business management software to accelerate growth

Driving change in accounting Using business management software to accelerate growth in your practice

2 / MYOB GUIDE – DRIVING CHANGE IN ACCOUNTING

Do you use a range of different systems, software and apps to run your accounting practice? Is your data stored in several databases and spreadsheets? Are your add-ons and workarounds starting to become unwieldy?

It’s not just you – many accounting firms use a patchwork of loosely-connected tech, along with gap-filling manual solutions, to manage their work.

Switching to an integrated business management system helps connect the dots across your business, bringing data and business functions together under one umbrella. It can deliver powerful insights and help drive long-term growth.

1. Source: “Beyond Agility -- Adaptive Enterprises Hold The Winning Hand,” Forrester Research, Inc., May 7, 2019.

Forrester Research indicates that organisations with future-fit platforms and practices, GROW 3.2x FASTER than their industry peers.1


Is your business management software future fit?

As new digital systems reach the market, you implement them in your business – accounting software, maybe a CRM solution, smaller apps and systems for other business tasks. Because you didn’t start with a comprehensive digital strategy, you can end up picking the ‘best-of-breed’ option for each business area, without really considering how they fit together. You end up with disparate systems that don’t sync up, data sits in separate systems, simple tasks take longer than they should and it’s much harder to get a cohesive view of your practice.


How a business management software upgrade can benefit your business

MORE TIME FOR BUSINESS BUILDING

Keeping up with the competition means continually looking for new business opportunities. But that’s difficult if your employees spend much of their time on manual processes.

With a centralised system, manual data entry and reporting can be automated, giving you and your employees more time to focus on value-adding initiatives. That’s more time to build relationships with existing clients, reach out to new ones and create new services to grow your business.

SIMPLIFY YOUR IT STRATEGY BUILDING

Choosing software, creating custom integrations, bridging integration gaps with workarounds – using multiple systems can be a logistical nightmare.

A single, integrated system means an easier implementation, fewer integration issues, and simpler maintenance.

ACCURATE, RELIABLE, REAL-TIME INSIGHTS

If key business data is siloed in disconnected systems, it’s impossible to get an accurate view of what’s happening in your business. And without that information, it’s difficult to make crucial decisions and push your business forward.

MYOB’s cloud-based business management platforms can connect your people, processes and data and create a truly integrated cloud solution for your practice. No more hunting through multiple databases, reconciling conflicting information or waiting for staff to send documents. You get a current, accurate and digestible view of key business functions whenever you need it.

2 Calculation: Based on an average 12.5 hours of wasted time per employee per week due to inefficient/ineffective business and people management solutions, multiplied by an average Australian OTE of $42.79 (source: https://www.abs.gov.au/statistics/labour/earnings-and-work-hours/average-weekly-earnings-australia/latest-release) or NZ OTE of $34.52 (https://www.stats.govt.nz/information-releases/labour-market-statistics-march-2021-quarter) for a 100 employee company over 52 weeks.

For an organisation of 100 employees, 12.5 hours of wasted time per employee each week equates to roughly AUD$2,781,350 or NZD$2,243,800 per year in extra costs.2


What happens if you don’t make the switch?

Your current systems may manage your day-to-day operations, but they’re probably not delivering the value of an integrated platform. If you choose not to upgrade, missing out on those business-building opportunities could mean slow growth, declining services and loss of clients.

$

12.5hrsOF WASTED TIME PER EMPLOYEE


NO AUTOMATION, NO TIMETransferring data between different systems, double-checking reports and invoices, following up on unpaid invoices, consolidating details into monthly reports – if you have people doing basic, repetitive tasks that could be done by a computer, you’re wasting a valuable resource. The larger your business grows, the more time your staff will need to spend on administration. For your people, this will be tedious and can lower morale. For your business, it means less time to spend on business-building activity.

CUSTOMER SERVICE SUFFERS Without a simple way to access business data, customer service standards can slip as your business expands. Not only will staff have less time to spend building client relationships, but if they can’t find the information they need in an instant, it can be difficult to answer client questions and sort out problems. If you have to spend hours creating reports or chasing up details for clients, they’re likely to leave for your faster- paced competitors.

MISTAKES COST TIME AND MONEY Mistakes associated with manual data entry don’t help – and the more your staff are forced to double-handle data, the more errors you’ll experience. These cost time and money to correct, and can also damage your credibility with clients. Sending out an invoice reminder to a client who has already paid, getting the details wrong on a client form, failing to follow up with a client – the more errors, the less faith your clients will have in your ability to manage their finances.

LACK OF VISIBILITY HURTS YOUR DECISION-MAKING Visibility is crucial for long-term strategic thinking and quickfire decision-making. In the long-term, project management and customer data help you find out which customers and services are most valuable to your business, so you can focus your efforts in those areas. It also helps you stay flexible and quick on your feet – if something changes in the market or a specific service area starts experiencing problems, you’ll be able to react immediately.


Ready for a change?

Running an accounting firm without an integrated system can cost you money and limit growth. With a cloud business management system in place, you’re set up to enhance efficiency, increase revenue and make smart business decisions that help you stay one step ahead of the competition.

MYOB’s business management platforms are built specifically for accountants, giving accounting firms the same advantage other industries have enjoyed for years.

If you’re seeing signs that you’ve outgrown your business management systems, talk to our team today to find out more about MYOB’s business management platforms.


Efficiency, streamlined processes, time-savings, automation and 360° visibility – MYOB Advanced Professional Services Edition delivers serious capability in one business management platform.

A cloud-based enterprise solution, it’s designed to transform the way you manage your practice day-to-day, help you make better business decisions and drive your business growth.

Cloud nativeBack office automationBusiness controlsReal-time reporting Designed for growthLarger firms

MYOB Advanced Professional Services Edition

ENTERPRISE (ERP) BUSINESS MANAGEMENT PLATFORM


MYOB’s GreatSoft software gives your practice the freedom and flexibility to create an integrated cloud practice management system.

GreatSoft addresses the gap that exists in the market for a scalable, integrated cloud practice management solution that meets the needs of progressive mid-tier accounting firms.

Connect your practice ecosystems and use APIs to build a 360° unified view of your client and a single source of truth.

Cloud nativeCompliance integrationsSingle view of clientBilling and WIP flexibility Designed for growthMid-tier firms

GreatSoft PRACTICE MANAGEMENT PLATFORM

business management software to accelerate growth

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