MYOB to launch SaaS accounts product

MYOB to launch SaaS accounts product

Summary: MYOB, the company which makes the accounting software installed in over 70 per cent of small-to-medium-sized businesses in Australia, has taken a step into the cloud with the announcement today of a software-as-a-service (SaaS) product called LiveAccounts.

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MYOB, the company which makes the accounting software installed in over 70 per cent of small-to-medium-sized businesses in Australia, has taken a step into the cloud with the announcement today of a software-as-a-service (SaaS) product called LiveAccounts.

LiveAccounts

Screenshot of LiveAccounts(Supplied)

"MYOB LiveAccounts will offer a simple, inexpensive and hassle-free way to do the accounts. Businesses can raise invoices, track expenses, monitor bank accounts, manage GST and keep in touch with every aspect of their business through real-time reports," MYOB chief executive officer Tim Reed said.

LiveAccounts is currently in beta testing with around 100 clients, and is expected to be launched in the next few months. The monthly fee for the LiveAccounts has yet to be determined but was estimated to be around $35 per month. The hosting arm of Macquarie Telecom will house the new service in its datacentres.

More than 100 Australian banking institutions — including Westpac, PayPal and BPay ‐ have signed up to be a part of LiveAccounts and will provide daily updates of transaction information to the service. MYOB spokesperson Dominic O'Hanlon said today that because MYOB held a banking licence, the service will be as safe as a bank.

The announcement has come after MYOB had hinted at such a service back in March this year, when the company advertised for an infrastructure technical lead for SaaS.

Although it has made the move towards the online world, MYOB will continue to offer desktop products.

A MYOB survey of over 850 Australian businesses revealed that while Australian business owners are looking for online tools and functionality, they still prefer to run their business from their own desktop.

The research revealed that the majority of Australian businesses would prefer to have both desktop software and online services for business account management, while only 22 per cent of businesses found a single online solution "appealing". "Most businesses tell us they don't want to use purely online solutions," Reed said.

LiveAccounts is aimed at the 22 per cent interested in the pure online solution, according to Reed. MYOB has committed to investing $70 million over the next three years for internet-based solutions.

Topics: Cloud, Banking, Enterprise Software

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Armed with a degree in Computer Science and a Masters in Journalism, Josh keeps a close eye on the telecommunications industry, the National Broadband Network, and all the goings on in government IT.

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3 comments
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  • Fantastic news. Small Businesses can really leverage the power and accessibility of the internet to improve their business productivity. I am surprised that their research only shows 22% find a pure online model appealing considering it will give them the ability to manage their business accounts at any time and from any place without expensive equipment to connect to in-office computers and servers to access the software.

    Australian small businesses are really at the forefront of SaaS adoption with regular applications already hosted online such as word processing, Anti-Virus and Anti-Spam, CRM, HR and Payroll, and now accounting systems.

    It makes perfect sense that more everyday computer applications go-online as internet speeds increase, the work day gets longer(meaning access from anywhereis importnt) and most small businesses dont have an IT team to manage complex and expensive IT infrustructure.

    Nice Work MYOB.
    greg_boyle@...
  • The 22% probably only relate to the clients of MYOB. MYOB are not the first into the SAAS area for accounting Software. Reckon has had their number one product, QuickBooks as an online version for a period of 6 months and the take up has been fantastic. The QuickBoooks Version is a version of the Enterprise QuickBooks and has all the functionality that a user could want! The annual price is also very competitive to what MYOB announce here! Take a look at www.quickbooksonline.com.au
    versacct
  • Yes, software as a service is definitely making in-roads into accounting, and this new offering from MYOB should only add to the momentum in the sector.

    At Software Shortlist, we recently conducted independent reviews of ten leading accounting solutions for small business - including Clarity Accounting, Clearbooks, KashFlow, MoneyWorks, MYOB, Peachtree, QuickBooks, Saasu, Simply Accounting & Xero - and it turns out that the top rated solution was an online one (Xero). This was before the launch of MYOB LiveAccounts, so we'll definitely LiveAccounts to our list to review next time around. The 22 page review pack is available for free download for a limited time at http://www.softwareshortlist.com/products/accounting_software_reviews.html
    xjr-61c93