#myobroadshow #big changes ahead

During his keynote speech at the MYOB Roadshow today, Michael McQueen’s message of re-calibration and re-positioning was received loud and clear. It seems that MYOB have been listening too. The latest updates and planned releases really aim to bridge the gap between Accountants and SME’s, with a fully integrated system.

There were rounds of applause and compliments as various team members revealed the plans for accountant to be able to use cloud based accounting data and integrate it with their tax software seamlessly. Accountants will be able to follow through tax planning, watch as everyday transactions build to their balance day ledger and have increasing amounts of contact and perhaps perceived value for their clients. For smaller, boutique practices, the functionality will likely be accepted with open arms, but I fear Accounting  Partners  in larger firms may be slow on the uptake as they may have to get their hands a little dirty.

The upcoming functionality for accountants also makes it easier for the accounting industry to assume some of the responsibility of the bookkeepers. So where does this leave us?

As Bookkeepers we are in for a bigger shift as the role of data entry is becoming more automated and I know that other major market players are heading in the same way. (Stay tuned for Xerocon notes next week). So what are we to do?

  • We can resist the inevitable fate of data entry and continue to service the ever diminishing niche of manual clients;
  • We can partner with strategic accountants and rely on their loyalty; or
  • We can re-position ourselves in our key market. What is that market?

For Vital Business Solutions, this is a very personal statement which cuts to our core ……

We (I) empower good business decisions through setting up, and maintaining data with integrity and enabling clients to use it confidently.

What do you do? What skills, technology and assets will you need?  We are all different and those points of differentiation will guide us in the future.

From the MYOB Roadshow it appears that MYOB have done well to listen and respond to our troubles in small areas like adding payroll categories mid pay processing and enabling us to edit delivery statuses for old transactions that were never emailed. I, for one will be a first adopter of Accountright Live 2015.1 (using myself as a guinea pig of course) and I am excited to see the changes to come.

It is worth a warning though, MYOB Huxley was in the pipeline and being promised for many years before it made it to market. Some of the bigger changes currently being promoted may not be as quick as the very excited CEO Tim Reed and his team want us to think. Lets hope it is worth the wait.