24th November, 2023
Earlier this week, MYOB had the pleasure of exhibiting at the Accounting Business Expo (ABE) in Sydney.
The ABE, which is Australia’s largest accounting and finance expo, was held over two days and invited finance professionals to connect, network and learn.
MYOB sponsored a lounge, where we offered visitors merchandise and invited them to talk about their business management software needs.
It was great to make new connections and see so many familiar faces. For MYOB, this was an invaluable opportunity to meet with customers, answer any questions, hear feedback and demo the software. MYOB also had thought leaders presenting both days.
On Day 1, Wednesday 22 November, Jerzy Filatow spoke about artificial intelligence in his presentation, ‘Generative AI: Hype versus Reality’. Jerzy presented five myths, debunking some and validating others.
Overall he encouraged his audience to become comfortable with generative AI, as it’s a productivity tool that’s here to stay. “ChatGPT is the fastest growing SaaS company in history,” he said. “Users have embraced it because it gives them time back. It helps them be better at the jobs they do.”
He did, however, suggest putting guardrails in place to use it safely. He advises implementing an AI policy in your workplace, only working with trusted partners, and not trusting it blindly. You need to be able to validate its output.
Significantly, he debunked the myth that it will replace the need for accountants and bookkeepers. He said: “Generative AI is an augmenter not a replacer of human beings. An inexperienced person using AI will get bad outcomes, while the person who understands what they’re doing will be able to elevate their roles.”
He pointed out that generative AI is not a threat to accountants, but those who don’t adopt it are likely to be threatened by those that do and have the head start that it provides.
On Day 2, Thursday 23 November, MYOB Product Managers Jen Blanchard and Mon Carruthers, presented a Master Guide to BAS, Digital Signatures and Workflow Automation.
Jen said: “60% of bookkeepers told us the biggest barrier to lodging a BAS on time was getting information from clients.”
To address this, Jen provided the audience some tips on how to better manage client communication, while strengthening relationships.
“BAS lodgments are high volume and high frequency, so any opportunity to improve that end to end workflow has a big impact, giving you back time,” she said.
“That’s our mission at MYOB to give you back time to spend with clients and help you run your business.”
Mon then provided a demo of the online BAS workflow in MYOB Practice, showing how the Activity Statements pre-fill with data from the ATO and MYOB ledgers so practices don’t need to fill these forms out manually.
Practices can use the MYOB Practice client portal to notify the client that their Activity Statement is ready for review. When the client has electronically approved the statement, it displays in MYOB Practice as ready to lodge.
By streamlining the BAS workflow and saving even five minutes per lodgment, practices can save weeks over the course of a year.
Megan Higgins from MPK Accountants and Business Advisors recently moved from MYOB desktop software to MYOB Practice BAS.
She said they’ve made significant time savings through the automated workflows and with clients being able to self-serve.
“We’ve saved a week a quarter on BAS alone since making the switch,” she said.
Jen and Mon invited the audience to sign up for the MYOB Partner Program where they can access MYOB Practice and the BAS lodgment for free.
They can also enter a competition to win a $2,000 end of year party gift card if they lodge a BAS online with MYOB Practice before 30 November 2023.
Next year, MYOB will be back at the Accounting Business Expo in Melbourne at the MCEC in March. We look forward to connecting with more financial professionals then.
You can keep up to date with all MYOB partner events on our dedicated Accountant and Bookkeeper LinkedIn page.