MYOB, Australia’s 33-year-old technology leader, today announced the launch of Solo by MYOB, a milestone new accounting product tailored exclusively for sole operators.
The new all-in-one-app, which will be mobile-first, is the result of a multi-year investment from MYOB to produce a bespoke solution for sole operators, who will be able to access market-leading software to help anticipate and manage vital business management tasks.
MYOB CEO Paul Robson said that running a business solo should not mean business owners need to go it alone.
“For more than three decades, we’ve invested deeply in SMEs and mid-market businesses, and their accountants and bookkeepers, to help manage the complexities that come with a growing and established business.
“In that time, we’ve seen extraordinary transformation within the SME sector. Currently, 61% of Australian SMEs are classified as a non-employing business, but this community is expanding at a rapid rate.
“More than any other segment, Australia’s 1.5m sole operator businesses need the right support to help them navigate the challenges of managing a business, as they work on aligning their passion and vision with the foundational requirements of building something new.
“Solo by MYOB is about making this critical audience feel more connected and supported. We are committed to our purpose of helping Australian businesses start, survive and succeed and this new app will provide sole operators with a flying start to their future as Australia’s next generation business owners,” said Paul.
Solo by MYOB will offer invoicing, expense management and Tap to Pay for on-the-go payments, as well as features to speed up expense capture, including ‘snap and scan’ optical character recognition (OCR), and a GenAI digital assistant support for real-time troubleshooting.
The app will also provide sole operators with the opportunity to join an online community of like-minded businesses via the app, where community leaders will share practical tips and feedback. Members are encouraged to interact and support each other.
The app has the added benefit of establishing a digital foundation, avoiding the shoeboxes and Excel spreadsheets that have been the default for many start-ups, allowing sole operators to prioritise pursuing their passions.
“Despite the clear productivity and performance advantages of digitisation, more than half a million sole operators in Australia do not use digital business admin tools, a challenge that becomes much harder to overcome as a business grows and evolves.”
With early results showing that sole operators could save an average of 17 hours per month* by using the app, the opportunity to unlock enormous productivity benefits is clear.
Paul said: “We are very proud to be able to apply MYOB’s expertise in business management solutions to helping sole operators feel less alone, more connected and better supported as they work towards their business goals.”
For more information, please visit solobymyob.com.
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For more information please contact
Collette Betts
Corporate Affairs Manager
About Solo by MYOB
Solo by MYOB is a new business admin app designed exclusively for sole operators in Australia. The app features include invoicing, payments, expense tracking and ATO-ready recordkeeping, with more set to be delivered in 2025.
MYOB, leading business management platform in Australia and New Zealand, provides solutions to suit businesses of all sizes, including Solo by MYOB for sole operators, MYOB Business for SMEs, MYOB Practice for accountants and bookkeepers and MYOB Acumatica for the mid-market.
For more information visit solobymyob.com or follow MYOB on TikTok.
Source: ABS data
*Based on insights from customers who participated in the Early Access Program in October 2024.