially leading to higher long-term labour costs
Integration and automation costs
NetSuite’s ability to seamlessly integrate with other business systems can reduce long-term costs associated with maintaining multiple disparate systems. In contrast, MYOB may require more manual integrations or the use of additional platforms, increasing long-term costs.
Data-driven decision making
The advanced analytics and reporting capabilities of NetSuite can lead to more informed decision-making. Over time, this can translate into cost savings and increased revenue, something that might not be fully achievable with MYOB’s more limited reporting tools.
Customer satisfaction and retention
The long-term impact on customer satisfaction and retention, driven by the efficiency and capabilities of the business's ERP system, should also be considered. A more robust system like NetSuite might offer better service quality, leading to higher customer retention and long-term financial benefits.
Looking to the future
While the short-term costs of migrating to NetSuite may be higher, the long-term financial benefits of improved efficiency, scalability, and business intelligence capabilities can significantly outweigh the initial investment. This makes NetSuite a potentially more financially sound choice for a growing business, providing the tools needed to support your business’s evolution and expansion.
As your business evolves, so should your business systems. While MYOB is a robust tool for small businesses, NetSuite offers a scalable solution that supports not just accounting but a wide array of business functions in a unified system. It's a strategic investment in your company's future, enabling growth from a local enterprise to a global powerhouse.
Feature-by-feature comparisons:
Check out these infographics to see how these systems stack up against each other when it comes to handling critical functions like accounting, reporting, multi-currency transactions, multi-entity consolidation, and more.
MYOB Business versus NetSuite >
MYOB Advanced versus NetSuite >
MYOB Advanced versus NetSuite
The implementation process: MYOB to NetSuite migration Initial assessment and planning
The first step when migrating from MYOB to NetSuite is to conduct a thorough assessment of your current business processes, data structures, and system requirements. Engage key stakeholders from various departments to identify all functional needs. Develop a detailed project plan outlining the migration process, timelines, responsibilities, and resource allocation. Set clear objectives and KPIs to measure the success of the implementation.
Data preparation and cleanup
Before transferring data, it's crucial to clean and prepare the existing data in MYOB. Remove redundant or obsolete data, ensure accuracy, and standardise data formats. Correct discrepancies and consolidate data sources to streamline the transition.
System customisation and configuration
NetSuite offers extensive customisation options tailored to your business processes, allowing the platform to be finely configured to meet your specific needs. Start with critical business functions and gradually expand customisations as needed. This phased approach ensures a smoother transition and minimises disruption.
Data migration strategy
Develop a comprehensive data migration strategy. Identify the specific datasets to be moved from MYOB to NetSuite, map data fields, and determine the migration order. Perform data migration in stages, beginning with historical data and then moving to dynamic, day-to-day transactional data.
Testing
Conduct thorough testing of the NetSuite environment before going live. This includes unit testing, system integration testing, and user acceptance testing to ensure all business processes function as expected. Address any issues discovered during testing before the system goes live.
Training and change management
Prepare your team for the transition with comprehensive training on NetSuite’s functionalities. Effective change management practices are essential to overcome resistance to new systems. Provide ongoing support and training materials to all users to ensure a smooth adoption process.
Go-live and support
Choose a less busy time for the go-live phase to minimise disruptions. During go-live, provide additional support to handle any immediate issues that arise. Ensure your team is ready to address any challenges and maintain business continuity.
Post-implementation review
After the system is live, conduct a post-implementation review to ensure it meets the business requirements as planned. Gather feedback from users and make necessary adjustments. This is also the time to refine workflows and processes for optimal performance.
Best practices for migrating from MYOB to NetSuite
Engage experienced consultants
NetSuite is rarely implemented by internal teams. Instead, NetSuite consultants or partners with a track record of successful migrations can work alongside your team to navigate the technical and business complexities of implementation.
Regular communication
Stakeholders should be kept informed throughout the process. Regular updates will help manage expectations and reduce anxiety about the change.
Phased approach
Implementing the new system in phases will reduce risk and allow for adjustments along the way.
Data integrity
Keep a backup of your data from MYOB until you are completely comfortable with NetSuite. This will provide a safety net in case of unforeseen issues.
Continuous learning
Encourage ongoing learning and exploration of NetSuite’s features beyond the initial training period.
How to avoid common implementation pitfalls
- Don’t underestimate the complexity of migration. Allocate sufficient time and resources to manage the process.
- Ensure all data is accounted for during migration. Use data validation checks to prevent loss.
- Don’t rush the testing phase. Inadequate testing can lead to critical issues post Go-Live.
- Address user resistance by involving them in the migration process and providing clear communication on how the new system will benefit their work.
- Provide ample training and resources. Users should feel confident in using the new system.
Making the switch to NetSuite from MYOB
Transitioning from MYOB to NetSuite can seem daunting, but it's a move that many growing businesses have successfully made. After all, it’s an upgrade that will lead to enhanced efficiency, improved accuracy, and comprehensive visibility, ultimately supporting your long-term growth and strategic goals.
Explore the signs it might be time to consider NetSuite as your next step >
What makes NetSuite the #1 leading cloud ERP for high growth companies?
- Proven business processes for high growth companies
- More live cloud ERP customers, over 38,000 throughout the world, than any other cloud vendor
- Predictable and repeatable implementation outcome
- Patented software upgrade process
- Pedigree of customers running NetSuite from start-up through enterprise to international conglomerates
- Backed by Oracle’s immense resources
- Vast, deep, and wide partner network
- SuiteSuccess methodology helps your team implement industry-leading practices quickly
- ‘Out-of-the-box’ approach much less cumbersome on agile finance departments
- Hundreds of reports built-in let you immediately realise value
Why is NetSuite better than MYOB?
NetSuite is designed to grow with your business, offering seamless scalability. Whether you're expanding locally or internationally, NetSuite supports complex business processes and high transaction volumes without compromising performance.
Integration
NetSuite provides robust integration capabilities, enabling seamless connectivity with various business applications and systems. These advanced integrations streamline operations and eliminates the data silos of smaller accounting solutions.
Advanced features
NetSuite offers a comprehensive suite of advanced features, including real-time analytics, multi-currency support, and multi-entity consolidation. These functionalities provide deeper insights and greater control over your business operations.
Businesses who have moved from MYOB to NetSuite
Cargo Crew
Learn how NetSuite supported Cargo Crew’s growth when they switched from MYOB to an integrated, synchronised cloud accounting, financials and marketing platform.
Astoria Paper
Astoria Paper transitioned from MYOB to NetSuite with the help of Annexa to streamline operations and manage their high-volume inventory. Learn exactly how they eliminated inefficiencies, improved data accuracy, and positioned themselves for future growth.
Motivation Australia
A strategic systems shift from MYOB to NetSuite saw Motivation Australia streamline their financial operations, improve reporting accuracy and gain real-time access to key metrics. All of which helped support their mission to create positive and lasting change in developing Pacific Island nations
True protein
When True Protein moved from MYOB Advanced to NetSuite they quickly improved reporting, efficiency, and productivity, giving them a competitive edge in the health and performance supplements industry.
YWCA
A mish mash of systems – inc. MYOB, Xero, Excel spreadsheet and SAP - became a single high-performing platform when YWCA migrated to NetSuite.
ATOM
A strategic move from MYOB Advanced to NetSuite cloud ERP saw ATOM’s revenue grow over 72% in just three years. Here’s how NetSuite made it happen.
Ready for a MYOB to NetSuite upgrade?
If you’ve recognised that MYOB is no longer keeping pace, it’s time to act. Transitioning to NetSuite could be the strategic move that drives your business forward. For a seamless upgrade and a system that grows with you, reach out to us.
Learn more:
Sources: NetSuite Australia and NetSuite vs MYOB Advanced
