MP Professional Bookkeepers see efficiency gains with MYOB


6th October, 2020

MP Professional Bookkeepers sees efficiency gains from new Essentials

Early Adopter of MYOB’s new Essentials software, Vicken Medzoian of MP Professional Bookkeepers says the product is going to be “a game changer” for bookkeepers. 

Vicken Medzoian has always been progressive. A CPA and experienced financial controller, he entered the bookkeeping arena 10 years ago when he identified the value of building a bookkeeping division to his friend’s successful accounting practice.

“We both identified the value we could add for our clients with the addition of a bookkeeping service and could see the potential efficiency gains of closely aligning that with the existing accounting business.”

Which’s how MP Professional Bookkeeping was born.

“We dived straight into it. Nowadays, we have nine bookkeepers including me.”

Growing a business through strong partnerships

Vicken credits his success to his team and their ability to keep up with the latest software.

“I brought a lot of experience in the industry and in getting things done with software, but our model works well because of the team behind us.

“Getting the right structure in place and the right software helps, but it’s important to continue to evolve and work with the technology and systems as they develop. I’m looking to be that fully one-stop shop.

With a successful business model in place, the business has gone from strength to strength.

“I think bookkeepers sometimes fail because they don’t have the support available.

“Building up something from nothing, we now turnover $600,000-$700,000 a year.

“Using good processes and doing things properly from the start, we have been able to deliver the same job, just more efficiently.”

As progressives who recognised the important role technology was playing their success and continued growth, Vicken and his business partner identified the value of stepping up their involvement with MYOB.

Despite already amassing over 35 years of MYOB Partnership between them, Vicken saw they were a perfect fit to become part of MYOB’s Early Adopter Program.

“I said: ‘We have an accounting arm and bookkeeping arm, we exemplify the connected practice, we should be involved in this stuff’.

“I got onto the right people 18 months ago and since then, we’ve been on pilot programs and tested new products prior to release,” says Vicken.

“Being more front-and-centre with MYOB was important for us, as it means our voices are heard and products developed that meet our needs.”

The switch from AccountRight to Essentials

Most recently, Vicken has been trialling the new MYOB Essentials.

Like many long-term MYOB Partners, Vicken’s experience has led him to spend the majority of his time using (and recommending) MYOB AccountRight as his preferred platform.

“I mainly recommend AccountRight because I’ve always seen it as a better product.

“If someone asked for the ‘best’ product I’d always say AccountRight. I’d use MYOB Essentials in very few cases.”

But, not long after becoming an early adopter for the new Essentials, Vicken’s rigorous testing of the product came to shift his perceptions.

“I’m amazed! It’s the web-based solution we’ve always wanted.

“It’s a lot more modern and user friendly. The site is clean and makes the processing much easier.”

And it’s a big step up from the old version, says Vicken.

“The old Essentials looked nice, but the mechanics were no good. This actually works.

“Everything is a lot clearer.”

Identifying tools to boost bookkeeping efficiency

As managing partner of a successful bookkeeping business, Vicken’s always looking for efficiency gains and he believes he has found plenty through the streamlined workflows in MYOB Essentials.

“The bank feeds stand out, especially for bookkeepers who use them every day.”

Traditionally, bank feeds have been a huge windfall for bookkeepers and their clients, allowing transaction data to get quickly matched and verified against invoices and receipts, reducing the time spent running manual allocations.

“Being able to apply them is a lot quicker. In the past, for it to be fast, you really needed to know who the transaction was from. As soon as it went down the track of only having, say, an invoice number, you had to find the invoice first,” says Vicken.

“Now you can search on multiple fields; customer, invoice number, amount.”

Not only is the search functionality in MYOB Essentials a hit, there is no need to have to flick between multiple screens.

“I’m testing this functionality heavily as that’s what I’m using every day as a bookkeeper. I can clearly see the time saving and ease of use.

“If I had to find a transaction manually it may have taken a minute — now it’s 10 seconds.

“You don’t need to be a bookkeeper to add up the savings that can make across an entire client base.”

Not only is the search functionality increased, reporting is another area where Vicken says he’s gained time back in his day.

The new MYOB Essentials contains highly customisable reports; report consolidation across multiple business entities, and a personalised report pack builder allowing you to advise your clients with insights like never before.

When asked if he thought MYOB had fixed the reporting issues that once stood as a barrier for most against recommending MYOB Essentials, Vicken said: “Yes, definitely”.

“It’s going to be a game changer,” he says. “You’ll be able to run reports packs and apply them across multiple customers. I can build a report and apply it to other clients with the press of a button.

“That’s a huge time and efficiency saving and also a value-add.”

The powerful new payroll features also got a tick of approval as a time saver from Vicken. They allow you or your clients to easily manage their employees with integrated superannuation, easy time management and flexible pay.

“The drop down is a lot quicker and easier than the old step by step because it’s all on the one screen. That saves time as you can see everything in the one spot and ready to go “

So, what are Vicken’s next steps with the new Essentials from MYOB?

“All our new clients will go straight onto this new version. The benefits speak for themselves.

“We are typically the ones doing our clients work and it’s going to save us significant amounts of time, time we can put back into adding value for our clients. It’s a win-win. New Essentials stands up well against anything else in market.”

The new MYOB Essentials has been rebuilt from the ground up to create a browser based, powerful business management software you can use on any internet connected device.

Want to learn more? MYOB is running live, free, interactive Essentials webinars to give you a closer look at our new upgrades and enhancements. Attend a MYOB Discover: Essentials webinar for an introductory overview of Essentials workflows, features and benefits or a MYOB Deep Dive: Essentials webinar for in-depth “how to” training on using Essentials to its fullest. Experience more today.