MYOB unveils new AI capabilities

MYOB chief executive Paul Robson (pictured) said the accounting and bookkeeping community was a vital enabler of the business ecosystem and its productivity potential, and the overall success of the economy hinged on the industry’s ability to scale.

“With AI, accountants and bookkeepers gain more than efficiency – they gain a strategic advantage. Accountants and bookkeepers who adopt early are already seeing the rewards as SMEs follow and the economy transforms. At MYOB, we’re reimagining the way work is done,” he said.

“By putting AI to work on compliance, we create space for accountants and bookkeepers to drive strategy, advisory, innovation and high-performance outcomes for their clients.”

Among the provider’s new capabilities are:

• AI BAS: acts as a powerful partner for sole traders, SMEs, accountants and bookkeepers in the preparation of the quarterly BAS lodgment. It makes suggestions on BAS treatments for transactions and flags anomalies for small businesses and their advisers to review and resolve, then produces a pre-populated report with BAS lodgment totals for the accountant or bookkeeper’s review.
• AI Business Insights: will provide interactive charts and commentary that allow accountants and bookkeepers to identify patterns and establish areas that need attention, and gives accountants and bookkeepers an added advantage through the surfacing of meaningful trends and performance drivers for clients, enabling richer advisor-led conversations.
• Smart Reconciliation: automatically matches bank feed transactions to categories and auto-reconciles for the user based on their chosen schedule, enabling a real-time understanding of expenditure and cash flow position while eliminating unnecessary time-consuming administrative tasks.
• Smart Invoice Reminders: prepares suggested actions based on late-payer behaviour to enable smarter cash flow control, and provides tone suggestions for communications and customisable scheduling of automatic reminders, saving the business owner time and effort while allowing advisers to provide a clearer view of a client’s cash flow.

Robson said the launch of new AI enhancements was demonstrative of MYOB’s focus on shaping the future of work, empowering businesses to operate with greater intelligence, speed and confidence.

“These efficiency-focused features come from a deep understanding of where we can add the most value to accountants and bookkeepers, with responsible, safe and secure design at the forefront,” he said.

“At the core of our AI strategy is ensuring every AI asset is thoughtfully built to support the critical work of our partner community.”

The new suite of AI agents and features is at various stages in beta, progressively rolling out across MYOB’s product portfolio, including MYOB Connected Ledger, Solo by MYOB, MYOB Business Lite, Pro and AccountRight.