MYOB INCITE 2020 product updates.


13th February, 2020

MYOB INCITE 2020: Practice and Essentials Connected Ledger changes

The Connected Practice comes to life with upgrades to user interfaces, more features and even simpler workflows – all showcased on the road at MYOB INCITE 2020.

Exciting enhancements to MYOB software have been announced in recent weeks, getting the accounting and bookkeeping industry talking.

The suite of upgrades has been teased as part of the online accounting company’s annual roadshow, MYOB INCITE, which followed an ‘all cards on the table’ style speech from chief executive Greg Ellis.

Ellis sparked excitement regarding product updates by first announcing that the brand’s product delivery rate would move to a 90-day schedule – resulting in more updates, sooner.

His keynote address was later followed by live demonstrations of  MYOB Practice and  MYOB Essentials Connected Ledger.

The latest for MYOB Practice: Better reporting, seamless workflows

Delivered onstage by sales manager Angela Beswick and head of product for accountants, Amy Johnson, the presentation regarding MYOB Practice began with an overview of a compliance workflow model for a small practice.

“The typical compliance process for a small practice can add up to just over 13 hours spent on the client’s work,” said Johnson, who went on to note that over 70 percent of an accountant’s time can be spent on data collection, preparing and doing the work, and reviewing the work.

“MYOB Practice helps solve these problems.”

Key to this is the release of compliance workflows for all main tax return types, including IR3, IR4, IR6, IR7, IR8 and IR9.

Beyond the compliance workflows, Beswick and Johnson also announced apps will be available for MYOB Practice for the first time, beginning with a focus on practice management, CRM and compliance apps.

Essentials Connected Ledger advances

In a bid to offer the best SME online accounting product in market, the MYOB team announced multiple enhancements coming this year to Essentials Connected Ledger, including a new insights-driven dashboard, mobile responsiveness, the ability to report quantities, on top of multiple data protection and user experience improvements.

Further to this, a reimagined reporting suite will be launched into MYOB Connected Ledger, followed by AccountRight.

Multiple payroll and compliance enhancements were also shared, all geared around saving time and helping businesses to stay compliant.

As is usually the case at MYOB INCITE, SME announcements were delivered to complement the announcements showcased in MYOB Practice, with a presentation by MYOB head of product, Dale Dixon and head of NZ clients and partners, Ingrid Cronin-Knight.

Dixon said the enhancements will mean customers will save time, reduce their data entry and drive new insights into their businesses’ performance.

“We’re committed to helping New Zealand and Australian businesses succeed by providing intelligent, intuitive tools that make business life easier,” he said.

Prefacing his discussion around Connected Ledger with the news that new customers will gain access to the enhancements from March, Dixon also confirmed existing users will begin gaining access this year.

He then launched into live demonstrations of these updates, including a closer look at the new dashboard, which brings together a wealth of business financial data into a single screen, including a number of graphs that depict “how the business is tracking, at a glance”.

Core updates to Essentials Connected Ledger:

  • A new, insights driven dashboard, including bank balances, making it easy to see how the business is tracking
  • It’s fully mobile responsive across desktop, tablet and mobile
  • Lots of user experience enhancements
  • The ability to report quantities in general journals, spend and receive money
  • Data protection enhancements: ability to assign roles, set permissions, read-only files and lock down the previous year’s data

New reporting features:

  • A reimagined reporting suite across Essentials Connected Ledger (March) and AccountRight (H2) coming this year
    • Includes combined detail and summary reports, customised reports, consolidated reports, saving, bookmarking and sharing of reports and templates, exporting to PDF or Excel, Exemption Reports and brand-new, customised brand report packs

Payroll and compliance enhancements:

  • MYOB has a significant amount of payroll and compliant enhancements on the way, including the introduction of pay item reporting, automatic deductions, piece rates, minimum wage top up, housing allowance and ability to file GST half-yearly
  • All of these are geared around saving time and helping businesses to stay compliant

Notes on timings:

Product updates are beginning to roll out now, beginning with the introduction of MYOB Capture App and some changes to payroll.

In March, new customers subscribing to Essentials Connected Ledger will gain access to a range of new features including the dashboard and reports. Then, in April, Bank Link users can upgrade their files to the new Essentials Connected Ledger.

Finally, the progressive rollout of this new software will begin in the second half of 2020 to all existing users of Connected Ledger and AccountRight.