MYOB has begun the beta phase of its new cloud compliance workflow, inviting accountants to sign up for the beta trial program.
The intelligent workflow system will reduce the rekeying of data and clicks, for example from 24 to four for one common
MYOB has created a user-friendly interface within its MYOB Practice product for accountants - the cloud progression of MYOB’s AE/AO - that enables practices to seamlessly integrate any data, such as invoices, and workpapers across the compliance process.
By eliminating the double handling of data and integrating with MYOB’s SME products to automatically capture and match documents and invoices to the bank feed, MYOB expects the revised compliance workflow, which currently takes up to 80% of an accountant’s time, will cut the process in half.
The compliance workflow will also work well with competitor SME products.
To lodge a tax return, accountants currently run through several individual steps, undertake internal checks and assemble key documents.
With MYOB’s new compliance workflow, collaboration allows accountants and clients to communicate more efficiently.
The workflow navigation is clearly set out at the top of the screen, allowing easy access to any step of the process.
MYOB is also intending to inject an additional $50 million into research and development over a three-year period from 2019 to 2021, with a focus on realising its “Connected Practice” vision, where compliance, transaction processing (also known as bookkeeping) and advisory work is increasingly done in real time by a single integrated team.
This aim is for higher efficiencies for accountants and bookkeepers and significant benefits for SMEs.
MYOB general manager of products David Weickhardt says streamlining compliance is another step towards empowering accountants and advisors to spend more time on the things that matter.
“At MYOB a key goal is to create more joyful moments for accountants and bookkeepers and remove pain points for them. Often this means we need to minimise time spent on the repetitive, labour-intensive tasks,” he says.
“Our software is designed with our partners, for our partners. Hundreds of accountants have had a hand in developing this workflow. This new approach to compliance is not only more intuitive, but it frees up accountants to spend time on activities with a higher value return – or a better lifestyle.
“We know that accountants want to grow their advisory services, and the new compliance workflow is another step towards that becoming a reality.”