After a successful pilot program involving more than 200 accounting partners, MYOB has launched as a general release Essentials Cashbook.
Speaking to AccountantsDaily, Adam Ferguson general manager, accounting division, said the new product forms part of the firm’s “connected accounting vision”.
“Essentials Cashbook is an ideal solution for accounting practices and bookkeeping businesses with start-ups or cash clients who currently use manual ledgers or desktop cashbook solutions but are ready to move online,” he said.
“The solution has been designed to help accountants, bookkeepers and their clients gain back the hours spent on bookwork,” he added.
Through closer accountant/client connections, online accounting solutions can deliver somewhere between 20 and 40 per cent efficiency gains for accountants by eradicating the need to re-key information during the accounting process, Mr Ferguson said.
However, whilst a lot of accountants have already embraced online technology, there are still many yet to take advantage. Furthermore, those accountants already working in the cloud are yet to tap its real potential, according to Mr Ferguson.
“The realisation of the common ledger will revolutionise the accounting profession,” he said
“We are still very much in the early phase of the transition from desktop to cloud, so in that respect the biggest technological development is still the one in front of us.”
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more