Outgrowing MYOB or Quickbooks

MYOB and Quickbooks have made incredible development over the last couple of years. This has enabled what was previously full time bookkeeping and accounting roles to be performed in a couple of days per week. This is great for most small and medium size businesses but let’s face it, once you reach a certain size there are some limitations which may require you to step up to the next level of software.

MYOB and Quickbooks are off-the-shelf packages which try to be all things to all businesses. On the whole they do a pretty good job of it and due to theit popularity, there is a whole industry of IT developers that have written add-on products to integrate with your file to provide more comprehensive features where the off-the-shelf software has shortcomings. These add-on products are authorised to integrate with the original files and address such areas as:

- Cashflow forecasting
- Detailed budgets by job
- More comprehensive inventory control (ie. serial number scanning)
- Mobility solutions to enable you to produce invoices remotely direct from your software
- Setup excel reports where the cells read directly from your data file
- Consolidation tools that read multiple company files and perform automatic integration

If you think your company has outgrown MYOB or Quickbooks you should first have a good look at all of the add-on products available. The next step up from these off-the-shelf packages often requires and initial investement of over $10,000 and substantial annual fees wheras most of the add-on packages available are usually less than $1,000.

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January 4, 2008 | Filed Under Bookkeeping Tips 

Comments

3 Responses to “Outgrowing MYOB or Quickbooks”

  1. Doug on April 25th, 2008 7:28 pm

    I am interested in Cashflow forecasting add-ons that work well with QuickBooks

  2. Bruce on September 30th, 2009 2:00 pm

    I would suggest taking a look at Exchequer enterprise from Iris.

  3. Craig Kirby on April 22nd, 2010 4:03 pm

    It’s true that the next step after MYOB/Quickbooks is a reasonably big jump (to SQL based, enterprise level accounting and ERP).

    Depending on your turnover, your annual stock write-offs, your number of employees, service techs etc, you will find that the benefits of enterprise level accounting software can bring to your SME will see a Return on Investment within 12 months. We have certainly seen this type of return ‘out in the wild’.

    Cheers
    Craig

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