Accountants and bookkeepers driving innovation in a time of crisis

As small business owners look for advice to find a way out of COVID-19 they are frequently turning to accountants and bookkeepers for advice according to research by MYOB.

The study found while three in five (61%) of small and medium sized businesses want traditional services such as tax advice and lodgment from their accountant or bookkeeper, a third, (34%) seek general business advice and 31% want help with financial planning.

Greg Ellis, CEO of MYOB, says the survey of 1,085 small business owners and operators demonstrates the increasing role of accountants and bookkeepers as advisors in more areas of the business, particularly through the pandemic.

“Accountants and bookkeepers continue to play a crucial role through COVID in supporting SMEs as they navigate stimulus and consider their options. We anticipate this trusted relationship will only deepen as the country recovers from the economic impacts of the coronavirus pandemic; having a clear picture of their operations will allow Australia’s small business to plan for the next phase,” Ellis said.

Ellis says with two thirds of SMEs predicting more than six months to recovery, support from accountants and bookkeepers will be essential.

“Accountants and bookkeepers are uniquely placed to support SMEs with their deep understanding of the business activity. They, like many industries, are adjusting to new ways of working to support their clients’ recovery. This includes adapting to remote working and providing rapid assistance to determine a business’ outlook for the months ahead.”

MYOB today announced several new product releases that will support accountants and bookkeepers to provide business assistance at a virtual MYOB Showcase event.

Following a successful roll out to accountants and bookkeepers in September, the MYOB AccountRight browser interface is launching for SMEs later this year. What was previously an exclusive desktop product now allows customers to use most MYOB AccountRight features on any internet enabled mobile phone or device, as well as access to MYOB’s latest reporting.

“For accountants, bookkeepers and SMEs the MYOB AccountRight browser interface means more flexibility to work on the go. The browser interface contains the most popular functions. Users can view reports, check transactions or approve super payments anywhere, from their mobile or tablet.

“It also provides more consistency for how accountants and bookkeepers work, regardless of whether their clients use MYOB AccountRight or MYOB Essentials.”

MYOB for Excel is a new add-in coming soon to MYOB AccountRight and MYOB Essentials. It enables customers to download the most up to date data directly from their MYOB account into a Microsoft Excel spreadsheet. The add-in is a fast, reliable way to extract data to help with forecasting or modelling.

“This add-in reduces time our customers spend manually exporting and formatting data and is included in the cost of the subscription,” Ellis said.

“As businesses move to the COVID-19 recovery phase it will be increasingly important to understand things like their cashflow position. MYOB for Excel gives customers more options to manipulate data in a way that works for them.”

“At MYOB we’re focusing on ensuring our Partners and customers have the best tools for business planning at pace, working however, wherever and whenever they want,” Ellis said.

“These tools are valuable for businesses as well as accountants and bookkeepers in planning for recovery.”