MYOB successfully delivers cloud accounting on all fronts

Monday 9 February 2015

MYOB successfully delivers cloud accounting on all fronts
Online accounting solutions will support businesses at every stage of growth
New client portal set to transform the way accountants and their clients collaborate

MYOB is transforming the small business economy in Australia and New Zealand with a range of cloud accounting solutions that make business life easier for SMEs and their trusted accountants and bookkeepers, says MYOB CEO Tim Reed.

Mr Reed was speaking at the opening of the MYOB Roadshow in Melbourne today. With over 9,000 registrations, this is the largest event series for the accounting industry in Australia and New Zealand. At the launch event Mr Reed celebrated the company’s delivery of innovative cloud accounting solutions for every business size, in just three years.

“I am extremely proud of where MYOB is today and what has been achieved in a relatively short period. Three years ago we had not yet taken our flagship SME solution AccountRight into the cloud. Now we are in the cloud across all areas of our business,” Mr Reed says.

“MYOB recognises that one product does not fit every business size. This is why we offer a range of cloud accounting solutions to cater for every stage of the growth cycle. As a new business is created; as it employs its first employees; as it grows in capability to over 500 staff members; MYOB is there. From micro-businesses using cloud-based cash ledger Essentials Cashbook, to SMEs needing feature-rich solutions with payroll capability in AccountRight, through to larger businesses requiring the cloud-ERP enterprise solution MYOB Advanced.

“There are 1.2 million businesses in Australia and New Zealand actively using MYOB, and we are seeing a rapid uptake of cloud solutions. By the end of last year we had 500,000 paying clients and of those 116,000 are using our cloud accounting solutions. Cloud accounting now makes up 67% of our new registrations, up from 48% the same time a year ago and 24% the year before.”

Mr Reed says those who have made the move to MYOB’s cloud accounting solutions are reporting huge improvements, such as a significant reduction in the time spent on tedious tasks such as data entry.

“At MYOB our goal is to eliminate data entry from bookkeeping work altogether. This will not only give back more time to clients and their accountants and bookkeepers, it will dramatically improve the quality of that data,” he says.

Mr Reed says there is continuous value being added to MYOB’s cloud accounting solutions, with the latest time-saving innovation being the introduction of the smart bills feature to all its SME solutions. This new feature provides SMEs with the ability to capture key data fields from invoices and enter it into the software. This is another impressive step forward in accounting automation for businesses and is a first for the Australian and New Zealand accounting software industry, Mr Reed says.

MYOB is now re-imagining its practice solutions Accountants Enterprise (AE) and Accountants Office (AO) in the cloud. With a market share in revenue of between 60-70% in both Australia and New Zealand, this will have a significant impact on the accounting industry in both countries.

“We have demonstrated we can deliver cloud accounting solutions that make business life easier for business operators. Now it’s time for us to deliver cloud to our practice solutions,” Mr Reed says.

“Moving practice solutions online means that we can leverage even greater productivity benefits for our practice users whose customers use our SME solutions. At the core of MYOB’s vision is collaboration. We believe that taking AE and AO into the cloud will open up new levels of communication, efficiency and visibility between accountants and bookkeepers and their SME clients.”

In Q1 of 2015, MYOB will release MYOB Portal, an online collaboration tool for the accounting industry. The client portal enables accountants to transfer documents securely with their clients. MYOB Portal is designed to be easily accessible on a smartphone, so that an accountant’s clients can access important documents from wherever they are, at any time they choose to.
Kristallis Accounting managing director Andrew Kristallis says he is looking forward to introducing MYOB Portal into his practice.

“The new accounting enterprise portal is just awesome. We've been after that for a long time, and I think it's going to be great for clients and for accountants. It's very hard to have hundreds of clients, large clients that you've got to communicate with quite regularly via email and phone, and I think that communication portal will be just essential.”

MYOB Portal is just one of many exciting developments in store for MYOB’s valued partner network of over 40,000 accountants and bookkeepers in Australia and New Zealand. MYOB is looking forward to announcing further innovation in the coming months, Mr Reed says.

“With over $100 million invested in R&D in the last 3 years alone, and all of it focused on the Australian and New Zealand markets, we have plenty in store to make business life easier for our clients and partners.”

For MYOB product information, research results, business tips, discussions, client service and more visit the MYOB website, or its blog, LinkedIn, Twitter, Facebook, Instagram and YouTube sites.

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