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Momentum Software Blog

Many employers spend hours every month or quarter distributing super to the various funds used by their employees.

In the future the ATO will be introducing compulsory electronic payment of super contributions which will make the whole process easier for all.

MYOB EXO Update for IT Consultants

This is to help keep our IT community informed about MYOB EXO Business, currently supported environments and upcoming releases.

Where can I get Technical Information about MYOB EXO Software?

Momentum regularly publishes updates for IT Consultants and other advisors on our Knowledge Base.  This can be accessed at www.momentumsoftwaresolutions.com.au/support/external-advisors

Useful information includes:-

Accountants have great opportunities to add value for their clients that use MYOB EXO Business.  Here’s a few ways how:-

Cost Centre Accounting – many businesses using EXO have multiple divisions or outlets.  EXO handles this easily using Branches.  Unlimited Branches can be created without altering the chart of accounts.  Reports (e.g. P&L, Budget Comparison) can be run for any Branch or Branches.

Implementing important changes is never easy.  It usually requires some or all of the following:-

  • Planning
  • Documentation
  • Training
  • Delegation
  • Re-Training
  • Measurement
  • Accountability

 Take the example of inducting a new range of products into your business.  Sounds simple.  You just set up the new codes in the system and start buying and selling.  I’ve seen this happen in a national company with poor results due to lack of a process.

 Here are just a few items of importance in inducting new products:-

How was the 1st Month of the Financial Year?

July is a good test of how realistic your 2014 budget is. Do you have your July numbers yet? A first cut P&L and comparison to budget can be done by the 3rd working day.

Many businesses have disparate data throughout.  Some common examples are:-

1) Customer data – in your accounts system, and reps all have their own contact lists

2) Stock data – in your inventory system, estimating package, ms excel

3) Price Lists – in your accounting / inventory system, excel / word price lists, web site

 Why is this bad?  In 3 words – Errors and Inefficiency

Here’s a scenario that’s pretty common:-

In July we’re often implementing the new plans, budgets, targets that we planned during the budgeting process (normally May).

From a business point of view that might require various changes including:-

  • People – restructuring teams, introducing or changing KPI’s, new people
  • Processes – new or refined processes and documentation
  • Sales & Marketing – executing new Marketing Plans and tactics
  • Operations – delivering on the new business plan

From a software point of view that might mean the following:-

Our lovely customer AGPAL gave us a great wrap in our ‪‎MYOB Case Study and now it's being published in the next edition of ‎iStart Magazine. Check it our here

We often get asked when is the best time to change software, or 'Go-Live' on new software.  Is it 1 July, end of month, mid-month?  The answer is it can be any of those times and the critical factor is not the date.  Four 4 critical factors in determining when to 'Go-Live'  are:- 

OK, We set our budgets in May, End of Financial Year processing is complete (or should be).  Time to look back and review.  This is always an enjoyable and learning experience.  Were profit targets met?  How much did revenue grow by?  In what areas?  Were key costs (Cost of Goods Sold, Wages, Marketing, Rent) controlled?  How many new Customers?  How many lost Customers?  How is the Balance Sheet?  What happened with key cash drivers (Debtors, Creditors , Stock, WIP)?   Is the marketing working?  How many leads are coming in and where from?  What are sales conversion rates?

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