MYOB announces plans to change market dynamics in 2014

MYOB announces plans to change market dynamics in 2014

Innovative product launches, product extensions & product naming refresh

Australia’s leading accounting software provider, MYOB today announced plans that will solidify its market-leading position in a rapidly evolving market and make life even easier for its clients and partners. These include a new product line-up, product extensions and changes to its product naming.

Through the course of 2014, MYOB will launch a series of innovative cloud solutions for start-up, micro and small businesses and their advisors, enhancing its full-service offering. Each move is designed to make business life even easier for its approximately 1.2 million clients and network of 40,000+ accountants, book keepers, certified consultants and other partners. To support this, MYOB will also refresh its product naming.

CEO Tim Reed says, “The transformations planned for 2014 will expand our cloud offerings to all businesses, from micro to mid-sized. We will make cloud accounting easy for every business: easy for those just starting out, easy for those running on desktop software that want to move to the cloud, and easy for our partners who are increasingly requiring cloud offerings to evolve their businesses.

“The industry is becoming more competitive as overseas players take their gloves off, so MYOB is upping the ante to ensure we continue to be the leading business solutions provider. In 2014 our cloud accounting solutions will cater to the smallest business who wants their accountant to do the accounting for them through to a mid-sized business looking for an online ERP system they can use to drive their business forward.

“We’ve always been dedicated to providing clients a range of quality choices in business management solutions. Our latest moves reflect our ongoing commitment to making this choice even easier, whether the client manages their accounts via a tablet at a café, a mobile phone while on the road, or a PC in their office.

“Some industry providers cater for only one type of client’s needs. Our mission is to have the most suitable, easy-to-use solution for every type of business and make it easy for them to choose the right one. MYOB has offered cloud accounting products since 2010; today we have a cloud-enabled solution with a rich desktop interface for clients upgrading from our desktop accounting and a browser-based solution for new businesses starting to use accounting software.

“We’re keen for all business owners to know we have a solution to meet their needs. Making changes to our line-up will further cement our category leadership and increase our profile as the cloud accounting leader.”

Product launches

In Q1, MYOB will launch a mobile payments solution as a limited release for early adopters, with the general release planned for Q2:

• MYOB PayDirect – a free mobile app that enables business owners to take payments, send receipts and manage their invoicing and contacts. The app has two modes: payments-only, for accepting customer payments while on the road; and integrated with AccountRight Live for managing invoicing, contacts and payments. For payments, business owners can connect a card reader with their smartphone or tablet, providing an easy and secure way to receive credit card# payments on iOS or Android devices. EFTPOS compatibility will be available later in the year.

Also launching in Q1 is a second mobile solution:

• MYOB Accountants Office OnTheGo and MYOB Accountants Enterprise OnTheGo – a browser-based interface that enables accountants to access their practice management data from any web browser, including from mobile devices.

In early April, MYOB will launch the MYOB Essentials range. This consists of two options:

• Cashbook – an online solution available exclusively through MYOB partners that enables accountants to allocate a client’s financial transactions for accounting purposes while managing the level of client involvement. Clients can work simultaneously with their accountant or take a hands-off approach.
• Accounting – a richer, more advanced version of the browser-based accounting solution MYOB LiveAccounts, it will comprise an enhanced feature set, updated user interface and API providing a network of add-ons and integration with other MYOB products. Soon after launch, this will include integration with MYOB Accountants Office and MYOB Accountants Enterprise practice suites, to enable year end accounts to be produced directly from the MYOB Essentials ledger.

Additional online products and product enhancements for micro to mid-sized businesses will be released as 2014 progresses, including a cloud-enabled version of the popular MYOB AccountRight Premier.

In further news, MYOB announced it will de-couple payroll from MYOB Essentials Accounting in Q3 to cater for solo operators wanting an even simpler online accounting solution. A more advanced version of payroll with improved features will then be made available as one of a range of optional in-product features for clients to select and include with the Accounting module.

Mr Reed says, “We have a rich history of being the local expert and the most trusted accounting solutions provider. There’s nothing like local knowledge and expertise, and MYOB delivers that. Over the years we’ve learnt what our different clients need for their particular area of specialisation. And we’ve learnt about the ins and outs of the ATO, BAS, payroll and super so our clients can be confident they will be compliant.

“Our imminent product launches, extensions and naming improvements will reinforce MYOB’s position as the provider of choice. They will strengthen our business and our partners’ businesses. The moves we are making will change the competitive conversation and help ensure we continue to be the most trusted and flexible business solutions provider to the local SME community.”

MYOB partner and director of TAEL Solutions Ltd, Natasha McDowall, says, “After having a sneak peek of MYOB’s Essentials range, my team loves it. It will make client accounting even more efficient thanks to its flexibility, visibility and simplicity, which allows us even more time to add value to the client relationships.

“Client feedback on MYOB cloud products is already very positive; they find them and the training intuitive and easy to understand. Our clients have already reduced the time spent on their accounts and I expect this to improve further as MYOB launches new products and product advancements in the coming months.”

Product naming changes

While planning its moves for 2014, MYOB recognised a need to streamline the product naming architecture. With that came an opportunity to refresh product naming and logos, and further define product positioning to assist clients and partners in selecting the most appropriate solution for different business types.

To help clearly differentiate between the company’s core online accounting products for SMEs, the new product naming from early April will be:

MYOB Essentials			MYOB AccountRight
Cashbook	Accounting		**Basics	**Standard	Plus	Premier

* Top row outlines the name of the product range; second row outlines the product options.

** Basics and Standard will be available through partners and retail.

MYOB AccountRight Live will revert to MYOB AccountRight in a nod to the increasingly online nature of the company’s product offering. All current modules will remain available, though only Plus and Premier will be available to purchase online. As mentioned earlier, the cloud-enabled version of MYOB AccountRight Premier will be released later in 2014.

The new visual identity and positioning for the extensive MYOB product range will launch in early April also.

For MYOB product information, research results, business tips, discussions, client service and more visit the MYOB website, or its blog, LinkedIn, Twitter, Facebook and YouTube sites.

# VISA and MasterCard only

-ends-

For further comment or other information please contact:

Kristy Sheppard, MYOB Public Relations & Corporate Affairs Manager

P: 02 9089 9068 / M: 0407 450 860 / E: kristy.sheppard@myob.com

Mitchell Hunt, Haystac Public Affairs Senior Account Manager

P: 02 8094 7739 / M: 0428 224 961 / E: myob@haystac.com.au

About MYOB

Established in 1991, MYOB is Australia’s largest business management solutions provider. It makes life easier for approx. 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, CRM, websites, job costing, practice management, inventory and more. MYOB provides ongoing client support via many channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and spends more than AU$30 million annually on research and development. In 2013, MYOB expanded its offerings with the acquisition of accounting solutions provider BankLink. For more information, visit myob.com.au.