New Zealand accounting software provider MYOB has announced a new client portal set to ‘transform’ the way accountants and their clients collaborate.
“MYOB is transforming the small business economy with a range of cloud accounting solutions that make business life easier for SMEs and their trusted accountants and bookkeepers,” says Tim Reed, MYOB CEO.
Speaking at the opening of the MYOB Roadshow in Melbourne today, Reed says the company was celebrating the its 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,” Reed says. “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.”
“MYOB recognises that one product does not fit every business size,” he adds. “This is why we offer a range of cloud accounting solutions to cater for every stage of the growth cycle."
Reed says there are 1.2 million businesses across Australia and New Zealand actively using MYOB, and the company is 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,” he says.
“Cloud accounting now makes up 67% of our new registrations, up from 48% the same time a year ago and 24% the year before.”
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,” says Reed. “This will not only give back more time to clients and their accountants and bookkeepers, it will dramatically improve the quality of that data.”
Reed says there is continuous value being added to MYOB’s cloud accounting solutions, with the latest timesaving innovation being the introduction of the smart bills feature to all its SME solutions.
“This is another impressive step forward in accounting automation for businesses and is a first for the Australian and New Zealand accounting software industry,” he 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,” 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.”
Reed says collaboration is at the core of MYOB’s vision. “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,” he says.
In Q1 of 2015, MYOB will ne releasing MYOB Portal, an online collaboration tool for the accounting industry that enables accountants to transfer documents securely with their clients. MYOB Portal is designed to be easily accessible on a smartphone.
MYOB says the portal is just one of many developments in store for MYOB’s 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,” 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.”