Accounting software company MYOB today launched a cloud-enabled version of MYOB AccountRight Premier on the same technology platform as MYOB AccountRight Live.
While the cloud version of AccountRight is marketed as AccountRight Live to distinguish it from the desktop-only software program, MYOB will sell only the cloud-enabled application for AccountRight Premier. (The desktop version is still available through retailers and MYOB partners.)
AccountRight Premier is the second online accounting program from MYOB that is capable of complex payroll management and inventory after AccountRight Plus – inventory is a key differentiator over rival Xero. AccountRight Premier includes detailed reporting and more sophisticated inventory and is best suited for industries with complex stock management such as manufacturing and wholesale. Premier will also be the only package in the AccountRight range that can handle multiple currencies (this feature is due in late 2014).
AccountRight Premier users also receive two data files, compared to one with AccountRight Live. All AccountRight programs provide an unlimited number of transactions, employees and users; the user restrictions from desktop days have been dumped, James Scollay, general manager of MYOB’s business division, told BoxFreeIT.
The lack of limits “makes it ideal for larger businesses with multiple team members and advisors working on the accounts in real-time,” Scollay said.
MYOB has received “fantastic feedback” from AccountRight Premier customers, who number in the “tens of thousands”, Scollay said. “That group of customers are our largest and most sophisticated. They are going to be the ones that get the most benefit from cloud functionality. They have more staff, more transactions and more interaction with their bookkeeper,” Scollay said.
Next on the roadmap for AccountRight Premier are more complex features such as negative inventory and multiple warehouses. Nearly all the M-Powered Services have made it across, although the PaySuper feature (which replaces M-Powered Super) will be activated in the new financial year. Users can then pay super from within the application to all their staff as per the SuperStream requirements mandated by the Federal Government.
M-Powered Bank Statements have been replaced by BankLink, M-Powered Invoices works with the new AccountRight Premier and M-Powered Payments are due soon as part of an overall payment strategy that was kicked off by mobile payments solution MYOB PayDirect, launched in April.
MYOB PayDirect allowed Premier users to take credit card payments with their mobile phones. They could also invoice and check debtors from their mobile, take cash and cheque payments and automatically update the company’s cash position.
Automatic importing and coding of transactions through the BankLink bank feeds saved 10 hours a month on average for AccountRight Premier customers, MYOB claimed.
The adaptation of the AccountRight range to cloud computing is unique in the accounting software world in that the program still uses a desktop application but the database containing the reports, transactions and figures can be stored on the desktop or in a cloud data centre.
This model allows users to work online or offline and to retain a local copy of their data. However, a user could only access their database on PC computers that had downloaded the AccountRight Premier application, which also tied the user into the upgrade cycle for desktop software. MYOB claimed that future software updates would install in less than 30 seconds.
Research among SMEs had shown a strong correlation between solid business performance and online technology usage, Scollay said in a press release. “For example, those who use cloud computing are 30 percent more likely to increase their revenue,” he said.