ERP BLOG

MYOB Advanced vs. NetSuite

Comparison Guide

When choosing a business system, there are two options you will most likely come across; NetSuite and MYOB Advanced. They may appear similar, but each is better suited for different needs and budgets.

Choosing between MYOB Advanced and NetSuite

NetSuite and MYOB Advanced are two of the most popular ERP solutions on the market. While they have both been well received by their customers, each solution has its own advantages and disadvantages. This guide aims to help you figure out which one is more suitable for your business.

To begin with, NetSuite and MYOB Advanced are good business management software choices. Quite good in fact. Each offers every basic financial and reporting features most mid-sized businesses could want – GL, reporting, accounts receivable and payable, and sales to name a few. Are you an international business or one that has multiple entities? No need for stress – MYOB Advanced and NetSuite both offer multi-currency and multi-company features.

These features alone will benefit any growing business. In particular if you are migrating from something more basic like Xero or QuickBooks. So the question remains, which one is better. That’s where this blog steps in – discover the key differences between NetSuite and MYOB Advanced to make an informed decison on what’s better for your business.

PROTIP: A good starting point is listening to the podcast below where BusinessHub Director, David was interviewed over topics including the reason Australian businesses need software specifically made for the local market, why the data model for the Australian market is different from other countries and why international products may fall short.

Business Growth with ERP and Digital Transformation

by WBSROCKS featuring David Taylor | Director, Businesshub

Features + Functionality

MYOB Advanced

MYOB Advanced was designed to help you manage your business financials and inventory while enjoying all the benefits of the cloud in a cost-effective manner.

MYOB Advanced gives you the tools to simplify how you manage your day-to-day operations with a full-featured suite of ERP functionality – with all the benefits of the cloud.

Included in MYOB Advanced is a rich set of features to help collect and control all your business financials, GST, and more. Enjoy robust lead, supplier, distribution, and stock management across departments and locations, to automate and streamline your business processes throughout.

Modules:

Financial Management

+ General Ledger
+ Accounts Receivable
+ Accounts Payable
+ Bank feeds
+ Cash Management
+ Currency Management
+ Tax Management
+ Deferred Revenue Accounting
+ Inter-Company Accounting
+ Recurring Revenue Management
+ Fixed Assets
+ Payroll Management
+ Mobile Applications

Project Accounting

+ Project Cost Tracking
+ Advanced Billing
+ Time & Expense Management

Inventory & Distribution

+ Inventory Management
+ Sales Order Management
+ Purchase Order Management
+ Requisition Management

Customer Management

+ Reporting & Dashboards
+ Opportunity & Pipeline Management
+ Business Intelligence
+ Integrated Marketing
+ Service & Support Automation
+ Customer Self-Service Portal

NetSuite

Also available in three editions: Limited, Mid-Market, and Enterprise. Since the latter is for businesses with over 1000 users, for this comparison, we will only look at the limited and mid-market editions. Limited: For single legal entity businesses who have less than 50 staff and need less than 10 user licenses. This version is highly limited in functionality which works against growing businesses. If you have outgrown your basic accounting software package already, you can skip this version. Mid-Market: For businesses who need to perform consolidated financial reports across multiple currencies and entities.

Modules

Financial Management

– Fixed Assets – OneWorld – Advanced Financials – Advanced Revenue Management – Multibook Accounting – SuiteBilling – Oracle Planning and Budgeting Cloud Service (PBCS)

Inventory & Manufacturing Management

– Advanced Inventory – Advanced Procurement – Warehouse Management (WMS) – Work Orders & Assemblies – Manufacturing WIP & Routing – Advanced Manufacturing – Demand Planning

NetSuite Services Resource Planning (SRP) Modules

– Project Management – Resource Allocation – Job Costing – OpenAir

Human Capital Management

– SuitePeople – Premier Payroll Service

eCommerce & Retail Management

– SuiteCommerce Standard- SuiteCommerce Advanced – SuiteCommerce Instore – Advanced Order Management

Where MYOB Advanced Wins: With MYOB Advanced you never have to worry about a system migration again. Once you’ve outgrown your the edition you are on, you simply transition to next edition. The process is headache free and seamless.

Licensing

MYOB Advanced

MYOB Advanced is available in three editions; Standard, Plus and Enterprise. Each one with different licence options available.

Standard: Cloud ERP for growing businesses that have outgrown traditional accounting software. Perfect for businesses needing a solution that can grow with them.

Plus: Feature rich and fully customisable. Experience true business insight and control – company-wide like never before. Perfect for larger businesses with more complex needs.

Enterprise: Adaptable ERP for larger businesses. MYOB Advanced Enterprise is the flagship versions and includes all of the features of Standard and Plus and much more.

In addition, there are industry specific editions of MYOB Advanced available which includes MYOB Advanced Manufacturing and MYOB Advanced Construction editions.

NetSuite

Also available in three editions: Limited, Mid-Market, and Enterprise. Since the latter is for businesses with over 1000 users, for this comparison, we will only look at the limited and mid-market editions..

Limited: For single legal entity businesses who do not require more than 10 user licenses and have less than 50 employees. This version is highly limited in functionality which works against growing businesses. If you have outgrown your basic accounting software package already, you can skip this version.

Mid-Market: This edition is levelled at businesses with more than one legal entity who need to perform consolidated financial reports across multiple currencies.

Where MYOB Advanced Wins: With MYOB Advanced you never have to worry about a system migration again. Once you’ve outgrown your the edition you are on, you simply transition to next edition. The process is headache free and seamless.

eCommerce + Retail

MYOB Advanced

The eCommerce and retail capabilities within MYOB Advanced are fantastic.

More than just an afterthought, every component in MYOB Advanced works together to allow you to deliver a consistent positive experience for your customers.

MYOB Advanced achieves this by completely integrating with your online, mobile, and in-store service.

With the customer experience at the centre of every functionality,  MYOB Advanced provides the ability to create a self-service portal for customers so they can order online.

You can increase order processing timeframes, and allow resellers and business partners to see inventory and place orders directly.

You can actively improve the buying experience for your customers, accurately control inventory, manage customer special pricing and segment customer groups without any issues.

Whether your business is B2B and B2C, rest assured knowing that MYOB Advanced will integrate effortlessly with market-leading eCommerce solutions.

NetSuite

In 2022, chances are your business requires eCommerce capabilities. NetSuite offers 3 options; Site Builder, SuiteCommerce Standard and SuiteCommerce Advanced.

Whilst this is fine, the underlying issue here is that Site builder is over 10 years old. Most importantly, it is not SEO friendly. Let alone responsive. This means that your online store won’t display correctly on tablets or mobile phones.

In 2022, this is simply not good enough. Consider this, since July 1 2019, Google search results are based on the mobile version of your website. Therefore, if you use Site Builder for your eCommerce online store, your website might not even show up on Google. And even if it does show up, it probably won’t be on the first page. For an eCommerce business, this is disasterous.

The next option available to you is SuiteCommerce Standard. Think of Shopify without all the bells and whistles. This means it lacks the ability to create a eCommerce experience which will keep customers coming back.

Lastly, there is SuiteCommerce Advanced – which was developed over 9 years ago. While it does offer the ability to customise, the benefit is offset by the high cost.

When it comes to retail and eCommerce, it’s not even close: Until NetSuite seriously make an effort to develop their retail and eCommerce functionality and options, the winner will always be MYOB Advanced.

With MYOB Advanced you can seamlessly connect your storefront and back office, and create lifelong customers with a true omnichannel solution. Automate every facet of your business, but retain the flexibility to run things your way.

Not having a mobile-friendly solution in this day and age is simply not acceptable. It’s 2024 NetSuite, not the 1989.

Hosting

MYOB Advanced

In Australia and New Zealand, MYOB is synonymous with innovation and leadership in the business software space.

That’s why when it came to choosing a suitable host for MYOB Advanced, they partnered with the industry leading Amazon Web Services (AWS).

Located in the Sydney region, Amazon is a best-of-breed high availability data storage centre that uses the latest technology to ensure the best possible user experience for every user of MYOB Advanced.

AWS provides highly reliable and scalable infrastructure to support computing power, database management, load balancing, data storage, backup, and other related services worldwide. In addition, they have data centres around the world with multiple physical locations for full redundancy.

NetSuite

NetSuite is deployed and maintained in the cloud by NetSuite, so you deal directly with them when something goes wrong. For many of their users, this provides them with a sense of security.

The problem with this is that you may find yourself having to pay more for this perceived sense of security due to the cost of their premium service tiers, which are needed for database storage. The service tier you choose also affects other things that can have an impact on your business – like your upgrade schedule. This should also be taken into account.

In addition, if you experience a high levels of transactions, you may also need SuiteCloud Plus licensing.

At BusinessHub we have found that for many, this adds further headache and confusion.

Hosting is neck and neck but MYOB Advanced comes out on top: While both NetSuite and MYOB Advanced offer strong hosting options, we feel MYOB Advanced takes the edge by offering a simpler, more affordable model.

Conclusion

If your business is deciding between NetSuite and MYOB Advanced, there are many points to consider – functionality, licencing, and hosting. You also need to consider your needs and desires from a solution, what your budget is, and decide which solution addresses your pain points better.

For many larger businesses, NetSuite will be a good choice as they have the financial resources needed to implement and customise the solution to meet their needs. A ready source of financial resources are also needed for the automatic pricing adjustments of NetSuite can be quite steep.

A key issue with NetSuite is that it aims to be a solution for all business-sizes and types, which leads to over-promising and under-delivering.

In contrast, MYOB knows where the perfect fit for MYOB Advanced is, and that’s for the midmarket. At BusinessHub, we find that MYOB Advanced is generaly the better choice for businesses. It’s intuitive design makes it a breeze to use; productivity flows from screen to screen and everything has been designed for a purpose.

MYOB Advanced platform was designed to be scalable so it can meet your current and future needs as your business evolves. From inventory management, streamlined sales and purchasing, and accounting, everything is managed. And every process and workflow can be optimised. Lastly, MYOB knows the Australian market and it is this knowledge that helps MYOB Advanced maintain an edge over competitors.

Making the right choice

If you are decising between MYOB Advanced and NetSuite, as outlined in this guide, the choice is clear. NetSuite is suited for larger businesses that have 100’s of employees, and have an annual turnaround of at least $100 million per year.

MYOB Advanced was designed to meet the needs of the Australian midmarket, for businesses that have an annual turnaround of $5 million.

STAY IN THE LOOP

Latest from our Blog

Find everything from ERP news, EOFY and EOY guides, to discussion papers, webinar invites, tips and much more.