As the new financial year rolls in, it’s the perfect opportunity to reset, refocus, and realign your business goals. Whether you’re planning to scale, streamline processes, or gain deeper insights into your operations, your financial management system should be working for you, not the other way around.
If you’re using MYOB Acumatica (formerly MYOB Advanced), you’re already equipped with one of the most flexible and powerful ERP systems available. Now’s the time to make the most of it by preparing your business for the financial year ahead with clarity, structure, and control.
Why the New Financial Year Is a Strategic Opportunity
Too often, EOFY is seen as a box-ticking compliance exercise. But for smart businesses, it’s a chance to:
- Reforecast budgets based on past performance and emerging market conditions
- Reset financial periods and accounting structures
- Re-evaluate reporting needs across departments and teams
- Streamline workflows and automate recurring tasks
- Strengthen decision-making using accurate, real-time data
MYOB Acumatica empowers you to do all this—and more—with features that support agile planning and robust financial control.
Step One: Change or Confirm Your Financial Year Structure
Before diving into budgeting, reporting, and KPI-setting, it’s critical to ensure your financial year is correctly configured in MYOB Acumatica.
Whether you’re extending, shortening, or resetting your financial year, MYOB provides a structured guide to walk you through the process safely.
👉 Start here: Changing the Structure of Your Financial Year
This guide explains:
- How to edit or create financial years
- What to consider when adjusting period dates
- How to avoid common errors that impact reports or transactions
Once your year is structured correctly, you’re ready to build out your reporting, workflows, and automation.
5 Ways to Maximise MYOB Acumatica for New Financial Year Success
- Automate Recurring Transactions and Workflows
Save time by automating purchase orders, approvals, expense claims, and billing. Use Acumatica’s powerful automation tools to reduce manual effort and ensure consistency.
- Refine Your Chart of Accounts
EOFY is an ideal time to consolidate redundant accounts, streamline your GL structure, and set up new segments that support better departmental or project-level reporting.
- Set New Budget Versions and KPIs
Using Acumatica’s budgeting tools, create multiple budget scenarios and map them against your actuals. This enables more agile forecasting and planning as market conditions evolve.
- Improve Departmental Visibility
Use dimensional accounting and role-based dashboards to empower department heads with real-time access to the metrics that matter most.
- Optimise Reporting and Business Intelligence
Reassess your reports to ensure they’re still aligned with your goals. Leverage Acumatica’s built-in and customisable reporting tools—or integrate BI tools for advanced insights.
Tips to Set Yourself Up for a Smooth Year
- Back up your data before making structural changes
- Communicate with your accountant or finance team about any changes to period dates
- Document changes for audit and compliance purposes
- Train users on any new workflows or reports
- Review system roles and permissions to maintain data integrity and governance
Don’t Just Close the Year—Open New Possibilities
The start of a financial year is more than a rollover—it’s a reset. By leveraging the full capabilities of MYOB Acumatica, you’re not just staying compliant; you’re setting the foundation for smarter, faster, and more profitable decision-making.
If you haven’t already, check your financial year setup and take the opportunity to rethink how your system supports your strategy.
🔗 Click here to check your financial year structure now
Need help making the most of Acumatica this financial year?
We can help you with everything from configuration and automation to workflow design and reporting. Let’s talk about making MYOB Acumatica work even harder for your business in FY25.
Acacia Consulting Services implements and supports MYOB Acumatica, a cloud-based business management platform.
Our focus is on understanding a company’s business processes and goals to tailor a solution that adapts to fit your unique workflows and industry requirements, maximising your investment.
Branch out with Acacia. It’s the smarter way to grow.
Contact the team at Acacia to discuss your business’s needs.
