18th November, 2024
In an exciting step forward for the accounting industry, MYOB recently announced its partnership with Silverfin to deliver an AI-powered financial reporting and compliance solution for Australian accounting practices.
With this partnership, MYOB aims to fill the gap in its cloud product portfolio by leveraging Silverfin’s proven platform. As Liam Hindle, MYOB’s Segment Product Marketing Lead, shared, this partnership embodies a “forward-thinking, innovative approach” that prioritises customer satisfaction and return on investment.
When MYOB considered its options for what would be their next-generation compliance solution, it had three choices: build, buy, or partner. MYOB decided to partner with Silverfin, allowing for a faster delivery and a seamless integration with its own tax software, MYOB Practice Tax. In addition, the platform will continue to leverage Silverfin’s ongoing investment and improvements.
Lisa Miles-Heal, CEO of Silverfin, emphasised the platform’s design for partner customisation: “Silverfin is designed so partners like MYOB can take the platform and localise it, customising for the needs of the local market while leveraging all the shared wisdom from global markets.”
MYOB brings extensive expertise in creating a highly localised product by integrating workpapers, financial statements, and management reports tailored specifically for the Australian market. With this partnership, the compliance solution remains MYOB-branded and MYOB-operated, supported by dedicated customer service teams.
In October, Lisa Miles-Heal visited Australia to engage directly with MYOB customers through roundtable events and meetings. These discussions provided insights into customers’ priorities and allowed MYOB to clarify Silverfin’s role in this compliance solution.
Many customers expressed curiosity about the roadmap, the product’s specific benefits for their practice, and how this compliance product would integrate with their existing MYOB systems.
MYOB’s product roadmap for its Silverfin-powered compliance solution is already underway. The product development team have designed the core workpaper templates and they are now being developed, ready for testing and feedback from customers in Q1. The first half of 2025 will see the rollout of core workpapers and special purpose financial statement templates designed for Australian companies, trusts, partnerships and sole traders along with exploring integrations to support the broader MYOB suite of cloud.
The platform will initially integrate with MYOB Business to seamlessly bring client accounting data into the Data Hub. The team is currently exploring an integration with MYOB’s document management solutions as this goes hand in hand with workpapers and financial statements. Following this, MYOB Practice Tax and MYOB Practice Management will join the list of integrations, offering a comprehensive ecosystem that supports accounting firms across the board.
For many practices, the lack of integration across software solutions can be a significant pain point, so MYOB has prioritised interoperability in this partnership. The initial integrations will enable accountants to use MYOB Business with the new compliance platform. Additionally, document management capabilities will be available, streamlining the compliance process by centralising key documents within the platform.
With plans to incorporate MYOB Practice Tax and Practice Management, MYOB’s platform will soon offer a one-stop solution that combines compliance, tax, and management functions. This connected approach means accountants can expect streamlined workflows, better collaboration, and more time to focus on client relationships.
With the addition of a cloud-based compliance solution, MYOB will have a full cloud product portfolio available to customers. For MYOB, the challenge isn’t just about building another tool; it’s about restoring trust and delivering on a commitment to innovation. As Liam says, “Amongst our non-negotiables when looking for a partner was a forward-thinking, innovative organisation, and one with a proven track record of return for customers.”
MYOB’s integration of Silverfin’s technology provides a truly comprehensive solution for client accounting, offering a streamlined, reliable compliance product that integrates with its existing ecosystem of products. With AI-driven efficiencies and a solid foundation in compliance, MYOB’s collaboration with Silverfin will have a positive impact on accounting practices and their efficiencies.
Interested in keeping up to date with developments on the MYOB x Silverfin compliance product? Submit an expression of interest to be among the first to hear about updates, product insights, and upcoming events. This partnership is a pivotal step for accountants, and we look forward to keeping our community informed as we deliver this innovative solution.
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