Cloud services driving MYOB sales

Cloud computing is driving sales of MYOB’s accounting products in Australia and New Zealand, making up 67% of new registrations.

Of the company’s 500,000 paying clients, 116,000 are using the company’s cloud accounting products, MYOB CEO Tim Reed said.

Reed was speaking at the opening of the MYOB Roadshow in Melbourne. He said the company now has cloud accounting solutions to suit businesses of all sizes.

“Three years ago we had not yet taken our flagship SME solution AccountRight into the cloud. Now we are in the cloud across all areas of our business,” he said.

Companies that have transitioned to using MYOB cloud services report a significant reduction in time spent on tedious tasks, including data entry, he said.

At the event, MYOB announced it plans to introduce smart bill functionality to all its SME cloud accounting products, allowing for the ability to capture key data fields from invoices automatically.

“At MYOB our goal is to eliminate data entry from bookkeeping work altogether. This will not only give back more time to clients and their accountants and bookkeepers, it will dramatically improve the quality of that data.”

Based on the strong demand for its cloud service, MYOB is also currently adapting its Accountants Enterprise (AE) and Accountants Office (AO) practice products into cloud services.

The company also plans to launch MYOB Portal, an online collaboration tool for the accounting industry, this quarter.

Reed said that there are 1.2 million businesses in Australia and New Zealand actively using MYOB products and services.

Pictured: MYOB CEO Tim Reed