MYOB Australia calls for end to shoe box accounting

Added by on August 22, 2013

Leading business solutions provider MYOB has called on Australia’s SMEs to modernise their operations and invest in technology that will increase productivity and efficiency. The call comes as the Australian Bureau of Statistics today reveals that 1 in 7 (13.6%) SMEs do not even use basic IT for accounting processes.

“Today’s findings reveal a huge opportunity to save time and stress is being missed by business operators who aren’t even using a computer, let alone cloud accounting, to maintain their books. The right system can significantly minimise manual data entry and errors while giving back time to invest into growing the business or enjoying life outside work,” said MYOB CEO Tim Reed.

Other findings from the ABS include: Financial activities (including online banking, invoicing and making payments) are the most commonly reported business internet activities by all businesses (85%);
using the internet to allow staff to work from home is an increasing trend, particularly amongst micro businesses.

“With all the tools available today, anyone can make their business life easier through technology.”

Mr Reed said business owners who recognise the potential of cloud solutions in particular are getting the jump on their competition.

“Cloud solutions have huge potential to help businesses grow and be more competitive, yet for many business owners the cloud is still a big unknown. It can make them and their team more mobile, providing ‘anywhere access’ that nurtures healthy collaboration. It also means the ability to hire or keep quality staff that may want to live across the state or country,” said Mr Reed.

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About MYOB Australia

Established in 1991, MYOB is Australia’s largest business management solutions provider. It makes business life easier for over 1.2 million clients across Australia and New Zealand, and provides support via many client service channels including a network of over 20,000 accounting firms, bookkeepers and other consultants. In 2013, MYOB expanded its offerings with the acquisition of accounting solutions provider BankLink.