ERP Software Evaluation Checklist
How to choose the right cloud ERP system for your business
MYOB Advanced Business
Use this checklist to compare ERP solutions across five key areas of features
Productivity
How will the system support you and your staff to be more productive?
Functionality
Does the product have the right features for your business now, and will it scale with your business?
Value
Technology
Risk
Choosing the right system to run your business can be daunting. Many systems appear to offer similar features on the surface, making it confusing to know what’s essential, what’s not, and what your business might need in the future to scale. When evaluating different solutions to find the right one for your business, it’s essential to check that they feature the right functions and features you require.
How does the vendor minimize risk and facilitate network and financial security?
You must also remember, choosing the right software is about finding balance. Functionality is important, but so is a simple, intuitive user interface. You want to work with a vendor you trust to offer ongoing service and support. And finally, as every business owner knows, new software needs to fit your budget.
Is the software designed for usability and simple customization?
MYOB Advanced Business
Productivity
| Feature | Benefit | Priority | MYOB Advanced Business |
|---|---|---|---|
| Intuitive | Easy to learn and use. | √ | |
| Remote access | Access the system from any device, anytime, anywhere to facilitate staff working from home, late/weekend shifts, and field personnel. | √ | |
| Multi-currency | Work in any currency and convert as needed. | √ | |
| Workflow | Automate business processes, approvals, and notifications. | √ | |
| Wikis | Share information and company documents among any combination of teams, departments, and external users. | √ | |
| Document management | Make documents accessible to all key personnel. | √ | |
| Single database | Hold a single version of the truth. No need to maintain integrations between applications or manually transfer data. | √ | |
| Built with local expertise | Leverage local expertise through a product built in Australia and New Zealand, so your business is always up-to-date with local legislative and tax updates. | √ | |
| Customized reporting | Access comprehensive, real-time reporting to make informed decisions without the guesswork. | √ |
MYOB Advanced Business
Functionality
| Feature | Benefit | Priority | MYOB Advanced Business |
|---|---|---|---|
| Multi-site | Support multi-company, multi-location, and international companies, including financial consolidations, intercompany eliminations, and reconciliations. | √ | |
| Financial management | Support standard accounting functions, including General Ledger, Payroll, Cash Management, Tax management, Project Accounting, and more. | √ | |
| Quote-to-cash | Create quotes, convert to sales order, check inventory availability, run capable-to-promise (CTP), perform credit check, pick, pack, ship, invoice, and collect payment. | √ | |
| Procure-to-pay | Create requisitions, obtain approvals, convert to purchase order, receive inventory, receive invoices, match and pay. | √ | |
| Reporting | The system includes integrated reporting tools that allow data analysis while honoring global security settings. Reporting tools automatically include custom fields. | √ | |
| Industry support | Support specific industries including Services (Business and Field), Wholesale and Distribution, Manufacturing, eCommerce, Retail, and Construction. | √ | |
| Strong third-party software support to extend product functions | Access to library of enhancements available to extend the functionality of the product to meet your unique business needs. | √ | |
| CRM combined with ERP | Share a single database between ERP and CRM - no need to synchronize two databases with the same information. | √ | |
| Integrated Business Intelligence | Go beyond spreadsheets and use integrated BI and Analytics to understand what the financial and customer data is really telling you so you can make informed, actionable decisions. | √ | |
| Integrated eCommerce | Link online orders to your ERP and CRM. Track all sales, manage inventory in real time, collect the correct sales tax for multi-state sales, and more. Integrates with major eCommerce platforms, such as Magento and Shopify. | √ |
MYOB Advanced Business
Technology
| Feature | Benefit | Priority | MYOB Advanced Business |
|---|---|---|---|
| Cloud | All functionality is accessible using a standard browser without the need for any software installation on the user's device. No additional software licensing required. | √ | |
| Responsive design | View and interact with the application on any device with a minimum of resizing, panning, or scrolling. | √ | |
| User interface | Modern look and feel. Customize screens and dashboards. Easy access to tasks with minimal clicks and intuitive workflow. | √ | |
| Mobile app | Equip office and field staff with easy-to-use functions on phones and tablets for routine transactions with barcode scanning for warehouse management, manufacturing, and field service. | √ | |
| Customisable and flexible | Ability to modify and customise business logic to meet your company's unique requirements. | √ | |
| Customisation using industry standard tools | Perform customisations using industry standard tools and programming languages without requiring the use of proprietary languages or compilers. | √ | |
| Full relational database | All system data stored in a relational SQL database. Query data for reporting, BI, financial statements, audits, and more. | √ | |
| Database export | Access and export relational versions of all data for reporting, backup, and transfer. | √ | |
| Artificial intelligence | Streamline business processes with built-in machine learning, e.g., automatically entering expense report details from expense receipt photos. | √ |
MYOB Advanced Business
Value
| Feature | Benefit | Priority | MYOB Advanced Business |
|---|---|---|---|
| Low Total Cost of Ownership (TCO) | Reduce the total cost of ownership over the foreseeable lifetime of the product (at a minimum 3-5 years), including licensing, support, hardware, upgrade, and hosting costs. When comparing, be sure to add the cost of additional products required to run the system. | √ | |
| Scale as you grow | Ability to accommodate higher volume, more resources, and more users as your business grows. Pay only for what you use. Add more functionality when you need it. | √ | |
| Preserve capital for other business initiatives | Cloud deployments reduce the need for initial cash outlay for hardware and software purchases. | √ |
MYOB Advanced Business
Risk
| Feature | Benefit | Priority | MYOB Advanced Business |
|---|---|---|---|
| Predictable monthly costs | Not vulnerable to spikes in IT costs. Standardising on a platform allows you to predict your monthly cost for the system. | √ | |
| Deploy quickly | Eliminate time delay and risk of unplanned costs by deploying quickly with a cloud solution. | √ | |
| Leverage global technology leaders | Ability to utilize the resources of cloud hosting leaders (Amazon Web Services) for their fast response and uptime. | √ | |
| Knowledge of your industry | Reduce risk by using a software vendor with the solutions and knowledge for your specific industry. | √ | |
| Customer references | Cites customer successes using their software in your industry. | √ | |
| Best-in-class security at no additional cost | Support platform, web, and computer security leveraging expertise at hosting providers. | √ | |
| Data in the cloud | System leverages data security from AWS. Data kept on your servers is more vulnerable to attack. | √ | |
| Backup and disaster recovery | Cloud deployment lowers costs for backup, failover, and disaster recovery. | √ | |
| Simpler integration with other web apps | Utilize web capabilities to integrate with other web-based business applications. | √ | |
| Vendor handles updates and upgrades | Eliminate risk of missing an upgrade with a cloud solution, ensuring you're experiencing the latest features and updates without the hassle. | √ | |
| Local, phone-based support | Speak to someone with local expertise via a 24/7 phone-based support based in Australia and New Zealand. | √ |
Unlock business benefits
The benefits of cloud ERP are evident, but many business leaders put off upgrading their software for the fear of cost – a best-fit ERP is key both in money and time. By evaluating multiple vendors using this checklist helps solve this problem, by clearly identifying your priorities and ensuring you select the best solution for your business.