Following research revealing that more than a quarter of New Zealand’s small and medium sized enterprises (SMEs) are relying on four-to-five digital tools to manage their business, MYOB has launched a new all-in-one SaaS business management platform, MYOB Business.
Available to New Zealand small businesses, the reimagined cloud platform offers SMEs a real-time holistic view of their business operations, while enabling business owners to take charge of their software needs through a more flexible and affordable module approach to business management.
From new start-ups and sole operators, to growing SMEs with more complex business management needs, MYOB Business allows SME owners and managers to add functions and features based on their needs, meaning they only ever pay for what they use, the company states.
MYOB General Manager SME, Emma Fawcett, says the new platform recognises where SMEs are now and where they want to be in the future, without adding to ‘subscription overwhelm’.
Fawcett says, “SMEs have been on a significant digital transformation journey over the past few years, and many have reaped the benefits of taking action to boost performance and resilience through the use of digital solutions. However, we know from our Digital Disconnection research that around half of New Zealand SMEs have digital solutions they’re not using - and it’s costing them.
“We’re firm believers that businesses should be able to tailor their software to best suit their needs and only pay for what they really need, especially given the current financial pressures they’re facing.”
MYOB’s disconnection research also revealed that for one-in-five local SMEs that have digitised, ‘hardly any’ of their systems are connected - another challenge the new platform aims to address.
Fawcett says, “Connectivity is incredibly important in driving efficiency, and we know interoperability between solutions is a must for ambitious SMEs looking to leverage their digital tools to improve business processes, boost productivity and grow sales. This is precisely why we’ve designed our new platform to integrate easily with other applications SMEs may need over time."
MYOB Business is a consolidation of its existing cloud SME product lines on a single SaaS platform, allowing customers to move between subscription plans as their business evolves, and configure their product in a way that's right for them.
The all-in-one platform also includes the addition of two new features - Payroll Premium and the much-anticipated, Inventory Premium.
Fawcett continues, “We’re committed to growing the MYOB Business platform and we’re focusing on the processes that matter the most. Managing stock and suppliers is one of the business processes that we know, if digitised properly, can really make a big difference to an SMEs’ chance of success.
"Inventory Premium takes the guesswork out of managing inventory, by providing visibility on how much it’s costing to carry stock, what margin is being made on each product, and ensuring SMEs can maintain the right amount of stock.
“Whether you’re in the warehouse or on the road, business owners will always know what's in stock at any given time and what it’s worth. This means they can better forecast for seasonal events or sales periods, adjust pricing accordingly, and avoid the risk of overselling which in turn keeps customers happy."
Adding more value to the mix, the new Payroll Premium feature is designed specifically with New Zealand SMEs in mind, with cloud capabilities making tasks such as paying employees, managing leave, KiwiSaver calculations and IRD reporting, made simpler.
The new payroll offering also automatically stays up to date with tax, reporting and compliance changes, taking this burden off the minds of business owners.
Five subscription plans will now be available to SMEs as part of the new MYOB Business platform including Lite - with core business features for smaller businesses with room to grow, and Pro - for rapidly growing businesses.
AccountRight Plus and AccountRight Premier are a part of the MYOB Business product suite and contain all their existing functionality for more complex businesses, with a continued investment in the browser experience.
There is a payroll-only product available, while Payroll Premium and Inventory Premium can be added to any Lite or Pro subscription.
“We want to make accessing the right solution simple and easy for business owners, accountants and bookkeepers alike, so they can spend more time on higher value tasks that help them to grow their business,” Fawcett explains.
MYOB Business is now available for new customers in New Zealand, covering a range of all-in-one accounting and business solutions.