A key driver of Xero's rapidly growing cloud-based accounting software business has been the company's focus on encouraging new accounting practices to become Xero-only businesses, according to an accounting industry expert.
This has given the company an indirect sales force that encouraged their clients to move over to Xero's accounting software, said Dale Crosby, who advises accounting firms about technology.
MYOB, which is the subject of a $2.2 billion takeover offer from private equity giant KKR, was late to move its platform to the cloud, despite being one of the industry's pioneers with its desktop accounting software, Mr Crosby said.
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This allowed cloud-based Xero to capture 47 per cent of total Australia and New Zealand accounting software subscriptions as of 2017, compared to MYOB's share of 41 per cent.
Investment bank Morgan Stanley estimates Xero will have a dominant 60 per cent share of the local accounting software subscription market by 2021, compared to MYOB's estimated 28 per cent share at that time.
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While larger accounting firms are willing to work with clients no matter what major accounting software they use, the past few years has seen the emergence of small firms that are Xero-only outfits.
'There is a growing number of newer small firms that have really jumped on the cloud platform and are well placed to provide value-added services including virtual CFO and business advisory support,' Mr Crosby said.
'Many of these firms have made a conscious decision to only take on business clients that use Xero or other cloud-based accounting platforms. There is a strong value proposition associated with being a cloud-based practice.'
About half of the smaller firms that Mr Crosby consults to are Xero professional partners.
'These firms tend to be the more progressive and agile firms. They are in a strong position to ask business clients to utilise cloud accounting software,' he said.
Mr Crosby said the growth of of Xero-only firms was happening amid the consolidation of smaller accounting firms through mergers and acquisitions 'as many 'older' sole practitioners decide they can no longer compete effectively on their own'.
The appeal of being Xero professional partners for firms includes the accounting software company's application ecosystem and the ability to offer free conversion of clients from MYOB and Reckon to Xero. (This conversion service is also offered by the other accounting software providers).
Xero also spent big on providing resources to its professional partners, the amount dependent on the number of Xero clients they had, he said.
'This includes access to marketing resources, the Xero advisory directory, discounts to clients, even in some cases financial contributions to marketing activities that involve branding the Xero platform alongside the firm's services.'
Edmund Tadros writes about accounting and consulting firms from our Sydney newsroom.Connect with Edmund on Twitter.Email Edmund at [email protected]
Yolanda Redrup writes on technology from our Melbourne newsroom.Connect with Yolanda on Twitter.Email Yolanda at [email protected]
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Special ReportsBefore you can take advantage of how MYOB made it easier (at least, easier than manually doing it) for you to prepare your VAT Reports, you must first comply on how to implement VAT in your business. MYOB follows strict adherence to the generally accepted accounting principles. There are no exceptions. For that reason, at the very first occurrence of a business transaction, everything should run perfectly.The following are the significant steps that you should observe when accounting for transactions subject to VAT.
What is the VAT Report?This report is what you attach to your VAT Return. The report lists the customers and vendors that were subjected to VAT, their addresses, TIN, VATable amount, and the VAT. Unfortunately.. Exceptions, Exclusions, and Misfortunes
Challenges Of Using Myob Number
Technology is redefining how people live, work and play, and as students you have a key role in shaping and defining our future – innovations that we haven’t even envisaged yet
Students across New Zealand will be putting their business and IT skills to the test over the next few weeks as the MYOB IT Challenge becomes a national competition for the first time.
The competition, run by accounting software provider MYOB with the University of Auckland’s Management Consulting Club, challenges teams of two to four students to come up with a software solution to a real life business problem.
'MYOB's IT challenge to NZ's top students' via - @CIO_NZhttps://t.co/yrNmqd47Z1#MYOBITChallenge
— MYOB (@MYOB) May 24, 2016
MYOB CEO Tim Reed says the challenge provides students with the opportunity to think from a business perspective, study the market and bring an idea to fruition over a short period of time.
“Tech companies following lean and agile methodologies will often bring a solution to market in a short timeframe,' says Reed, in a statement. 'This challenge gives the students a taste of what it will be like in the businesses they will work for following their graduation.”
Teams are given an IT business issue and asked to prepare a persuasive pitch for a panel of judges, including a business plan, working IT solution and go-to-market strategy.
Previously the educational event was held for students from the University of Auckland. This year they will be joined by participants from AUT University, the University of Canterbury, Massey University, Victoria University of Wellington and the University of Waikato, with each institution holding its own regional event.
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The challenge culminates in a national final in Auckland at the beginning of July where the top teams from each university will go head-to-head for a share in the $5,000 prize pool and a leg-up in the IT world.
As Incubator Manager for the Centre for Entrepreneurship at the University of Canterbury, Michelle Panzer’s role is to create an array of opportunities for innovation to flourish in their student-dedicated space. She says she sees the MYOB IT Challenge as a chance for the students to build on their teamwork, analytical-thinking and presentation skills.
By working on a real business problem, our students will develop the skills and knowledge that will set them apart and help them tackle further problems faced by our society.
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“Upon graduation, we want our students to be more employable and innovative. The MYOB IT Challenge helps with both of these. By working on a real business problem, our students will develop the skills and knowledge that will set them apart and help them tackle further problems faced by our society,” she says.
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“There are also elements of enterprise and entrepreneurship required by the MYOB IT Challenge. For us, this knowledge and practice is crucial as we prepare our students to be able to pave their future and make a difference in the world.”
Reed says the programme also encourages the development of the technology and innovation of the future.
“At MYOB we’re really excited about the inaugural MYOB National IT Challenge because innovation and technology are both core to our business success. It’s how we stay ahead, how we provide the new products and services our customers expect.
'Technology is redefining how people live, work and play, and as students you have a key role in shaping and defining our future – innovations that we haven’t even envisaged yet,” he says.
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Join theCIO New Zealand group on LinkedIn. The group is open to CIOs, IT Directors, CDOs, COOs, CTOs and senior IT managers.
For more information on the MYOB IT Challenge see www.MYOBITChallenge.co.nz or follow on social media using the hashtag #MYOBITChallenge.
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The MYOB IT Challenge offers students a chance to win the Canterbury title and compete with students from across New Zealand in the National MYOB IT Challenge.
The MYOB IT Challenge consists of regional competitions, with $1,000 in cash up for grabs! Regional winners then compete for a share of the $5,000 prize pool in the national competition held in Auckland. Fallout 4 zombie apocalypse mod. Winners of the regional competitions are provided with return transportation and accommodation during their stay in Auckland.
What is the MYOB IT Challenge?
The MYOB IT Challenge is a one-week long business and technical challenge where you will come up with a real-world solution for MYOB. An opportunity to develop your technical skills, business knowledge, and network with industry professionals, with the chance to win cash and represent UC at the National Final in Auckland!
Teams of 2 - 4 students will have one week to come up with a proposal and conceptual design in response to the Challenge Brief, and then will present this to a panel of judges. The winning team will be sent to the National Final where they will build a working prototype where there is $5000 prize pool up for grabs as well as opportunities for internships!
Teams will produce a 5-page proposal and give a 10-minute pitch, followed by 10 minutes of Q&A, to a panel of judges. The winning UC team will compete at the national finals in Auckland, expenses paid.
Key Dates
Applications for the MYOB IT Challenge 2019 close Midnight, Friday 2nd August. Apply now!
Key Details
How to Register
Fill out the registration form here & be sure to click going to the Facebook event here for updates!
For all enquiries about student challenges
get in touch with UCE
MYOB ending support of AccountRight V19, including ODBC
As of 30th September 2019, MYOB will no longer provide features, patches, compliance updates or product support for AccountRight Classic (v19), which will also mean the end of ODBC support.
As of the 30 Sept 2018, MYOB will no longer be issuing new ODBC keys, and developer support for ODBC integrations will no longer be available. Existing ODBC integrations will continue to work. MYOB recommends using the Stackoverflow community for future ODBC support.
Existing OEM ODBC keys will still be able to activate ODBC for existing clients until the 24 Aug 2019.
As of the 24 Aug 2019, we will cease activations of any previously issued ODBC keys.
FAQ
What is the impact to those using a 3rd party solution (an add-on) with AccountRight v19?
• Most of our developer partners who have built integrations for v19 have in the past 5 years also developed integrations to AccountRight 2018. We recommend contacting the 3rd party developer and asking about their integration support for AccountRight 2018 • For those unable to use their existing add-on with AccountRight 2018, we recommend checking out our directory of over 300 add-ons by visiting myob.com/addons • 3rd Party solutions that connected to v19 for data use a technology called ODBC (open database connector). We will cease support of this connection method as part of this process. ODBC connections require an activated license to operate. We will cease issuance and activation of these licenses from September 2018 • For those that choose not to migrate to AccountRight 2018, existing ODBC integrations to v19 will not be affected, however they will also no longer be supported, and users will use at their own risk
Can those that use ODBC to connect AccountRight v19 to Microsoft Excel, still do this with AccountRight 2018?
• Due to a change in the security around accessing MYOB data and Microsoft Excel’s data interfaces, users won’t beable to connect. However, there are two add-on solutions that work with these new tools allowing users to connect • We recommend taking a look at Excel report link or ODBC link from Accounting Add-ons. This developer team specialise in Microsoft Excel and can help users with this. • We also recommend taking a look at the Advanced Reporting add-ons for AccountRight 2018 as many of these tools have the reports and functionality that was being undertaken in Microsoft Excel. Users can also explore the MYOB and Microsoft Power BI integration as a fantastic solution to bespoke reports, dashboards and insights
For more information please visit the following pages
MYOB Partner information hubPartner FAQ (PDF)
Australian FAQ (PDF)New Zealand FAQ (PDF)
The MYOB ODBC driver can operate in both read and read-write modes. MYOB Developer Resources gives you the information you need to leverage this driver.
You can maintain a 'live' read-only ODBC connection to a registered MYOB company file even while others are entering new transactions, and a connection can be created on the fly using a 'DSN-less' connection. This means that many add-on solutions can run in parallel to your MYOB software and will not interrupt your daily use.
The MYOB ODBC driver comes with a data dictionary that describes the tables available within the MYOB database, along with information on creating and managing connections.
Writing back to an MYOB company file occurs through the MYOB accounting business rules. A series of 'write-back' tables allows new cards, transactions, items etc to be validated and entered into a company file using an SQL INSERT statement.
Writing to a file works by creating an MYOB software instance and then running an import routine. All transactions and objects that can be imported into MYOB accounting software can be written via MYOB ODBC, and error reporting is done via the driver. Full documentation can be downloaded here. You don't even have to own an MYOB product to trial the driver as the driver can access the sample clearwtr company files that are included with MYOB Test Drives.
The write-back capabilities of the MYOB ODBC driver are only compatible with MYOB AccountRight v19.
MYOB Premium Developer and Developer Partners can obtain write-back access to all ODBC-activated MYOB company files via the MYOB business rules plus reference software, technical support and much more. More information on this program is available by contacting us
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