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For over 30 years, MYOB has been shaping and shaking-up the small enterprise sector. 

As one in every of Australia’s first tech unicorns, we led the cost in serving to companies digitise their processes and enhance their funds. Once we began, loading our software program onto desktop computer systems – by way of CD-rom – helped many enterprise homeowners take step one away from bodily paper information, even earlier than applications like Excel had been broadly obtainable.

Greater than three many years later, the enterprise expertise panorama is sort of unrecognisable from after we started. Small and medium-sized enterprises (SMEs) function in a quickly altering setting, the place enterprise homeowners are anticipated to have data and visibility of each important workflow of their enterprise, and each minute counts.

Challenges are coming from each route – from pure disasters and a world pandemic to rate of interest rises and cost-of-living pressures. 

Now greater than ever, enterprise homeowners have to maximise each alternative to extend their effectivity, productiveness and return on funding.

We all know digitisation helps. Extremely digitally engaged companies earn 60% extra income per worker and develop 28% quicker than companies with poor digital engagement.

So investing in digital instruments and processes makes lots of sense for startups and SMEs in 2023, however with an abundance of options obtainable, how can companies streamline their tech strategy? This was the query we requested ourselves in our personal enterprise evolution. 

A lift for enterprise 

To assist SMEs entry the digital instruments they want, we offered the Federal Authorities with the proof base for a digital tax incentive to assist cowl the prices, culminating within the Small Enterprise Expertise Enhance introduced nearly 12 months in the past within the Might 2022 Finances.

MYOB CEO Greg Ellis

We all know one of many fundamental limitations to digital adoption is price, however a key influence of getting these options is cash saved. Australian SMEs make up the most important employer within the nation, and generate greater than $700 billion to the economic system, so discovering each means to assist them can have a fabric influence on our GDP.

To that finish we proceed our name for the Federal Authorities to legislate the Expertise Funding Enhance, which might imply small companies can deduct a further 20% of expenditure for digitising of enterprise operations, opening the doorways for extra SMEs to reap the benefits of the productivity-boosting advantages of digital operations. 

Companies face a tricky 12 months forward

In 2023 geo-political pressures are nearly sure to proceed to influence native companies. Along with inflation and rates of interest, taxes will rise and the labour and expertise shortages will proceed, placing further stress on the important SME neighborhood in Australia. 

Companies have to adapt whereas navigating robust market situations. Up to now, Australian companies have confirmed resilient, significantly within the face of the unpredictable waves of the previous three years. Actually, our most up-to-date SME Success Report discovered that Australian SMEs are 12% extra resilient after going through pandemic-related challenges.

However whereas Australian companies might have had the resilience to outlive up to now, they don’t have the luxurious of losing time, cash or sources on inefficient approaches to enterprise administration. They should keep laser centered on the challenges forward, and guarantee they’ve the instruments to assist them succeed.

An evolution for our digital world 

Clever, data-driven options will lead the cost on this subsequent tech chapter, which is why MYOB is taking a subsequent technology view of software program as a service (SaaS). We’re going past the software program plus add-ons mannequin, to offer the mixed energy of wealthy integration with the flexibleness of single level options.

In response to the quickly altering SME setting, we made the strategic resolution to develop from accounting software program to a strong enterprise administration platform that addresses the core workflows of right now’s SMEs. These workflows embody provide chain, undertaking administration, worker relations, funds, and naturally accounting and tax. 

We’ve drastically altered our product providing to unravel the issues fashionable companies face, together with monetary providers to expedite funds and enhance money circulation; options that didn’t exist even a number of years in the past.

This implies the folks operating small companies gained’t want a number of subscriptions with completely different suppliers, in search of help and clarification from quite a few completely different sources. 

They gained’t have to subscribe and pay for options of their software program that they don’t use. 

They usually gained’t have the headache of a number of platforms which don’t converse to one another, or the necessity to practice new folks on a variety of digital instruments for enterprise effectivity. 

We’ve simplified our providing however expanded the breadth of providers we offer, giving clients an environment friendly, cost-effective resolution that addresses their key workflows, to drive effectivity and productiveness.

Evolving one of many oldest tech firms within the nation would at all times be a problem, however with a first-class enterprise administration platform launched and prepared for sole merchants as much as these with 1,000 workers, we’re prepared to assist companies unleash their potential.

As a result of the times of on-line enterprise options working in silos are going the way in which of paper-based methods and CD-roms. It’s time for a extra cohesive strategy to small enterprise operations, in order that SME founders can concentrate on enterprise success and progress, finally boosting our nationwide economic system. 

And with SMEs contributing greater than half of the nation’s GDP, we are able to’t afford for them to fall behind.

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