Announcing at MYOB Partner Connect 2019, MYOB general manager of product David Weickhardt said the integration of its corporate compliance product within its practice suite would solve “software hairball” issues that accountants faced with different products.
The new product builds on the existing desktop solution and allows accountants to plot ownership and shareholding diagrams as well as manage forms and signatures online.
“We’ve talked about how we are building out an integrated practice suite, and one of the great things about that is that it is going to be one suite and not a bunch of different products where an accountant or bookkeeper can do all their work in the one product in a seamless workflow,” Mr Weickhardt said.
“One of the great things of having [corporate compliance] fully integrated is that we can use the ASIC data on the ownership of the copy to automatically plot ownership and shareholding diagrams.
“This is something we observed when we were asking how do we make the next-generation corporate compliance product — we saw a lot of accountants and bookkeepers scribbling these ownership diagrams on a piece of paper or on Excel.”
Outgoing MYOB chief executive Tim Reed said the launch would be a first for the accounting software industry.
“We are certainly the first ones to incorporate that whole corporate compliance domain into a broader practice suite and certainly into a combined MYOB platform and the SME adviser suite,” Mr Reed said.
“There are some standalone solutions out there, but then you’ve got to run them completely separately from everything, which means you got to re-enter names and addresses.
“There are some, through APIs, which connect some pieces of that information but not all of it, and to date, it is not integrated with the document management system and it is not integrated with the portal.”
Jotham Lian is the 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.