MYOB launches bespoke industry platform for large accounting practices
23 Apr 2021
Business management platform MYOB has launched its MYOB Advanced Professional Services Edition, an industry first 360-degree business management solution designed for large accounting practices. MYOB Advanced Professional Services Edition arms practice managers with deeper insights to streamline operations, optimise services and best advise their small business clients.
An extension of MYOB's cloud Enterprise Resource Planning (ERP) software, the Professional Services edition of MYOB Advanced is specifically designed for practices with more than 25 employees and is the latest industry-focused solution from MYOB. It joins previously launched editions with bespoke solutions for the manufacturing and building, and construction sectors.
MYOB Chief Sales and Support Officer, Daniel West, says that as automation in traditional accounting processes - such as compliance - increases, accounting practices will be seeking insight-rich workflow solutions for continual business development and growth.
“It’s critical practice managers are able to review the effectiveness of their service offerings to make informed business decisions. Through COVID-19, small businesses forged an even deeper relationship with their advisors. With a greater need for ongoing advisory services such as forecasting, budgeting and growth planning, it’s more important than ever that practices are operating as effectively as possible in order to capitalise on the opportunity this presents for their own business growth and the success of their clients,” said Mr West.
Accounting industry software traditionally focuses solely on the management of jobs, projects and time billing (work in progress). Operating in one platform, MYOB Advanced Professional Services Edition brings together work in progress and business management processes - quoting, invoicing, debtor management, profit reporting, customer relationship management (CRM) - in one full back and front of office solution.
“In a practical sense, our Professional Services Edition provides practice managers with oversight of their entire business, including the engagement, frequency and spend of their clients. This depth of information can help define succinct business operations that in turn puts them in a great place to attract new clients,” explained Daniel.
While in-depth knowledge of market trends unlocks growth opportunities in any industry, in the accounting sector this also provides better support of clients, with timely economic and business landscape insights allowing businesses to be better prepared for success, even in challenging environments.
"Integration is vital in freeing up time for value-add strategic work - reducing the need to search for and transfer information from one system to another to complete their work, and provide updates to business leaders," said Mr West.
With MYOB’s Advanced Professional Services Edition, practice managers can evaluate task efficiency and allocate accordingly; core benefits include:
- Project complexities are reduced, and time-sensitive processes are streamlined – with budgets and tasks, billable hours and schedules all captured in one cloud platform and a customisable project dashboard to show job status and highlight discrepancies
- Visual reporting functionality offers fast, accurate access to financial data in an easy to consume visual format, consolidating data across locations, companies, entities and systems
- The Integrated General Ledger allows practices to review profitability against job budgets and the impact on the businesses' bottom line to allow practice managers to identify specific job and client types that are most profitable to the practice without manually rekeying data
- Target, track, engage and convert leads to acquire new clients or expand service offering to clients with the ability to execute mass or targeted marketing communications.
"The MYOB Advanced Professional Services Edition allows large practices to manage their whole business and have a full business view from one platform. Practice managers are armed with data-driven knowledge to make informed strategic decisions that drive sustainable future growth,” said Mr West.
For more information on MYOB Advanced Professional Services Edition, visit: www.myob.co.nz/getadvanced