Time to embrace cloud accounting: MYOB ends desktop support
For users of the MYOB desktop accounting software solution AccountRight Classic, also known as v19, 30 September is an important date to look out for.
MYOB has announced that they will no longer provide features, patches, compliance updates or product support for v19 (and earlier versions).
What does this mean for MYOB desktop users?
MYOB is calling this change an ‘end of support’ and not an ‘end of life’. Anyone with a perpetual licence of v19 will still be able to access their file and continue using the product beyond 30 September, however, there will no longer be product updates to or future support for the software.
This means that if something goes wrong in the future, or an Operating System upgrade impacts your product, or you require new tax tables in 2020, there won’t be any support or patches available from MYOB to fix the problem.
Also important to note is that v19 will also not be Single Touch Payroll compliant beyond September.
Therefore, users of MYOB desktop programs need to migrate to a cloud-based accounting solution that is up to date with STP and other compliance requirements.
What does this mean for other desktop accounting software users?
If you have not yet migrated to cloud-based accounting software, it’s a great time to finally make the move.
The announcement from MYOB shows a clear trend that desktop accounting software is becoming obsolete. As MYOB’s Head of Product Dale Dixon says, the move to discontinue support for v19 is due to changes in how we do business today.
Nowadays, collaboration can be done anywhere, anytime; technology speeds up data entry and information needs to be sent to the government through Internet-enabled software.
These are all key features of cloud accounting. It’s only a matter of time before desktop products are scrapped altogether.
Migrating to a cloud-based solution now will ensure continued compliance and avoid future disruptions.
What are the benefits of cloud accounting software?
At Allworths we are big fans of cloud accounting. The major players in the market, that have the most support and resources behind them, include: MYOB’s AccountRight Online, Intuit’s QuickBooks Online and Xero.
The benefits of adopting cloud accounting, regardless of which provider you choose, include:
- Working from anywhere, anytime (provided you have Internet access)
- Easy generation of reports on real-time cash flow and other data to help you understand the true state of your business
- Easy collaboration with your team, bookkeeper and accountant by adding them to your account with different access levels
- The ability to easily automate parts of your bookkeeping process, for example, by connecting your bank accounts so that you can automatically import bank transactions and supplier invoices into your accounting system
- Provide increased efficiencies at the touch of a button, for example, by automatically sending notifications to all your outstanding debtors
- Beyond the core functionality of your cloud accounting system, other integrations are generally available to help you automate other parts of your finance function and gain new insights into your business, for example, by connecting a trusted budgeting and forecasting app, you can easily make projections into the future and perform “what if” analyses to help you make better decisions
- Business data security and back up
- Wealth of help and support available online to troubleshoot, including online communities for peer-to-peer advice
Why we love Xero in particular
Xero is our preferred provider for cloud accounting software and, as a partner of theirs, all our clients receive a 20% discount off their regular subscriptions.
- Xero was founded in 2007 as a ‘cloud-only’ solution from day one, way ahead of the other players in terms of innovation. This means Xero has been able to develop the most comprehensive cloud-based features and integrate with more than 700 powerful apps via their App Marketplace.
- Xero is currently the market leader for Australia and New Zealand in online accounting software. More businesses and accounting firms are familiar with Xero, meaning you can more easily find answers to your questions if you encounter issues using the software, from online resources to getting support from accountants.
- Morgan Stanley’s analysis shows that Xero as is better placed for the future as a business and product.
If you are still using desktop accounting software (or Excel spreadsheets!), feel free to book a no-obligation chat with us about how cloud migration could benefit your business.
