World-first innovations to MYOB Practice halve time spent on compliance workflow, announces MYOB, as INCITE 2019 kicks off
31 Jan 2019
MYOB today announced 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 rekeying of data and clicks, for example from 24 to four for one common task.
In a move that will reimagine the compliance workflow, MYOB has created a user-friendly interface within its MYOB Practice product for accountants – the cloud evolution of MYOB’s AE/AO – that enables practices to seamlessly integrate any data, such as invoices, and workpapers across every element of the compliance process.
Creating efficiencies 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 is built into the system at every stage, so accountants and clients can communicate faster.
The workflow navigation is clearly set out at the top of the screen, allowing easy access to any step of the process. What used to take 24 clicks to attach a report to an account – a relatively common task – can now be achieved in four, delivering a first of its kind reinvention of the workflow.
Meeting the needs of a changing industry
Simplifying workflow compliance is just one way in which MYOB is reimagining the process of accounting. MYOB has announced it is injecting 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 will result in much higher efficiencies for accountants and bookkeepers and significant benefits for SMEs.
MYOB General Manager of Products, David Weickhardt said 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 said.
“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,” said Mr Weickhardt.
Leading technology showcased as MYOB hits the road for INCITE 2019
The new compliance workflow is just one of a series of new technologies to be revealed by MYOB at this month’s national roadshow for accountants and bookkeepers. INCITE 2019 officially launches in Brisbane today and will land in metropolitan and regional Australia to offer networking opportunities, advice and product and compliance updates to accountants and bookkeepers.
MYOB’s compliance workflow is currently in Beta testing, with general release set for mid-2019. Accountants can register their interest to participate at https://www.myob.com/practice-research
For more information about MYOB Incite 2019, visit https://www.myob.com/au/comms/accountants-partners/incite-2019
For further comment or other information please contact:
Collette Betts, MYOB
M: 61 406 947 551/ E: firstname.lastname@example.org
MYOB is a leading provider of online business management solutions. MYOB 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 operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. We also provide ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. We are committed to ongoing innovation, particularly through our Connected Practice Strategy and through the development of the MYOB Platform. For more information visit https://www.myob.com/au/ or follow @MYOB on Twitter.