MYOB Incite 2020 – A Game Changer!

This year’s MYOB Incite conference brought us a roadmap that will be a game changer for SME’s, Partners and MYOB, and was supercharged with excitement with the news about the changes coming.

It was quite the turnout at the Melbourne Convention and Exhibition Centre. The room was buzzing with Certified Consultants, Bookkeepers, Accountants, App Partners and the MYOB team.

Greg Ellis
Greg Ellis – MYOB’s new CEO

Meet Greg Ellis – MYOB’s New CEO

MYOB’s new CEO Greg Ellis did not disappoint. His candour was exactly what the audience needed. His commitment to providing fast development came through loud and clear.
Greg’s opening statement addressed MYOB’s vision for the future, his promise for a product development cycle and an assurance that we will have a more robust online platform. He said, “We need to get back to being a reliable, innovation product company delivering functionality within a 90-day drop.”

To achieve this Greg spoke about the 4 Verticals which are:

  1. SME’s
  2. Professionals (Certified Consultants, Bookkeepers)
  3. Enterprise Customers
  4. Financial Services

Front and centre of Greg’s new strategy will be MYOB partners. He said they are pivotal to MYOB’s business and their clients. Evidence shows SME’s who work with advisors are more likely to succeed in business and 75% of businesses are looking for deeper relationships with their advisors. That was refreshing news for the MYOB Partner Community to hear.

We know the pivotal role we, as advisors, play in our clients’ lives. We also see the pain those businesses who try the DIY approach or the cheaper outsourced model experience.

Greg showcased 3 levels of the MYOB ecosystem, being:

  1. Accounting software, that will be robustly integrated
  2. Financial services, that will be tightly integrated
  3. Business applications, being 3rd Party Plugins or Addons

MYOB Connected Practice updates

2020 seems to be the year the Connected Practice comes to life!

Bookkeepers have been desperate for a practice management solution that is richer in functionality that will help automate workflows and reduce the administrative burden of running their practice utilising disjointed or manual systems.
By empowering certified consultants, bookkeepers, accountants, advisors and small business with access to such tools, they will better manage their financial performance and improve business performance overall. It is a game changer!

I have been involved with this project over the last couple of years sharing my ideas, needs and wants as well as beta testing this product. I wanted to ensure partners will receive as much as possible through this platform hence my commitment.

Apps will be available for MYOB Practice for the first time, with the initial focus on practice management, CRM and compliance.

Accountants already have access to the platform whereas Certified Consultants and bookkeepers are still waiting for the full suite to be released. Currently they only have access to a lite version. Now it requires steroids!! I think Greg may make it happen!

Connected Practice

NEW MYOB Essentials Platform Coming Soon

The NEW release is almost here as part of the 90 days deployment promised by Greg. New customers will have access to this upon release in March 2020 whilst existing customers will transition over the coming months as more features are being rolled out.

Head of Product at MYOB Dale Dixon said – “Essentials will give customers a streamlined product, saving time, reducing data entry and driving new insights into business performance”.

Included in the new release of MYOB Essentials will be:

➢ a faster mobile responsive experience and interface.
➢ it will be accessible through an internet browser through any device.
➢ a user-friendly dashboard.
➢ a powerful reporting suite, highly customisable, report templates for advisors to customise, save and replicate to use with all their client files and finally consolidated reporting across entities.
➢ a feature-rich, highly flexible payroll that is even better than AccountRight Live.
➢ Capture App that is even more enhanced sending receipts directly to in-tray as spend money transactions.
➢ access to integrations from over 150 additional apps, giving greater scope to drive efficiency and productivity.
➢ shortcuts menu – Makes it even easier to get straight to your most common tasks
➢ Balances – Easily see the running balance of your bank account
➢ Quantities – Ability to report quantities has been added to General Journals, Spend and Receive Money and Reports
➢ Data protection – Greater access control has been added, so businesses can better control who can view and edit information through the creation and assignment of ‘roles’

NEW MYOB Teams – Rostering App Coming Soon

➢ MYOB Team App, (still in beta) an employee management and self-service solution, rostering, timesheets, employer portal, time capture and more.

Final words

As Incite 2020 comes to a close and all eyes will be on MYOB throughout the coming year waiting to see if all that Greg Ellis promised is delivered with the speed he has guaranteed. My guess is it will!