MYOB Acumatica User Groups
- March 2021 -
The March 2021 User Groups were a great chance to learn from the experts about all things MYOB Acumatica. The theme of these sessions was Complete Control, where we explored how finance and administration tasks could be improved through the use of MYOB Acumatica. We had access to an expert panel of presenters who covered topics from the future of MYOB Acumatica , to the effects of additional control in a day in the life of Accounts. We were thrilled to host over 60 attendees to our sessions, and hope that they gained plenty of useful information about MYOB Acumatica.
If you missed out on joining the live sessions, or just want a refresher on the most important info, then read more about the Top Things we Learned from the March 2021 MYOB Acumatica User Groups here.
The COVID Paradigm Shift
The COVID pandemic has drastically affected the way we go about conducting business. Even the User Groups moving to an online setting is evidence of its effect. While the world has responded to the shifting landscape, it is still unclear how lasting the changes will be. Is this an inflection point that will forever change the way we operate, or is it simply a flash in the pan, and systems and processes will revert to normal once the vaccine is widely distributed?
Typically, the major paradigm shifts span many years, decades, or centuries. Revolutions like the Renaissance, Agrarian or Industrial Revolutions, or even the Digital Revolution that we are currently living through have lasted centuries. However, the rapid technological uptake since March last year has been focussed on already developed technology. Zoom has seen exponential growth, adding 100 million users between March and April 2020, while Skype took 9 years to reach 70 million users. The technology already existed, it has simply been a more widespread adoption that has allowed business to easily adapt.
“We witnessed 5 years’ worth of digitisation in a few short weeks” – Andy Penn CEO, Telstra
All in all, it appears that the effects of COVID may end up being just one step in the larger digital revolution, and not another major shift. However, it is important to keep taking advantage of opportunities to improve your business’ efficiency when they arise. This maintains your competitive advantage in the market, and prevents being left behind – on the wrong side of the revolution.
What is next for MYOB Acumatica
We were lucky to have multiple speakers discussing the MYOB Acumatica roadmap on both the macro and micro level. From MYOB’s side, the focus is on building up the three strategic pillars:
Platform and technology, to provide a solution that can grow with your business
Best in class functionality, that is continually updated so that MYOB Acumatica exceeds your expectations
Industry Solutions, by packaging horizontal features to support specific requirements. The future industry solutions in the pipeline are: retail, mining, practice management, and healthcare
The panellists also looked at the major releases from Acumatica (the software that powers MYOB Acumatica). Coming to Acumatica in its 2021.R1 release – and then later to MYOB Acumatica – are exciting features such as being able to create CRM contacts automatically with mobile image recognition for business cards. Optical Character Recognition (OCR) technology in general is a big addition that will significantly save on manual data entry. It will allow the system to capture information via image recognition, and transfer it into a useable digital form within MYOB Acumatica. Other promising features include upgrades to already deployed industry specific solutions and the introduction of Intelligent De-Duplication Technology for CRM data. If you have your own ideas on how to improve MYOB Acumatica, the team at MYOB are always looking for feedback from their users, so contact your partner to start a discussion that can shape the future of your software.
A day in the life of Accounts
Our panel very thoroughly explored how your accounts team can benefit from MYOB Acumatica when taking a focus on Complete Control. Functions such as creating and approving purchase orders can all be controlled by configuring access rights. Naturally, there are many options for customising access rights, including by role, by user, and by screen. Access can even be set at the field level, by utilising row-level security. Typically these will be inherited from the root access point, however, they can be individually configured per role for each field. Field level auditing is also tracked within MYOB Acumatica. All changes made to account details and permissions across the entire system can be reviewed.
Approval maps can be created for the approval of purchase orders. If a Purchase Order (P.O.) requires approval, MYOB Acumatica automatically emails the approver. This email is integrated across the system, so while it will go to the inbox of the approver, they will also be notified within MYOB Acumatica, and can utilise the App to conveniently approve the order. Once approved, MYOB Acumatica can automatically email the P.O. off to the supplier. Automating these simple AP processes saves time and reduces error rate, while also allowing your staff to have control over their processes.
We were very thankful to be joined by representatives from our new sponsors expensemanager and ezyCollect, who discussed how to increase control over your AP and AR processes.
Expensemanager is an add-on for your Accounts Payable team that manages your company’s spend with automation. Automation mitigates the risk of fraud, streamlines your process by reducing the impact of manual data entry, improves compliance by enforcing policies and limiting ad hoc spending, and keeps your business agile and proactive. Its hyperautomation features allow the fast and easy processing of invoices into your system, by leveraging OCR and machine learning.
ezyCollect is a debt collection system that helps you get paid faster by automatically contacting your customers and prompting them for payment. They spoke about the risks of onboarding new clients and how you can open yourself up to bad debts without doing the proper checks. This can cost you money and affect your bottom line. We saw how ezyCollect’s risk management platform could help you onboard new customers, giving them a risk score to help you make better decisions. Having this information fosters greater trust in your new customer. Protect your business from unpaid invoices; find out whether your customers are at risk for late or non-payments and take decisive action.
A big thank you to all involved
Above all, the MYOB Acumatica User Groups are a chance for the users and experts to share their insights and keep you informed about updates, features, and Business Process Improvement news. We would like to thank our sponsors Kilimanjaro Consulting, Enprise Solutions, ezyCollect, and expensemanager for their support in making these events happen, as well as acknowledge the input from MYOB.
Do not miss out on any of these valuable, free events in the future. Make sure you receive our exclusive early invitations by subscribing to our newsletter. For any other queries contact us here.
If your business is evolving and you a looking for a more sophisticated ERP solution; consider engaging with our consultants for a Business Process Improvement project. Their industry best practice methodology begins with a COVID-safe, on-site visit to collaborate and identify your own goals and objectives. They can advise the appropriate ERP solution for your business as well as recommend any Connected Services that can be integrated with your system to ensure your processes are being completed efficiently. Kilimanjaro Consulting is the leading implementer of MYOB ERP solutions in Australia, and Enprise Solutions is the leading implementer of MYOB ERP solutions in New Zealand.
If you wish to get in touch with Kilimanjaro Consulting, you can call 1300 857 464, or email sales@k-c.com.au. If you wish to get in touch with Enprise Solutions, you can call 0800 436 774 or email info@enprise.com.
