Supply chain disruptions and various unexpected challenges have severely affected the modern business landscape. In 2022, it’s critical for businesses to re-focus on strategic growth initiatives – and the technology to supporting faster growth.
According to Gartner, IT spending is projected to total USD $4.5 trillion in 2022, an increase of 5.1% from 2021. More specifically, enterprise software is estimated at 14.4%, 11.0%, and 11.9% growth respectively for 2021, 2022, and 2023. It’s clear that enterprise resource planning (ERP) software is now a key strategic focus for companies moving from critical IT spend to long-term growth initiatives.
Not all ERP systems are created equally, however. Your choice of ERP can significantly change the outcomes and ROI derived from ERP software investment. And that, in turn, has a profound impact on profitability.
Many growing businesses looking for the right ERP solution will often compare two well-known players: NetSuite vs MYOB Advanced. Read on for an in-depth look at the differences between these two ERP systems to understand which will support your business most effectively.
What is an ERP system?
The adage, “The whole is greater than the sum of its parts”, isn’t exactly as Aristotle first penned it. However, the original expression has changed over time and has become applicable to more than just metaphysics. For example, when applied to modern business management software, it describes ERP software perfectly.
Companies using multiple systems often end up with disjointed processes. For example, sales use one system and follow one process, finance follows another, customer service another, and so on. This process complexity becomes a roadblock when your company begins to scale its operations.
ERP (Enterprise Resource Planning) is a single software application that manages all core functions of a company and its operations. When used effectively, it also helps companies operate more efficiently, profitably, and become much more than the sum of its parts.
An ERP system acts as the central source of truth. The application becomes the single back-end platform bringing together all core business functions. Inventory, CRM, sales and marketing, project management, HR, and more are managed within one ERP system.
What is NetSuite?
NetSuite is a cloud ERP system that enables companies to manage all core business functions within a single, cloud-based platform. The company was founded in 1998 by Evan Goldberg, with the backing of Oracle’s executive chairman Larry Ellison. Mr Goldberg is currently the Executive Vice President of Oracle NetSuite.
NetSuite is widely considered to be the first cloud computing software company and a pioneer of SaaS technology. The company’s 14,000+ employees support over 28,000 customers worldwide. NetSuite cloud software replaces basic accounting software that can limit business growth, streamlines operations, and delivers real-time visibility to make decisions more strategic and companies more efficient and profitable.
What is MYOB Advanced?
MYOB Advanced is a version of the Acumatica ERP system, modified for the Australian market. Acumatica was founded in 2008 by John Howell, Serguei Beloussov and Mike Chtchelkonogov. A small team of employees from Parallels were developing a billing solution platform and believed the technology was well suited to the ERP market. Mike Chtchelkonogov started the conversation to create a split company from Parallels, creating Acumatica to focus solely on ERP software.
The initial billing solution is now the Financial Management module of Acumatica, and the company currently has 350+ employees. According to some reports, Acumatica has between 6000 and 8000 customers, though it does not publish its customer numbers. Acumatica was acquired in 2019 by private equity fund EQT Partners. The company, which started in Moscow, Russia, has seen a relocation to rented headquarters in Northern Virginia, and then most recently to Bellevue, Washington.
NetSuite and MYOB Advanced features comparison
| Feature Comparison | MYOB Advanced | NetSuite |
| Core Financials | Yes | Yes |
| Project Accounting | Yes | Yes |
| Inventory Management | Yes | Yes |
| Warehouse Management | Yes | Yes |
| CRM | Yes | Yes |
| eCommerce | No | Yes |
| Multi-currency, multi-language | Yes | Yes |
| Subsidiary Management | Yes | Yes |
| PSA | No | Yes |
| Support | Company and partner | Company and partner |
| Development | Based on the Acumatica platform | NetSuite-driven development |
| Upgrades | Frequent minor upgrades with major upgrades once or twice per year | Two defined major upgrades per year, each announced months in advance |
| Hosting | Australian AWS servers | Global NetSuite owned data centres with 2 x Australian data centres |
| Security |
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| Customisation | API connectivity to integrate MYOB Advanced with other applications. MYOB Marketplace also includes 70+ apps that integrate directly with MYOB Advanced. | Limitless open API connectivity to integrate NetSuite with other applications. The NetSuite SuiteApp marketplace also includes 600+ apps that integrate directly with NetSuite. |
Platform upgrades and enhancements
MYOB Advanced updates and enhancements
Based on Acumatica, MYOB Advanced states that it has frequent minor upgrades, delivered throughout the year according to an MYOB schedule. These upgrades generally do not result in system downtime, though may require downtime during a weekly maintenance window to implement. Major upgrades are stated to happen once or twice a year as advised by MYOB and are highly likely to result in downtime. Clients are also advised to confirm that any customisations, extensions, and add-ons operate as expected post-upgrade. Learn more about MYOB’s update process here.
The latest MYOB Advanced release 2022 R1 is set to include updates to the mobile user interface, Gl transaction validation, and reporting support for customers with entities in multiple countries. Read more about these updates here.
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NetSuite updates and enhancements
NetSuite manages and controls the update and release process. The company publishes an in-depth guide for its 2 x scheduled major release updates per year. In addition, NetSuite’s technical experts thoroughly test all new and updated functionality. NetSuite also advises customers to test customisations and extensions for added certainty.
NetSuite’s 2022.1 release included major additions to cash flow visibility and management, project management, and warehouse operations efficiencies. Find out more about these Cash 360, Project 360 and warehouse updates here.
ERP vendor sustainability
When deciding on which ERP vendor is right for your needs, you should also consider long term vendor sustainability. Your chosen ERP will contain business-critical data across all core operations. Therefore, you want confidence that your data and the system housing it will be around for the life of your operations. Large, well-established software companies can bring added security and peace of mind to the management of your business data.
NetSuite began its operations in 1998 (the same year Google was founded) as a cloud ERP company. And it’s still going strong as the world’s leading cloud ERP vendor today.
“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Mark Hurd, Chief Executive Officer, Oracle. “We intend to invest heavily in both products-engineering and distribution.”
“NetSuite will benefit from Oracle’s global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries,” said Zach Nelson, Chief Executive Officer, NetSuite. “We are excited to join Oracle and accelerate our pace of innovation.”
And that’s precisely what has happened since Oracle’s acquisition of NetSuite. The company serves over 28,000 customers in more than 200 countries and is continually investing in keeping NetSuite ERP the first choice across the globe for growing companies.
Historically focussed on accounting and tax products for SMEs, MYOB launched its ERP solution, MYOB Advanced, in early 2015. As a modified version of the Acumatica ERP system, MYOB Advanced relies on continued development by the Acumatica team of 350+ employees.
Given that Acumatica came into the cloud ERP space a decade after NetSuite (2008 vs NetSuite’s 1998 foundations) and country-specific development of MYOB Advanced beginning in 2015, there’s a good deal of catching up to do. Whether the company can experience the same global expansion and longevity as NetSuite remains to be seen.
Weighing up suitability
ERP software is directly in the spotlight as companies move from business-critical IT investment to long-term growth initiatives in 2022. So now is the perfect time to put ERP vendors under the microscope and weigh up suitability for your specific business needs.
The implementation of an ERP is just as important as the software itself. When set up by a team of cloud technology experts, company-wide best-practice processes are put in place. This approach puts everyone on the same page, increases digital process efficiency, and creates a holistic solution that enables rapid scalability. Automation of repetitive tasks can then be built into finance, supply chain, sales and marketing, inventory, and more. Real-time visibility across all business operations also leads to faster, more accurate decision-making.
If you’re interested in a NetSuite ERP solution, get in touch with the experienced team at DWR to learn how an award-winning NetSuite partner can support your growth story this year.
DWR is an experienced cloud technology provider who brings the right ERP technology, process framework, and business experts together. Our team has executed 250+ projects with a reputation for delivering on time and budget. Our lasting relationships with customers are driven by our passion for consistently adding value to ERP implementations – new and existing.
Talk to a NetSuite ERP expert today. And take the next step to leap ahead.
