MYOB pilots AI advisory feature for accountants

Thu, 15th Mar 2018

FYI, this story is more than a year old

By Kai Ping Lew, Editor-in-Chief & News Editor - Security

MYOB has announced the launch of MYOB Advisor, a unique artificial intelligence (AI) enabled tool designed to revolutionise the way accountants and bookkeepers advise their clients.

MYOB Advisor is integrated into the platform that partners currently use and turns data into written sentences to simply explain business performance.

Meeting the needs of a changing industry

There is a significant demand among small and medium enterprises (SMEs) for business advice with SME's listing seven of their top 10 unmet needs being advisory in nature.

More than 40% of SMEs see their accountant as their main source of business advice, suggesting that accountants are in the preferred position to provide advisory services beyond compliance and transaction processing.

MYOB CEO Tim Reed says MYOB Advisor is the first step towards helping accountants, bookkeepers and their clients to unlock more of their business goals.

"We know that accountants and bookkeepers want to grow their advisory services, and MYOB Advisor is one way they can offer greater value to their clients.

"MYOB Advisor frees accountants and bookkeepers' time while also assisting with actionable business outcomes.

Piloting new technology

This technology incorporates artificial intelligence (AI) and natural language generation (NLG), and means MYOB Advisor goes beyond visual dashboards, charts and tables.

MYOB Advisor gives natural language descriptions of a business' financial position, which can be customised by accountants and bookkeepers, based on their own knowledge and experience with their SME client.

"We see the coming years as an exciting time for accountants, bookkeepers and small business," says Reed.

"The industry is transforming rapidly, bringing new ways for our partners and their clients to evolve with it and raising the bar for their own business success.

MYOB Advisor allows accountants and bookkeepers to scale up their advisory services quickly and easily.

Features and advisory insights available via the platform include:

Automated management reporting and a reduction in reporting time.
Ability to easily create a snapshot of clients' position.
Deep integration between MYOB Advisor and MYOB means no need to leave the online platform.

MYOB Advisor is currently in pilot phase, with general release set for mid-2018.

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