MYOB is rolling out new AI tools for SME users, promising to speed up BAS applications and bank reconciliations without compromising transparency and human oversight.
The business accounting platform on Monday announced four new AI-powered features that it claims will streamline the tedious tasks that keep entrepreneurs away from actual small businesses.
Its headline AI BAS feature promises to import and classify transactions from corporate banking feeds while calculating GST.
According to MYOB, the tool can detect missing receipts and apply deductions where necessary, while preparing output that can be submitted to the Australian Taxation Office (ATO).
The AI BAS feature will initially be rolled out to sole traders using MYOB’s Solo platform and small and medium-sized businesses using MYOB Business Lite and Pro packages.
MYOB’s new AI-powered Business Insights feature charts key spending trends within an enterprise, allowing business users and their advisors to drill down into areas for improvement.
Related Articles Block Placeholder
Article ID: 331692
According to MYOB, the new bank reconciliation tool will further reduce administrative tasks for administrators as the AI tool learns from previous actions to improve accuracy.
A new AI feature that encourages businesses to track unpaid invoices also promises automatic payment reminders for organizers.
All of these features are currently available for free to customers in beta mode, and MYOB will gradually expand access over the next year.
In a statement announcing the new tool, MYOB CEO Paul Robson said the release was a “defining” moment in AI for small and medium-sized businesses.
“We target business pain points that are ready to reinvent, transform the way our customers and partners operate, and unlock step-changes in productivity through efficiency and insight,” he said.
“Smart AI applications are the engine of this vision.”
Surveillance and privacy at the heart of the platform
Importantly, MYOB said that the first version of the AI BAS tool will not submit documentation to the ATO itself.
While the tax office itself is working toward a digital future where taxes “just happen,” MYOB said the system would allow human advisors to perform final oversight before filing.
MYOB acknowledges that AI tools can generate false information. This means users should always evaluate the output and seek professional advice if necessary.
The focus on transparency also applies to other new AI tools being introduced to MYOB’s platform.
Elsewhere, the cloud accounting provider says users will have the ability to override AI suggestions.
Related Articles Block Placeholder
Article ID: 329030
For example, if a bank transaction is coded incorrectly, a user or business advisor can intervene to prevent the error from impacting cash flow forecasts.
Given the sensitive data that users may choose to provide to MYOB’s AI tools, the company has
Anonymized or aggregated data affects recommendations from tools such as the Business Insights feature, but MYOB says it is fully compliant with leading global information security standards and Australian data privacy laws.
“We are focused on designing products that prioritize the responsible and safe application of AI in the workflows that make the most sense for real-world businesses, and we meet customers along their AI journey while delivering exceptional technology experiences,” Robson said.
Accounting is leaning towards AI
MYOB isn’t the only accounting platform betting big on AI as a time-saving and stress-reducing feature.
Cloud accounting rival Xero launched its own AI agent Jax last year, which the company said can predict cash flows, reconcile bank transactions, pull insights from industry benchmarks, and more.
Thriday introduced AI-powered accounting tools as early as 2023, and its business expense tools have grown into what new parent company Tyro calls a complete AI-powered financial management platform.
