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Integrating MYOB with Power BI: Top 3 analytics benefits

When it comes to visualising MYOB AccountRight Live financial data in interactive dashboards and shareable reports, Microsoft Power BI is a top recommended business analytics tool for the job.

MYOB is one of 400 + third-party platforms that have native connectors with Power BI, meaning businesses can easily connect their clients’ MYOB data to Microsoft’s powerful analytics platform, elevate it with rich visualisations and share custom reports any user can understand.

The best part? You don’t need to be a data expert to create the reports. The connection process is highly automated and seamless, and continuously improving as new content packs release.

Integrating MYOB with Power BI comes with a variety of benefits; most important of all is being able to help clients access greater insights and make more data-driven decisions for success.

In this article, we cover how to integrate Power BI and MYOB and the top 3 benefits to integrate MYOB data into Microsoft’s self-service BI tool.

 

Power BI and MYOB integration: Why is this important?

MYOB Power BI integration

Source: Microsoft

Microsoft Power BI is a cloud-based data analytics tool made specifically for business analysts. You can use a pre-built connector between the two services to quickly connect Power BI to your MYOB Advanced business data and immediately gain access to new analytic tools and insights.

Power BI makes it easy to keep track of your business performance and bring together accurate, relevant data for organisation-wide analysis. Its range of visualisation options (graphs, charts, etc) allow for deeper exploration of trends and opportunities that standard Excel or text-based reports can’t provide, leading to better insights and informed decision-making.

There’s a minimal learning curve for financial analysts to start consolidating data and creating beautiful dashboards with Power BI, and it’s a simple process to view and share these interactive reports with users via multiple Power BI versions (desktop, mobile, web app, etc).

Read more: Power BI Desktop vs Power BI Pro vs Power BI Premium: What’s the difference?

In turn, this level of self-service helps both Financial Managers and stakeholders drill down into their financial and inventory data with more precision. You can create multiple sales dashboards, pinpoint financial performance such as general ledger performance over the financial year, and compare performance over time.

There’s even easy-to-use AI-powered features such as Quick Insights and Power BI Q&A that use natural language processing (NLP) to let users ask questions of their data via both voice and text inputs, and generate insights with answers that you may not discover manually.

If your organisation needs more in-depth analysis for your MYOB Advanced data, Power BI’s pre-built connector will give you the detailed reports you need to elevate your data and sales.

Power BI and MYOB integration: Top benefits and advantages

Power BI integration with MYOB can help businesses and their clients in multiple ways:

  • Bring revenue and account data together: Access your most relevant data and maximise revenue opportunities with accurate cash flow and billing data in one place.
  • Shareable reporting: Insights are more accessible for regular business users, who can consume dashboards and reports on desktop, mobile and tablet with ease.
  • Data storytelling: Dashboards and reports are more engaging thanks to rich visualisations that tell an interactive story of your performance over time.
  • Data is no longer disparate and separated: Using Power BI, you can bring together MYOB reporting data and ensure reports are no longer limited to just a few people.
  • Side-by-side comparison: An easier way to compare and contrast your MYOB Advanced data across other apps for performance evaluation and insights extraction.

Power BI is ultimately one of the most accessible business analytics tools that companies using MYOB Advanced can begin taking advantage of immediately to modernise their clients’ data reports with rich visualisations and drive more informed decision-making.

Below, we list the 3 major reasons you should integrate MYOB Advanced with Power BI today.

 

#1. MYOB with Power BI: Key metrics for decision-making in one place

Power BI’s MYOB Advanced content pack contains all the key metrics and rich visualisations you need to examine business opportunities, pipeline amount and win/loss breakdown in one easy-to-read dashboard, with intuitive visuals that don’t require data expertise to understand.

By clicking on each visual on the dashboard, users get access to more detailed reports that breakdown pipelines and opportunities for deeper analysis.

The best part is every single part of the Power BI/MYOB integration is that the dashboard is fully interactive. Clicking on any of the visualised datasets will seamlessly update the report to show you more detailed and relevant information about that particular selection.

All reports with the MYOB content pack may be pre-built, but all can be customised and personalised to show the metrics most important to you and your clients. All dashboards and reports also update daily to only display the most recent, relevant data.

 

#2. MYOB with Power BI: Natural Language-Powered Insights

Analysing your MYOB data in Power BI also comes with new ways to unlock insights.

A continuously evolving feature, Power BI Q&A leverages natural language processing (NLP), to offer business analysts other avenues to explore their data using text-based and voice-enabled querying. Your Power BI admins set specific phrases and languages the company uses, which the service then logs and adapts to provide relevant results to users.

Whenever you examine particular reports within your dashboard, you can ask Power BI specific questions of each dataset, and the program will respond with relevant results to your query.

It also dynamically visualises answers to help provide additional, easy-to-understand context, as well as recommendations for the next line of questioning to lead you to your desired insights. If you’re looking for a deeper dive into the specific influencers of higher-than-average weekly sales performance, for example, asking Power BI will generate a graph in an instant.

 

#3. MYOB with Power BI: Integration is easy, with additional sources

Integrating MYOB data with Power BI is extremely easy, with little time to set up.

Dashboard design is specifically tailored to MYOB metrics and available to all users out-of-the-box. As outlined in the steps earlier, the process to integrate both programs is very straightforward and largely automated thanks to Power BI’s seamless in-built connectors.

The best opportunity for most organisations is the integration of MYOB with other data sources, such as CRM or Operations systems. This completes the picture for most organisations who are on a data-driven initiative to get more insights across their business.

 

Conclusion: MYOB and Power BI integration

It's easy to integrate MYOB data with Power BI, but it does take advanced knowledge and expertise to leverage many of the broader feature-sets of Power BI, and integration with other data sources. 

Need help integrating your MYOB with Power BI? We've decided to offer a free whitepaper that expand on this topic, to give you greater insights on the opportunity that Power BI provides.

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Tags: Data Analytics, Power BI, Data & AI, MYOB