Payroll company MYOB has launched a new extension for its business management platform.
With a focus on accounting practices, MYOB says its Advanced Professional Services Edition enables practice managers to view operation insights and improve services, which it claims will allow for a better overall experience for their small business clients.
The extension is built on MYOB's cloud Enterprise Resource Planning platform and is designed for practices with more than 25 employees. It joins previously launched editions with bespoke solutions for the manufacturing, building, and construction sectors.
“As automation in traditional accounting processes such as compliance increases, accounting practices will be seeking insight-rich workflow solutions for continual business development and growth,” says MYOB's chief sales and support officer, Daniel West.
“It's critical practice managers are able to review the effectiveness of their service offerings to make informed business decisions. Through COVID-19, small businesses forged an even deeper relationship with their advisors.
“With a greater need for ongoing advisory services such as forecasting, budgeting and growth planning, it's more important than ever that practices are operating as effectively as possible in order to capitalise on the opportunity this presents for their own business growth and the success of their clients,” West says.
According to MYOB, bringing together work in progress and business management processes such as quoting, invoicing, debtor management, profit reporting, and customer relationship management, allow for a single back and front of office solution.
“In a practical sense, our Professional Services Edition provides practice managers with oversight of their entire business, including the engagement, frequency and spend of their clients," says West.
“This depth of information can help define succinct business operations that in turn puts them in a great place to attract new clients.
MYOB says that in-depth knowledge of market trends can unlock growth opportunities in any industry, and in the accounting sector this also provides better support of clients, with economic and business landscape insights allowing businesses to be better prepared for success, even in challenging environments.
West believes that integration is important in freeing up time for value-add strategic work, which he says reduces the need to search for, and then transfer information from one system to another to complete work, while providing updates to business leaders.
MYOB says its new platform means that practice managers can evaluate task efficiency and allocate accordingly, with benefits including:
- Reduced project complexities. Time-sensitive processes are streamlined with budgets and tasks, billable hours, and schedules. These are captured in a cloud platform with a project dashboard showing job status and highlighting discrepancies
- Visual reporting functionality. Access to financial data in a clear visual format, consolidating data across locations, companies, entities, and systems
- An Integrated General Ledger. Allowing practices to review profitability against job budgets and the impact on the businesses bottom line, so practice managers can identify specific job and client types without manually re-entering data
- Target, track, engage, and convert leads. An ability to acquire new clients or expand the service to offer clients the ability to execute mass or targeted marketing communications.
"The new system allows large practices to manage their whole business and have a full business view from one platform,” says West.
“Practice managers are armed with data-driven knowledge to make informed strategic decisions that drive sustainable future growth.