It has been an exciting couple of days due to a major milestone that will transform the future of accounting software in Australia and New Zealand. MYOB has signed an agreement to purchase the Australian and New Zealand operations of BankLink.
BankLink is a highly successful organisation. The BankLink service is used by nearly 5,000 accounting practices, and more than 320,000 small businesses throughout Australia and New Zealand. Each month, it securely delivers in excess of 13 million customer transactions from more than 100 banks, credit unions, brokers and fund managers. Not only that, BankLink’s data accuracy specialists review data using processes they have refined over 25 years – providing highly accurate bank feeds with additional checks over the banks’ raw feeds.
MYOB and BankLink have a positive and close working relationship that has endured for many years. That relationship was strengthened when BankLink started providing daily bankfeeds to MYOB LiveAccounts and MYOB AccountRight Live.
Bank feeds take the hard work out of business accounting, syncing your bank transactions with your accounting software and reducing manual data entry.This enables business owners to spend less time on their financials and have more time to focus on what they really love, running their business and making it successful.
By coming together, MYOB and BankLink will leverage the strengths of both organisations, and position the new entity to lead the next wave of industry growth – cloud accounting. As two companies that share the same vision and values, this acquisition makes perfect sense for all our clients – from small businesses to book keepers and accountants.
What does this mean to our clients?
Accounting is going through a period of rapid innovation. Cloud solutions are replacing desktop applications and this is being accelerated by the use of daily bank feeds for processing and reconciling accounts.
Key to the success of MYOB’s online strategy is its partnership with accountants in practice. The coming together of MYOB and BankLink allows accountants to recommend the most appropriate accounting solution for each and every unique client. Our combined suite of offerings will extend into the micro business market with BankLink onboard, and will now offer a full suite of products for micro businesses through to medium-sized enterprises.
This is good news for practicing accountants, especially as we realise the vision of the common ledger– a seamless system for accountants to service their clients from a single connected process. The latest release of the Client Accounting module is a key milestone in achieving the common ledger, ensuring we continue to lead this change and drive productivity for accounting practices.
Our newly combined team of over 1,000 members strengthens our focus on servicing accountants and SMEs. It is our vision to make your business life easier, and we are now, more than ever, equipped to make this happen. This team, unmatched in size and quality, will span across Product Development, Sales, Marketing, Support and Consulting to ensure we help you achieve your goals.
Over the coming weeks, MYOB and BankLink will start the process of becoming an integrated team with the primary focus over the coming months to continue delivering high quality services to you.
In summary, this acquisition is about bringing two market leading businesses together, with complementary solutions to offer the most comprehensive set of SME and accountants solutions in the market today. It is an exciting time in our industry and I firmly believe a united MYOB and BankLink will only strengthen our ability to deliver the solutions and services that will drive your business forward.