Pegasus Systems vs MYOB
Technology advancement in the modern world is ever-evolving, this has led to the increased demand for accuracy and convenience. Recent legislation has made cloud-based accounting a must-have tool within an agency. The fact that data can be shared, and transmitted while being protected is one reason out of many why agencies are switching to cloud-based accounting. With all this cloud-based accounting software, in this blog, we will compare both software’s and their capabilities.
Pegasus Systems Agency Software solution is used by leading advertising agencies in Australia, New Zealand, Philippines, Malaysia, Singapore, Japan, United Kingdom and the United States and has been audited from a compliance perspective many times, including Sarbanes Oxley (SOX) compliance. Pegasus Systems is also a specialized accounting package too but specifically targeted at Marcomms & Creative industries. We are confident that we can reproduce all reports currently run by MYOB, plus many more reports, particularly regarding client and job profitability.
Pegasus Systems has enhanced financial reporting features, which is extremely important for businesses of every size. You can customize, generate, and track any data-driven report you could ever want.
MYOB has been around since the early 1980s, in fact MYOB was the dominant player in computer-based accounting software for Australian small businesses before the introduction of cloud-based accounting solutions.
MYOB is user friendly and intuitive, which is very helpful if the agency that have a small number of employees. Agencies also require additional systems to help them manage opening jobs, estimating, workflow and billing, often with poor or no integration with MYOB. This means in order to get and reporting on job and client profitability, and agency performance, you need to rely on excel to bring both systems data together. Once the agency grows and reaches 25-30 employees, it would be the right time to consider if MYOB and peripheral systems can cope, or it is time to move to an integrated system such as Pegasus.
Pegasus Advantage over MYOB
- Reduced data entry
- Data entry into a single system, sales invoices, purchase invoices, estimates, forecasts etc.. This means no duplication of entry into two systems, a single source of truth
- Full audit control of all system data entry (no deleting or changing source entries)
- Often an issue with MYOB as you get more finance staff. Requirements for month end reporting and stricter controls require a robust, auditable system. It is still possible to make changes/deletions in Pegasus, however they affect the current accounting period, not the transaction date as with MYOB)
- All relevant financial information available to Account Management
- Has the job been invoiced, what costs have hit the job and what has been received/paid. How much time is recorded vs estimate etc..
- Complete Work in Progress accounting managed automatically and fully reconciled to the B/S
- Using MYOB and non-integrated systems means monthly accruals and deferrals of cost are required for accurate reporting. With Pegasus this is fully automated and reconciled within the system.
- Powerful enquiry functions in each module, all can be exported to Excel
- Each user is given access to specific modules and functions controlled by the administrator
- Ability to build custom reports
The purpose of a system is not only to record information but make it accessible in the format you require to run your business. Each business is different; therefore we have developed report writers so you control how and what you want to report on
- GL reporting, including budget and revised forecast comparison, prior month/year.
- Client Profitability, including staff cost allocation and non-billable client expenses.
- Job Profitability – Ability to write monthly job profitability (plus ad-hoc reports for internal or client use)
- Staff efficiency – ability to write Agency-specific reports from data within the system
The advantage of switching everything to Pegasus is that you have 100% of the information in one system. With two systems running, you end up with two options; either 100% of the information in both systems (that requires double handling of everything) or 50% of the information in each and a raft of excel spreadsheets to maintain.