MYOB delivers the future of the accounting industry today

04 Feb 2016

Leading online accounting software provider MYOB, today revealed how it is delivering the future of the accounting industry as the organisation shared its vision for ‘the Connected Practice’ at MYOB INCITE.

Commencing in Melbourne today, and visiting all major capital cities across Australia and New Zealand over the coming weeks, MYOB INCITE is on track to have a record number of attendees, with registrations trending above last year’s record 10,000.   MYOB INCITE will unite MYOB accountants, book keepers, certified consultants and add-on partners under one roof, to connect, inspire and enable them to take advantage of the transformations occurring within the industry, supported and enabled by the move to online accounting.

At the launch event, CEO Tim Reed outlined the company’s vision for the profession, and MYOB’s latest innovations that will enable practices to future proof their businesses.  He made it clear that the decisions that practices make today, will be critical for tomorrow.

“What we have developed is a ground-breaking platform for efficiency to enable our partners and their clients to take advantage of best in market bank feeds, government connections, connected services, and add-ons. Through the MYOB platform, together with MYOB business solutions, we enable clients and accountants to communicate and collaborate together more effectively than ever. This Connected Practice is a huge step towards greater workability between practices and their clients”, says Mr. Reed

About the Connected Practice

“The adoption of online and mobile technology is having big impacts on the accounting profession. We are seeing effects and opportunities in three areas: transaction processing, compliance and advisory. These three accounting workflows are now more closely intertwined than ever before, creating innovative new possibilities for practices and their clients,” he continued.

“The Connected Practice is how we see the profession taking shape, and it is the guiding light to MYOBs continuing investment in cloud accounting. It delivers time and efficiency to partners, enabling them to grow their advisory business.”

As part of the innovations announced, partners can now access an online single dashboard view across all of their client’s MYOB cloud accounting solutions.  This dashboard includes many key efficiency features found today in MYOB BankLink.  Additionally, all partners will have access to MYOB Portal, enabling them to easily collaborate with their clients and get sign off ‘on the go’.

With over 20 years of experience in the ‘do it for me’ accounting market, MYOB BankLink has given accountants highly effective  workflows to manage the transaction processing of large numbers of clients; enabling practices to work efficiently at scale.  MYOB announced it will be taking these workflows and making them accessible across the entire range of MYOB online accounting solutions.

MYOB announces a number of new services

In 2016 MYOB will be rolling out a host of new services and features, enabling practices to service a wider range of clients, and operate as a trusted advisor. New services include an online ledger, Essentials Connected Ledger, and Essentials Accounting Starter.  

MYOB Ledger

MYOB Ledger is available now for accountants using MYOB Practice Solutions, the online practice ledger is the most efficient way to work with shoe boxed clients, non-MYOB ledgers, and for non-trading entities. Combined with client accounting, practices will have a consistent workflow across all kinds of clients no matter what product the client is using.

MYOB Essentials Connected Ledger

MYOB Essentials Connected Ledger will be launched in Q2 and is ideal for businesses that don’t need accrual accounting. The product can be used to manage the books and GST returns for small volume clients. It also meets the needs of accountants and partners that service growing businesses. It uses the DNA of MYOB’s market leading BankLink solution by connecting bank feeds to an online accounting ledger. 

MYOB Essentials Accounting Starter

Also to be launched in Q2, the new MYOB Essentials Accounting Starter is an easy introduction for micro businesses and start-ups looking for a price competitive starting point. 

“We are focused on delivering integrated workflows between businesses, practice and partner solutions, ensuring collaboration on data, documents and tasks. By extending our product offering, our partners can now benefit from this connectivity with even more of their client base and be the most effective and efficient in the market.” says Mr. Reed

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For further comment or other information please contact:

Sarah Beyrath, MYOB NZ PR & Corporate Affairs Manager

P: 02 9089 9043 / M: +61 427 223 841 / E: Sarah.Beyrath@myob.com

Louise Halloran, Ogilvy PR

P: 02 8437 5397 / M: +61 407 044 727 / E: louise.halloran@ogilvy.com.au

About MYOB

MYOB Group Ltd (ASX: MYO) is a leading cloud based business management solutions provider. It makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and in 2015 was awarded the BRW award for the most innovative large company for 500+ employees and placed 2nd in BRW’s Most Innovative Companies Award list across all categories nationally.  For more information, visit http.investors.myob.com.au or follow @MYOB on Twitter.