MYOB heads for the clouds

MYOB has outlined the direction of its future products, including a new, cloud-based, "Business Platform" that will link businesses with accountants and banks.

MYOB is heading for the clouds, revealing a plan to create a new “MYOB Business Platform” that will allow customers to “migrate their current MYOB solutions to the cloud, and then connect to their accountant, bank data and small business website.”

MYOB detailed the plan last week at an event where CEO Tim Reed “will give our one million SME customers a choice of solution that best suits their business structure.”

“Typically, the first generation of cloud-based business solutions offered a wholly web-browser based experience, trading off usability and functionality for mobility and access,” Reed added, saying that this approach does not work for every business. MYOB will therefore aim to offer choice between conventional applications, software-as-a-service and new mobile devices like smartphones and tablets.

The new offerings are currently undergoing what Reed called “technical preview” and the first commercial versions will arrive in early 2012.

Products that will form part of Business Platform include a new version of MYOB AccountRight suite that the company says will be easier to customise.

Reed also emphasises the company’s robust financial performance – EDITDA grew 20% during FY 2010 - after a bidding war saw Bain Capital acquire the company.

“What all of the investors saw as incredibly exciting, is MYOB’s potential to build on our proven record of innovation and the investment we have made in new product development, to deliver next generation cloud solutions, tailored for the needs of Aussie and Kiwi business,” Reed said.

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