MYOB announces new AI capabilities

MYOB chief executive Paul Robson (pictured) said the accounting and bookkeeping community was a key enabler of the business ecosystem and its productivity potential, and the success of the entire economy depended on the industry’s ability to scale.

“AI gives accountants and bookkeepers a strategic advantage that goes beyond efficiency. Early adopters are already reaping the benefits as small businesses follow suit and the economy transforms. At MYOB, we are rethinking the way we work,” he said.

“By leveraging AI for compliance, we create a space where accountants and bookkeepers can drive strategy, advice, innovation, and high-performance outcomes for their clients.”

New features of the provider include:

• ibus: We act as a strong partner for sole traders, small businesses, accountants and bookkeepers in preparing their quarterly BAS applications. Make recommendations for BAS treatment of transactions, report anomalies for small businesses and their advisors to review and resolve, and generate pre-populated reports with BAS application totals for accountant or bookkeeper review.
• AI business insights: Provides interactive charts and commentary to help accountants and bookkeepers identify patterns and establish areas that need attention. It also gives accountants and bookkeepers an added advantage by uncovering trends and performance drivers that are meaningful to their clients, enabling richer advisor-led conversations.
• smart adjustments: Automatically match bank feed transactions to categories and automatically adjust them based on user-selected schedules, giving you real-time visibility into your spending and cash flow status while eliminating unnecessary time-consuming administrative tasks.
• smart bill reminder: Enabling smarter cash flow management by preparing recommended actions based on late payer behavior and providing tone-of-communication suggestions and customizable schedules of automated reminders, saving business owners time and effort while giving advisors a clearer view of their clients’ cash flow.

Robson said the announcement of new AI enhancements demonstrates MYOB’s focus on shaping the future of work and enabling businesses to operate with greater intelligence, speed and confidence.

“These efficiency-focused capabilities come from a deep understanding of where we can deliver the most value for accountants and bookkeepers, with responsible, safe and secure design at the forefront,” he said.

“At the core of our AI strategy is ensuring that all of our AI assets are carefully built to support the important work of our partner community.”

The new suite of AI agents and capabilities are in various stages of beta and will be gradually rolled out across MYOB’s product portfolio, including MYOB Connected Ledger, Solo by MYOB, MYOB Business Lite, Pro, and AccountRight.