Payroll company MYOB has introduced a new extension to its business administration platform.
With an emphasis on accounting practices, according to its Advanced Professional Services Edition, MYOB enables practice managers to view operational insights and improve services, which it claims enables a better overall experience for their small business customers.
The extension is based on MYOB’s Cloud Enterprise Resource Planning platform and is designed for practices with more than 25 employees. It supplements already introduced editions with tailor-made solutions for the manufacturing, building and construction industries.
“As traditional accounting processes such as compliance become more automated, accounting practices will seek insightful workflow solutions for continued business development and growth,” said Daniel West, MYOB’s chief sales and support officer.
“It is important that practice managers can review the effectiveness of their service offerings in order to make informed business decisions. With COVID-19, small businesses have built an even closer relationship with their advisors.
“With the greater need for ongoing advisory services such as forecasting, budgeting, and growth planning, it is more important than ever that the practices work as effectively as possible in order to capitalize on the opportunities that arise for their own business growth and the success of their clients” says West.
According to MYOB, the merging of ongoing and business processes such as preparation of offers, invoicing, accounts receivable management, profit reporting and customer relationship management enable a single back-and-front-of-office solution.
“In a practical sense, our Professional Services Edition gives practice managers control over their entire business, including their clients’ engagement, frequency, and spend,” says West.
“This depth of information can help define concise business processes that in turn put them in a great place to attract new customers.”
MYOB claims that a thorough understanding of market trends can create growth opportunities in any industry. In the accounting sector, this also offers better customer support, with insights into the economic and business landscape enabling companies to be better prepared for success even in challenging environments.
West believes that integration is important in freeing up time for strategic value-adding work, which he believes reduces the need to search for information and then move it from one system to another in order to complete the work, and at the same time the Provides updates to executives.
According to MYOB, the new platform means that practice managers can evaluate the efficiency of tasks and assign them accordingly, with the following advantages:
- Reduced project complexity. Time-critical processes are optimized with budgets and tasks, billable hours and schedules. These are recorded in a cloud platform with a project dashboard that shows the order status and highlights discrepancies
- Visual reporting function. Access financial data in a clear visual format, consolidate data across locations, companies, entities and systems
- An integrated ledger. Enable practices to assess profitability against job budget and the impact on business results, so practice managers can identify specific types of jobs and customers without having to manually re-enter the data
- Target, track, engage, and convert leads. The ability to acquire new customers or expand the service to enable customers to conduct mass or targeted marketing communications.
“With the new system, large companies can manage their entire business and get a full business view from one platform,” says West.
“Practice managers are equipped with data-driven knowledge to make informed strategic decisions that promote sustainable future growth.”