Speaking at the Accountants Technology Showcase Australia in Melbourne, MYOB chief executive Tim Reed said that the software giant will deliver a series of product innovations over the next few months during the first stages of moving its practice solutions, Accountants Office and Accountants Enterprise, to the cloud.
Mr Reed said the move online has been designed to benefit both accountants and their clients.
“At MYOB we believe the greatest opportunity for both accountants in practice and SMEs is for us to enable practice efficiencies that enhance collaboration between accountants and their clients. It is critical that we empower them to make use of mobile technology, and help them to leverage business insights through a common ledger,” he said.
“The real value of online practice solutions goes beyond the ability to complete tax compliance via the browser.”
Mr Reed said MYOB is entering a “period of major transformation” with its practice solutions and accountants are set to reap the benefits.
“Our announcement today is a key milestone in an exciting journey for MYOB and our clients – one that will benefit them in making the relationship with their clients as easy and seamless as possible.”
MYOB Connect and MYOB Ledger are the first two online product innovations that will extend Accountants Office and Accountants Enterprise practice suites into the cloud, MYOB said.
MYOB Connect is an online collaboration tool for accountants and their clients featuring a client portal that enables accountants to exchange documents securely with their clients.
“In just three clicks the accountant can publish a document electronically, notify the client and request a signature, then receive their electronic signature approval and file the document securely,” said Mr Reed.
MYOB Ledger features include rapid data entry, and profit and loss distribution. By moving this feature to the cloud MYOB has made it easier for small business’ MYOB Ledger to be upgraded to MYOB's more comprehensive products.
Mr Reed said the innovations to the Accountants Office and Accountants Enterprise suites are the latest in a series of new cloud solutions that have been released by MYOB this year.
“In 2014 we extended our Common Ledger vision to include MYOB Essentials so accountants can now access even more of their client’s data files directly from their practice solution.”
“Cloud accounting is no longer the future, the cloud is now,” Mr Reed said.
MYOB Connect is free for existing users of MYOB’s practice solutions. The general release is scheduled for early next year, however some clients will be trialling MYOB Connect from November.