11th March, 2025
We’re taking compliance to the cloud with Client Accounting in MYOB Practice Compliance, our cloud-based compliance platform.
Powered by market-leading tech provider Silverfin, the software is designed to make compliance easier for accounting practices in Australia. It’s a major milestone for MYOB – and a game-changer for accounting practices.
MYOB developed the Client Accounting software in collaboration with Silverfin, leveraging its market-leading cloud compliance expertise to build a functional, flexible cloud-native solution.
The first rollout of Client Accounting is focused on financial reporting for company clients, with the relevant workpapers and financial statements for company structures.
The module works within Practice Compliance and connects to any client ledger, including MYOB, Xero and Quickbooks online, for simpler data collection.
It also takes advantage of MYOB’s on-platform collaboration and analytics tools, giving accounting practices more control over their compliance processes. It all adds up to smoother workflows and real time-savings for you and your team.
The first iteration of Client Accounting is live now for a small group of early adopters.
Here’s what to expect:
The initial version of Client Accounting is tailored for practices serving small business company clients, featuring a variety of integrated workpapers to streamline financial reporting and documentation.
Workpapers include:
Connect with your clients’ cloud accounting software, whether they use MYOB Business, Intuit Quickbooks Online or Xero. Seamless integration lets you pull data directly from client files into online workpapers, financial statements and reports. This minimises manual data handling, reduces errors, and speeds up the document preparation process.
When you’re drawing data from a client ledger — whether purple, blue, or green — it’s formatted consistently, so it can be copied into a workpaper or financial report without extra steps. This also ensures that all workpapers and financial reports comply with Australian standards around tax reporting, minimising mistakes or missing details that could impact your clients.
The module allows secure, real-time access to in-progress workpapers and client data. Because it’s cloud-based, you can work on financial statements or workpapers from anywhere.
More eyes on your work equals fewer mistakes or compliance issues. With clear workflows and built-in reviewing, the new module facilitates collaboration and transparency in your practice. Your people can see progress on client tasks and collaborate using on-platform tools. This makes it easier for multiple team members to work on documentation for a single client and helps you balance the workload across your practice.
With integrated data analytics tools, you can explore your data at the individual client level or a practice-wide basis. Use the AI-powered analytics tools to query an error in a client record or identify trends and opportunities across your portfolio. For example, if you notice that clients are frequently missing key documents that they need for compliance, it could be a chance to offer advisory services or extra support in that area.
Keeping clients compliant is critical for accountants and bookkeepers — and managing it manually can take up a significant portion of your work time. The new Client Accounting in Practice Compliance is a game-changer, helping you and your team automate parts of your workflow and simplify others. The goal is accurate compliance without the administrative burden or time investment.
The first version of the new module is suitable for MYOB users with small business company clients. Still to come: updates with workpapers and features made for Trusts, Partnerships, Sole Traders, and Agricultural clients.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.