A MYOB bookkeeping and accounting service is the latest practice which has all the features and capability to replace the old school desktop accounting. It will be withdrawing from support services for one of the original accounting desktop products of it in the coming year.
Different accounting software companies have already started to developing products at a rapid pace to provide their services to the small business and accountants. In the past year, the industry has noticed stepping down or firing of the traditional accounting system. This indicates the end of the first era of cloud accounting signifying the start of a new one.
Certainly, there are pros and cons of everything and especially in this online accounting software use and practice. Over the years, accounting software companies is trying to reach distinguished benchmarks with more prominence in terms of its maturity. This practice has replicated the influence of desktop accounting software largely either directly or indirectly through different online applications that are compatible with a large ecosystem.
As a result, in the past couple of years, the major accounting software service companies have drifted to Amazon Web Services which is one of the most popular and favored platform for running Software-As-A-Service or SaaS.
Furthermore, the newest competitive front in bookkeeping services is automating the process that involves collecting of different source documents, compiling and turning them into invoices and bills, and reviewing and reconciling these against each transaction.
Taking all these into account, the business owners of today are spoiled for choice when it comes to selecting dedicated and useful accounting software. If you consider the size of the business populace, this market is particularly and noticeably overcrowded. This has made making the choice of a particular platform for any business owner to go with harder.
The MYOB scenario
The Mind Your Own Business scenario has changed significantly, especially in the small business sector.
- With all the available and useful applications that are used on a global computing platform, businesses now can reap the benefits of adding artificial intelligence tools such as deep learning and machine learning.
- It is now easy for the software companies to integrate these AI tools into accounting and bookkeeping software. This has in turn provided a significant and notable change in leaps and bounds as far as performance and capability is concerned.
- The MYOB accounting practice has simplified the process even further with better management of finance and business accounts.
All these has spurred a new generation of entrepreneurs with more expectation and deliverance of accurate accounting.
There are different types of accounting software available on the market and some of these are there for more than two decades. However, these being the old school desktop products, it is required to update it so that modern requirements of accounting can be met successfully.
Until and unless these are updated by the end of September 2019, accounting service companies worked with the available support services and compliance updates. This means they will be forced to upgrade the MYOB products and cloud based suites.
MYOBs have several plans to upgrade their products and are currently focused on the process of informing the bookkeepers, accountants as well as the investors. Different industry associations as well as a few major partners are already aware of the plans of Darcy Services MYOB Bookkeeping and those who are not are being informed.
The statistical analysis
According to market reports of MYOB’s plans, it is found that:
- There are still about 3% of paying users that use the old and classic form of accounting process but
- More than 94% of businesses opted for online-only services last year.
This move is strongly in line with the broader plans of MYOBs to terminate investing in desktop products. Though specific dates have not been set for any further wind downs, such a move is a clear indication of what is envisaged in the future. It is expected that this year as well as in the coming years there will be an increased adoption rate just to figure out which of the product passes the tipping point.
MYOBs now are keener now to secure its accountants practice management division signifying the broader and significant changes that are yet to come. Taking a closer look at the noticeable changes it is seen that:
- MYOB is working on ways to improve data quality
- To automate reviewing and reconciliation
- Reinventing critical workflows
- Replicating the bank feeds concept
- Directing downloads of bank transactions with major suppliers every day from the banks itself
- Adding a purchase order at the checkout
- Allocating each line item in MYOB to a job
- Automatically pulling onto the invoice of a customer along with all reimbursements for that specific job
- Automating the entire workflow and getting the bill in the system
- Using unique forwarding email practice to capture bills and invoices in the system so that the staff and suppliers can use it
- Forwarding PDF invoices directly into MYOB for processing and coding purpose and
- Adding automated reminders for invoices that are overdue with just a couple of clicks.
When all these processes are followed diligently and precisely, it will ensure a perfect accounting job.
Choosing the right bookkeeper service
These are not easy jobs and needs a lot of expertise of the bookkeeper. In order to make sure that you have chosen the right bookkeeper who will be the integral part of your business you will need to remember a few points. To start with, you must remember that they are the ones who can either make or break your business. As for the other things that you need to remember are:
- Making sure that you take time to select and hire the right person for this crucial role
- Choosing a person who is well organized, efficient and process driven
- Selecting a good bookkeeper who understands your industry type, business processes and your needs
- Ensuring all processes are streamlined and adhered to
- Receiving timely reporting to meet the different timelines
Selecting someone dedicated like this will ensure your financial as well as business success.