Most small businesses rely on an Accounting program that is usually built for an SME (Small to Medium Enterprise).
A SME is defined by the ATO as a business with less than $10 million turnover. If that is your business, then you are probably relying on MYOB, Xero or QBO for your accounting needs. There's nothing wrong with that, they do most things reasonably ok.
Besides your turnover growing, one reason you might want to consider an ERP (Enterprise Resource Planning) is because your SME accounting program is not giving you the specialist functions you need. For example the purchasing function in Xero may not meet your requirements for RQF’s (Request to Purchase). While Xero and QBO are awesome for "addons" (and MYOB to a lesser extent) it can be confusing and costly if you end up with more than 2 or 3.
The good news is that there is now a real option for smaller businesses to invest in ERP’s. Mainly because the cost of them (like all software) has reduced over time AND they are web based SASS programs (Software As A Service) AND you can often just purchase the “modules” that you need.
Odoo is one that has hit the Australian Market with a bang as it has an extensive range of functions available, including Accounts, HR, Sales & Marketing, Helpdesk, Inventory and more.
As of November 2023 the only real issue for the Australian market is that you can’t lodge STP Phase 2 payroll with Odoo. I am currently involved with an Odoo implementation and so far it looks good, stay tuned for more feedback on that as it progresses.
MYOB Advanced has glossy advertising and some very reputable installation partners so obviously that is worth some research, just remember it is NOT MYOB for SMEs so it will behave differently but the look is really quite familiar to MYOB online so you might feel a little more at home.
If you need more that those two then look into SAP, Pronto and Netsuite which will all require extensive set ups and configurations for your software.
While SME software has always been the primary domain for LDG, just like your business it looks like LDG is growing both in practical terms and knowledge….
Fun times ahead and as always happy to have a chat on anything accounting software even if you want to share more about your SME to ERP journey with me.
