MYOB partners with Officeworks to deliver cutting edge artificial intelligence

26 Oct 2017

Smart bills are set to become even smarter as leading Australian cloud accounting software provider MYOB eases the burden of data entry with new technology.

MYOB’s cloud based Essentials and AccountRight Smart Bills feature has pioneered the use of artificial intelligence technology using optical character recognition (OCR). As part of an upgrade of the OCR capability, Smart Bills can now feed supplier invoices directly into MYOB online software providing faster and more accurate recognition and automation of bills.

These supplier invoices feed directly into the software, dramatically reducing error rates and processing times. It will also give users a more accurate view of their cashflow, without them having to manually enter their supplier invoices.

MYOB General Manager of Product, David Weickhardt said the evolution of this technology was focused on saving time and increasing accuracy.

“MYOB pioneered the Smart Bills concept and this latest iteration will improve the accuracy of automated data entry.”

“Just as importantly, it is a clear example of additional technology simplifying the bookkeeping process, ensuring more time can be spent on running the business,” Mr Weickhardt said.

In an industry first, MYOB has partnered with major supplier Officeworks to implement the upgraded Smart Bills service and recent trials have been encouraging. Other major retail corporates are tipped to follow soon.

Officeworks Chief Financial Officer, Michael Howard said the business was pleased to be delivering services and solutions that help customers run their business more efficiently.

“We’re pleased to be partnering with MYOB to provide an automated solution that reduces business administration and helps make our customers’ lives easier. This service will be particularly valuable to business customers who purchase large quantities of products in one order and want to quickly and accurately have that information fed directly into their financial systems.”

Mr Weickhardt said major suppliers were already seeing the benefits of the system and partnering with MYOB to be involved.

“Partnering with the some of the most-used suppliers will automate the most regular invoices. The response to trials of the new Smart Bills has been extremely positive and we expect it to become even more popular as more suppliers come on board.”

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For more:
Amy Kirkwood, Australia PR and Corporate Communications Manager, MYOB
+61 427 822 088/ amy.kirkwood@myob.com

 

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/Investors or follow @MYOB on Twitter.

 

About Officeworks
Established in Richmond in 1994, Officeworks is Australia's leading retailer and supplier of office supplies, tech and furniture solutions for home, business and education needs. With three easy ways to shop - in store, online or by phone, customers be sure to find exactly what you need with our widest range, when you need, and all at the lowest prices. Plus, you'll enjoy friendly expert advice and helpful services.

Officeworks offers customers more than 35,000 products on its website, operates a national customer service centre and has a growing team of expert business specialists to cater for micro, small and medium business customers. As part of the Wesfarmers' group, Officeworks has an extensive national footprint operating more than 164 retail stores and employing more than 7,000 team members. Join Officeworks’ online communities on Facebook, LinkedIn, Instagram and YouTube as well as at its small business content hub Work Wise.