Monday, October 20, 2014

MYOB outlines plan for online accounting practice solutions

New Zealand’s leading accounting software provider MYOB today shared its vision for how it will fundamentally transform the relationship between accountants and their clients, and announced the first milestone in its journey to take accounting practice solutions online. With a market share in revenue of over 60% - 70%, this announcement by MYOB is a major step forward for accountants in New Zealand and Australia.
In the coming months MYOB will deliver a series of product innovations that move the first stages of its flagship practice solutions Accountants Office and Accountants Enterprise online. Each innovative release is designed to deliver greater efficiency for accountants and their clients and make their business life even easier.
CEO Tim Reed says, "At MYOB we believe the greatest opportunity for both Accountants in practice and SMEs is for us to enable practice efficiencies that enhance collaboration between accountants and their clients. It is critical that we empower them to make use of mobile technology, and help them to leverage business insights through a common ledger. The real value of online practice solutions goes beyond the ability to complete tax compliance via the browser."
"We are entering a period of major transformation with MYOB’s practice solutions. Our announcement today is a key milestone in an exciting journey for MYOB and our clients - one that will benefit them in making the relationship with their clients as easy and seamless as possible," Mr Reed says.
Accountants Office and Accountants Enterprise have been the benchmark for accountants working in public practice for over 25 years. Over that time MYOB has built up a loyal client base of accountants across New Zealand and Australia, Mr Reed says.
MYOB Connect and MYOB Ledger are the first two online product innovations that will extend Accountants Office and Accountants Enterprise practice suites into the cloud.
MYOB Connect is a new online collaboration tool for accountants and their clients. It features a client portal that enables accountants to transfer documents securely with their clients. MYOB Connect is designed to be easily accessible on a smartphone, so that an accountant’s clients can access important documents from wherever they are.
"In just three clicks the accountant can publish a document electronically, notify the client and request a signature, then receive their electronic signature approval and file the document securely," says Mr Reed.
MYOB Connect is free for existing users of MYOB’s practice solutions. The general release is scheduled for early next year, however some clients will be trialling MYOB Connect from November.
MYOB Ledger will form part of the new online Accountants Office and Accountants Enterprise suites. It has been developed specifically with the accountant in mind and features include rapid data entry, and profit and loss distribution. As the small business grows, the client’s MYOB Ledger can be easily upgraded to MYOB Essentials Cashbook or Essentials Accounting, MYOB’s entry-level SME solution. MYOB Ledger will be available for general release in early 2015.
Mr Reed says these innovations to the Accountants Office and Accountants Enterprise suites are the latest in a series of new cloud solutions that have been released by MYOB this year.
"In 2014 we extended our Common Ledger vision to include MYOB Essentials so accountants can now access even more of their client’s data files directly from their practice solution."
In addition, there has been a rapid uptake of MYOB’s cloud accounting solutions for SMEs - MYOB Essentials and MYOB AccountRight. The company recently passed a record client milestone of 100,000 online subscribers and over 70% of new clients are now opting for cloud accounting solutions.
"Cloud accounting is no longer the future, the cloud is now," Mr Reed says.
The innovations announced by MYOB today have a major impact on improving the small business and accounting sectors in New Zealand and Australia. MYOB serves over 1.2 million business and 40,000 accountants and other partners, and has invested in excess of $100 million in research and development to help make their business life easier every day.
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.