MYOB Technology
MYO]

As customers, vendors, and transactions are increasing, businesses today are experiencing transition from excel spreadsheets to computerized accounting enabling better visibility of their finances. “Nearly 25 years ago, the only way to manage huge transactions in a firm was through ‘paper-based’ traditional accounting tools, which often provided inaccurate and ineffective performance measurement,” asserts Ben Ross, GM - Design & User Experience of MYOB Technology [ASX: MYO]. With growing clients and transactions, maintaining excel spreadsheets has become cumbersome in managing a financial data for businesses. To make accounting easy and simple, a group of experts at MYOB, a ‘one-stop-shop’ accounting software provider came together to build an automated accounting solution, with the aim to ‘democratize’ the accounting and financial functions and tools. Whether it’s a small business owner, large corporate, mid-market businesses, or accounting professionals, MYOB offers a complete business management solution that simplifies accounting, payment, tax, payroll, retail software, and web hosting task for businesses.

“The accounting solutions we offer help organizations to manage their complete financial processes– cash flows, processes and documents, transactions, performs calculations, and generate reports,” says Ross. Focused at digitizing the legacy paper transactions, MYOB ensure that all transaction data is digital, to help businesses manage their accounting and tax in an organized fashion.

“Our key accounting solutions for small businesses include–MYOB Essentials and MYOB AccountRight,” says Ross. AccountRight is an online solution that helps small businesses to manage their account and tackle issues related to everyday business operations. For instance, working with a start-up, being very new to the business world, MYOB discovered that customers have less idea about managing their accounts in an effective manner. “Leveraging our AccountRight solution, the client was able to have more control on their accounts and expenses—gaining clear insights into their business,” articulates Ross.

The accounting solutions we offer help organizations to manage their financial processes—from end-to-end

Serving the mid-market and the corporate finance executives for decades now, MYOB has created a range of solutions for them—MYOB EXO and MYOB Advanced. These MYOB solutions deliver desktop and online accounting software respectively. “MYOB EXO is a powerful business accounting and distribution management desktop application that empowers clients to manage their complete workflow—helping customers to make faster and better informed decisions,” delineates Ross.

Like EXO is created for desktop, MYOB Advanced is built to manage accounting and finances online. “Advanced is an online ERP solution that streamlines workflow, inventory management, and accounting support for large businesses,” says Ross. This online solution enables the client to avoid the hassle faced during manual accounting processes, by making it automatic.

“Other than accounting, there's a lot of innovation that we bring to the payment space, as businesses often don’t understand how to manage their cash flows,” says Ross. MYOB has recently collaborated with OnDeck Capital [NYSE: ONDK], a data aggregation and electronic payment technology provider to evaluate the financial health for SMBs. “Working with OnDeck we have taken stress and hassle out of the funding procedure, to help businesses to grow and expand.”

With plans to shift the accounting process completely to online, MYOB is working with the goal to replace the manual work in recording and messaging transaction with automated process. “We are aiming to become a platform business, and not just an application development company. This will allow multiple personnel to come together and interact on our platform, making business management much efficient,” concludes Ross.