Speaking at an MYOB roundtable, general manager of products, David Weickhardt, said the software company’s launch of the beta phase of its new cloud compliance workflow would address compliance pain points, including the lodgment of company tax returns and registering a new company.
According to Mr Weickhardt, it will allow practices to seamlessly integrate any data, such as invoices, and work papers across every element of the compliance process.
“Accountants can now go through and use the new platform to submit company tax returns, so they can go through and do all the work papers and tax forms online and this is a world first innovation,” said Mr Weickhardt.
“It takes the process for registering a new company down to about five steps in four minutes and that’s a process that accountants currently charge about $2,000 for.
“You can do $2,000 worth of work in four minutes, and I can’t think of too many other industries where you can do that.”
The new product, which is currently slated for a general release in mid-2019, comes as the accounting software firm looks to invest heavily in R&D.
“We’re spending close to a $100 million on R&D and that’s up from around $45 million from four years ago so we’ve more than doubled our spend,” said Mr Weickhardt.
“We looked at every step of that end-to-end compliance workflow and said: how do we eliminate steps out of it because we know efficiencies are so important for accountants.
“Accountants take that time that’s freed up doing the compliance work and then reinvest that into advisory work or taking on board more clients.”
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.