NetSuite vs. MYOB Advanced
Choosing the best cloud ERP solution for your business
Over the past few years, two products have become synonymous with Cloud Enterprise Resource Planning (ERP) software in Australia: NetSuite and MYOB Advanced. And while both excel in their own right, each is better suited for different needs, budgets, and desired outcomes.
Upon initial review of NetSuite and MYOB Advanced, both products are good cloud ERP solutions. Quite good in fact. Both provide every basic financial and reporting features most mid-sized businesses could want – General Ledger, reporting, accounts receivable and payable to name a few. And they both have the ability to integrate with third party apps.
Need international transactions or have multiple entities? Not a problem – MYOB Advanced provides users with multi-currency and multi-company features. NetSuite also handles multi-currency and multi-company accounting quite well.
These are all fantastic things that any growing business would benefit greatly from. Especially if you are migrating from an off-the-shelf product like the more rudimental Xero. Read our Xero vs MYOB Advanced comparison to learn more>
In their own right, both NetSuite and MYOB Advanced do all they say they can. So how does one go about deciding between the two? That’s where this blog steps in – we delve into the modules, licencing structures and differences to find out which one is better for you.
The Licencing Structure
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.
A benefit of MYOB Advanced is that you never have to worry about a system migration again. Once you’ve outgrown your current edition, you can simply move up to the next edition. The transition is seamless.
Also available in three editions:
Limited: Designed for businesses who have a single legal entity and do not require more than 10 user licenses and have less than 50 employees.
As the name infers, this version is extremely limited in functionality which may work against fast growing businesses. If you have outgrown your basic accounting software package, chances are you can just skip this edition and move onto the next one: mid-market.
Mid-Market: This edition is a step up from the previous and levelled at businesses with more than one legal entity who require the ability to perform consolidated financial reports across multiple currencies.
Enterprise: For businesses with over 1000 users.
Aside from the fact that each NetSuite edition comes with NetSuite CRM and NetSuite ERP, the difference between the editions is drastic. As such, for the purposes of this comparison, we will only look at the limited and mid-market editions to draw a meaningful comparison with MYOB Advanced.
Functions + Features
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. Learn more here>
+ 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 Cost Tracking
+ Advanced Billing
+ Time & Expense Management
Inventory & Distribution
+ Inventory Management
+ Sales Order Management
+ Purchase Order Management
+ Requisition Management
+ Reporting & Dashboards
+ Opportunity & Pipeline Management
+ Business Intelligence
+ Integrated Marketing
+ Service & Support Automation
+ Customer Self-Service Portal
Modules are available individually or as “industry packs” (consisting of modules packaged into groups based on your industry).
The number of modules for NetSuite is huge. And once you start packaging these up to meet your everyday needs, subscription costs increase rapidly.
Things to watch out for: chances are not every module in an industry pack will be applicable to you so it’s worth reviewing what you actually need first. The modules are as follows:
• Fixed Assets
• Advanced Financials
• Advanced Revenue Management
• Multibook Accounting
• 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
Human Capital Management
• Premier Payroll Service
eCommerce & Retail Management
• SuiteCommerce Standard
• SuiteCommerce Advanced
• SuiteCommerce Instore
• Advanced Order Management
Comparison + Considerations
If your business requires eCommerce capabilities, there is no single solution for NetSuite. You need to choose from three options: Site Builder, SuiteCommerce Standard and SuiteCommerce Advanced.
The issue? Site builder is over 10 years old. It is not SEO friendly, nor is it even responsive. Meaning your website will not display correctly on mobile devices such as tablets and mobile phones. In a mobile world, this is simply not good enough. Furthermore, as of July 1 2019, google search results are now based on the mobile version of a website. So if you use this site builder, you face potentially having your website not show up on google. For any eCommerce business, this spells disaster.
The next option is SuiteCommerce Standard – essentially a stripped back version of Shopify. Very basic and easy use but lacking the ability to create a unique eCommerce experience which will keep customers coming back.
Lastly, there is SuiteCommerce Advanced – which too is an aging product, having been developed in 2013. However, it is customisable and made for complex businesses. Unfortunately, this benefit is offset by the fact it is the most expensive option available.
In contrast, the eCommerce capabilities and functionality of MYOB Advanced are superb. They allow you to deliver a consistent customer experience across all your sales channels with full integration between your online, mobile, and in-store service. You even have the ability to create customer self-service portal to provide on-line ordering, and speed up order processing by allowing resellers and business partners to view 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. And when it comes to B2B and B2C, MYOB Advanced integrates effortlessly with WebNinja and Straightsell – two of the leading eCommerce solutions providers around.
Learn more by checking out our MYOB Advanced case studies>
Customisation and Integration
Unfortunately, NetSuite can be painfully difficult and expensive to customise. The reason? There are simply not enough developers with the expertise needed to do said customisations. The skills are simply not readily available. As a result, expect long wait times, and great expense for any needed customisation.
In stark contrast, MYOB Advanced is can easily be customised with .NET – which is an open source developer platform created by Microsoft for building applications. Thanks to its popularity, the cost of development work is much lower.
Unlike MYOB Advanced, integration is not straightforward for NetSuite – it’s particularly complex but we will try to simplify the process.
Essentially there are 3 options made available: SuiteScript, NetSuite Connectors, and Integration connectors.
SuiteScript is part of the NetSuite subscription so you do not pay extra to use it. What’s not part of your subscription is the cost of hours for building and maintaining the integration. You will also need to pay for a sandbox environment to test your integrations.
A sandbox is a virtual environment used to build, test, and deploy software safely.
NetSuite Connectors allow you to connect NetSuite with another app with no coding needed. However pricing goes up depending on integration needs. The last and most expensive option is Integration Platform as a Service.
Integration has always been a strong suit for MYOB ERP products, so it comes as no surprise that MYOB Advanced excels in this area. Data can easily be exported through API, XML, XLSX, CSV or OData. NetSuite is much more restrictive – you cannot export data directly. And to make things worse, you can only use CSV files. This makes accessing your data or changing vendors both difficult and expensive.
In NetSuite, licencing is made up of user types based on roles. There are also full users for those who use the system on a regular basis, and limited licenses for those who perform limited tasks and/or functions.
Compared to MYOB Advanced, this is somewhat more restrictive and you may end up paying for functionality you may never use.
Mid to high level businesses often have different job segregations at department levels and the licencing model of MYOB Advanced perfectly suits this environment – licences feature multiple user types categorised into specific business requirements such as Finance, Sales, and Warehouse.
From this regard, the proposition MYOB Advanced puts forward is much more attractive. Plus you’re not paying for something you don’t need. Gain a full understanding on the MYOB Advanced pricing and licencing structure here>
A feature unique to NetSuite is the use of pre-packaged solutions based on industries to cut implementation times – called SuiteSuccess. These industry-specific packages come with pre-loaded reports, dashboards with the goal of going live within 100 days.
The problem with this solution is that you may end up paying for things you do not need or want. Another downside is that if you require any integrations, which most do, then this is not recommended for you.
To put things into perspective, an average implementation of MYOB Advanced is approximately 140 hours.
Like MYOB Advanced, NetSuite is completely subscription based. However, those who go with NetSuite may find themselves placed into 5 year plans under the guise of future price predictability. Sometimes referred to as “price protection”.
Once your contract is up, the automatic pricing adjustment often results in bill shock and frustration at the much higher subscription price for the same software. Even if your business has not grown.
When it comes to subscription length, MYOB has made the process as painless and transparent as possible and there are no contract lock-ins. Once you have been on MYOB Advanced for one year, you can literally cancel your subscription on a monthly basis. You can also scale up or down from editions, and add or remove user licences as needed.
The process could not be easier with MYOB Advanced.
NetSuite is deployed and maintained in the cloud by NetSuite themselves, which means you deal directly with them. The problem? You may need to pay for their premium service tiers for database storage depending on the size of your business (Tier 3, Tier 2, Tier 1 and Tier 1+/0). The service tier you choose also affects other things like your upgrade schedule.
If your business experiences high transaction volumes, you also need SuiteCloud Plus licensing. For many, this can add further confusion and headache.
In contrast, MYOB has a rich history of innovation and leadership in business management software.
That’s why they partnered with Amazon Web Services (AWS). Located in the Sydney region, Amazon is a best-in-class high availability data storage centre that uses the latest technology to ensure the best possible user experience.
AWS provides highly reliable and scalable infrastructure to support computing power, database management, load balancing, data storage, backup and other related services worldwide. They have established data centres around the world with multiple physical locations for full redundancy.
Making an informed decision based on fact
When it comes to deciding between NetSuite and MYOB Advanced, there are many factors to consider. Some of which we have outlined in this guide – functionality, licencing structures, hidden costs and implementation times. You also need to look at your specific needs, budget, expectations and decide on which one addresses your pain points better.
As discussed in this blog, NetSuite, while being a good product, is rather complex (dare we say cumbersome) and based on your set up can be expensive to implement and customise. Not to mention automatic pricing adjustments can be quite steep.
Furthermore, deployment can be very slow and you may find extensive customisation is required to get things to work that, to be quite honest, one would expect to just work out of the box. Unfortunately this is further hindered by the fact that the interface is dated and can be difficult to navigate.
In contrast, we find that MYOB Advanced will almost always be the smarter choice for your business. It’s intuitive design makes it a breeze to use; productivity flows from screen to screen – everything has been designed with purpose in mind.
The fully customisable MYOB Advanced platform was designed to meet your current business needs while being flexible enough to meet future demands. This platform has been adopted globally and is utilised by world-wide leading businesses enjoying the benefits of greater flexibility. Developed with integration in mind, it can support growth as your business continues to evolve.
That means MYOB Advanced will take care of everything your business needs both now and in the future, so you don’t get stuck with a system that stops your growth. Inventory management, streamlined sales and purchasing, and accounting, everything is managed. Every process and workflow can be optimised.
Another area that cannot be over looked is locality. MYOB knows the Australian market and it is this knowledge that helps MYOB Advanced maintain an edge over others. In fact, MYOB Advanced is trusted by more businesses than any other ERP provider in the Australian market today.
To experience a fully featured business management system that covers your entire business operations, from administration to warehouse and everything in between – check out our Free MYOB Advanced Demo>
Make the right ERP choice:
Take the hard work out of comparing and evaluating features and functions – contact our ERP professionals to discuss your options today.
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We look forward to hearing from you.