8th August, 2025
Are your digital tools fit for purpose? As the work of accounting evolves, practices that still use older tools may start to feel the pinch. That might be tech that can’t deliver to match new client expectations, doesn’t support flexible work or other employee requirements, and can’t complete core work efficiently. Most importantly, it’s tech that can’t keep up with emerging AI solutions that other practices are using.
If that sounds like your practice, it might be time for a digital update. Modern accounting software offers real-time visibility, remote access, collaborative tools, standardised workflows, automation and embedded AI to keep you one step ahead. It’s about giving your people the tools they need to succeed, and setting your practice up for a future that will look very different.
Our recent MYOB Accounting Industry Monitor Report surveyed hundreds of Australian accountants about their use of technology — among other things. The results show that future-focused practices invest more in technology, are more open to using AI, and look for feature-heavy cloud solutions. It’s a clear sign that future focus and tech go hand-in-hand. Here’s what you need to know.
Accounting faces change from every direction. Like all industries, it’s dealing with fast-moving AI technology, with new applications and software popping up every day. Clients — who are also interacting with brand-new technologies every day — expect more as a result. They’re using tools like Slack and ChatGPT in their own work, and expect the same level of smooth, user-friendly service from their accountants. With operational costs rising along with service expectations, it’s increasingly difficult for practices to stay profitable as well.
Other pressures? The sector is dealing with a talent shortage, with fewer students choosing accounting and job vacancies rising. This leads to higher turnover and long-term skills gaps. The workplace has changed, too. A shift to remote work and hybrid schedules started as a COVID workaround, but it’s now embedded as a default way of working and a retention tool.
In short, the accounting practice of today has needs very different from practices working even a decade ago. This is driving a wave of digital transformation – particularly in growth-focused practices.
The MYOB Accounting Monitor Report grouped firms by their approach to growth and profitability. Firms in the ‘progressive’ category are defined by their rising customer numbers, increasing profitability and attitude toward growth. In other words, they’re proactive about improvement — and this often includes tech upgrades and digital transformation.
What does this mean? There’s no single type of software solution that works for everyone. Instead, progressive practices are seeking flexible, feature-rich technology, often with embedded AI. This type of tech is usually based in the cloud — 34% of progressive practices reported using cloud software — which allows remote access, multiple locations and simpler sharing between people and systems.
Here’s what the results of digital transformation look like:
Modern accounting and practice management software is all about single, structured workflows and real-time visibility. Jobs and documents should move from team member to approval to client with minimal effort – and you should be able to see progress and flag issues in the process. This is a major benefit for managers, who can monitor work and deliver great service without micro-managing.
Creating and reviewing workpapers can be a time-consuming process for accountants, but smart workpaper tech is changing that. New systems include industry-standard templates for workpapers, which means no need to build documents from scratch. Some systems use AI to autofill client information and relevant figures, while others include checks, review prompts and audit trails for time savings and accuracy.
When all your employees are working on a live, cloud-based platform, collaboration is simple. Modern platforms let your people upload documents, share comments, and capture approvals in real time. Even better, you can give clients access through a web portal, so they can comment, add details, or sign off documents. Because it’s all managed through one platform, everyone can see the current version of a document along with tracked changes. No more email back-and-forth or version confusion.
One of the clearest trends in digital transformation is a shift towards embedded AI in work platforms. This includes things like automated workflows auto-filling figures in workpapers and ledgers, identifying issues or anomalies in a document, summarising longer documents, and even drafting emails to clients. The Accounting Industry Monitor Report found that 30% of progressive practices are looking for AI tools to increase efficiencies.
More and more accounting firms want software platforms that can manage both accounting functions and practice management. Our survey found that 31% of progressive practices expressed a need for this type of system. However, flexibility is still important. Open integrations mean that you’re not tied to a single provider and can add custom tools or apps if needed.
Want to give your employees flexible schedules without impacting the work? Cloud-based software is the answer. The flexibility and ease of access that come with cloud platforms make them appealing to progressive firms, allowing team members to work from home, review documents from anywhere, and even comment on a job from their mobile phones, all without a VPN or complicated log-in process. This also accelerates work, which flows through to improved client service and enhanced efficiency.
Everyone wants efficiency and automation in their practice but it can be difficult to take the first step. Your current systems seem fine. Your team is reluctant to change. You’re not sure about using AI in your practice.
The good news? You don’t have to do everything at once. MYOB Client Accounting is a great way to hook into many of the benefits that come with digital transformation, through a well-established provider and a trusted platform.
The key benefits include:
It’s also scalable and user-friendly, with regular updates and new features as technology progresses. For practices looking for simple ways to get future-ready, it’s a no-brainer.
Ready to start your digital transformation? Find out more about client accounting now.
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