MYOB product updates and announcements


6th August, 2021

Next 90: Arriving in MYOB products – July-September 2021

Coming soon to MYOB software in Australia, here’s everything you need to know about updates to Essentials and AccountRight, as well as news for MYOB Practice.

Another financial year completed, and it was a challenging one for so many businesses as a result of ongoing pandemic restrictions and the resulting disruptions.

At MYOB, the recent Showcase event wrapped up the last quarter, revealing new features designed to make life easier for businesses and their advisors. But product development doesn’t stand still, and we are already working on delivering new products and features over the next 90 days.

Here are some of the big updates coming to MYOB products for businesses, accountants and bookkeepers.

MYOB Essentials: Improving access to files

Before diving into what’s on the horizon, please note that any releases and updates made in MYOB Essentials are also immediately available for customers using AccountRight in their web browser.

Managing access to files will continue to be a focus in this next quarter, MYOB has listened to your feedback and will make inviting a client or colleague to a file much easier, with an improved user access setup process, especially when referring files through MYOB Practice.

Other improvements on the way to Essentials:

  • Rules and allocations
  • Inventory
  • Stability and performance on the platform

Single Touch Payroll

Changes to Single Touch Payroll in the new financial year will also soon be reflected in product.

MYOB AccountRight: Server edition rollout

The big focus this quarter will be rolling out the server edition of AccountRight.

This update will include an automatic update capability for PC-based editions of AccountRight, and it will also better support businesses by using the server to host and share files across networks.

MYOB Practice: Auto-profiling, bulk updates and more

The third quarter of this year is going to be huge for customers using MYOB Practice, with updates in all products, including some highly requested features for users.

In Corporate Admin, bulk updates within forms will help businesses save time and further reduce the rate of data error.

MYOB Practice Documents will gain the ability to auto-profile tax documents, as well as enabling users to create custom task templates for all notifications to clients from the MYOB Practice portal.

For any new bookkeeping or accounting practices in the market that don’t have Accountants Office or Accountants Enterprise, MYOB is also working on MYOB Practice Contacts, creating the ability to maintain and edit client records online. This will include the assignment of associations on contact records.

MYOB will also soon give Practice users the ability to bulk import client and contact records.

Desktop Tax

A feature designed for the Loss Carry Back Tax Offset is arriving in MYOB’s Desktop Tax, allowing eligible corporate entities to offset tax losses against previous tax profits instead of carrying them forward.

This changes arrives on the heels of announcements related to the offset in the 2020-2021 Federal Budget.

Online Tax

End of financial year updates for those using Online Tax include:

  • Create super fund tax returns
  • Share rental property information between multiple individuals
  • Distribute trust income and partnership income to beneficiaries and partners
  • Enhanced traceability between individual income tax return and schedules to assist users in understanding which schedule needs to be filled in the main form
  • Additional fields will be prefilled directly into the tax return

These updates will give advisors much-needed transparency into the kind of data flowing into tax returns, helping them complete compliance workflows in a more timely manner and with less risk of error.

As you can see, the work doesn’t stop when it comes to product development, and it’s especially critical when it comes to end of year tax compliance.

If you want to find out more about any of the products and features covered here, head over to the virtual MYOB Showcase, featuring videos of product updates in full detail.