For over 30 years, MYOB has been shaping and shaking-up the small enterprise sector.
As considered one 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 – through CD-rom – helped many enterprise house owners take step one away from bodily paper data, 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 house owners are anticipated to have information and visibility of each vital workflow of their enterprise, and each minute counts.
Challenges are coming from each course – from pure disasters and a worldwide pandemic to rate of interest rises and cost-of-living pressures.
Now greater than ever, enterprise house owners 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% sooner 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 Know-how Enhance introduced nearly 12 months in the past within the Could 2022 Funds.
MYOB CEO Greg Ellis
We all know one of many essential boundaries to digital adoption is value, however a key impression 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 financial system, so discovering each method to assist them may have a fabric impression on our GDP.
To that finish we proceed our name for the Federal Authorities to legislate the Know-how Funding Enhance, which might imply small companies can deduct an extra 20% of expenditure for digitising of enterprise operations, opening the doorways for extra SMEs to benefit from 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 impression native companies. Along with inflation and rates of interest, taxes will rise and the labour and abilities shortages will proceed, placing further strain on the important SME neighborhood in Australia.
Companies have to adapt whereas navigating powerful market situations. To date, Australian companies have confirmed resilient, notably within the face of the unpredictable waves of the previous three years. In actual fact, our most up-to-date SME Success Report discovered that Australian SMEs are 12% extra resilient after dealing with pandemic-related challenges.
However whereas Australian companies might have had the resilience to outlive thus far, they don’t have the posh of losing time, cash or sources on inefficient approaches to enterprise administration. They should keep laser targeted 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 era view of software program as a service (SaaS). We’re going past the software program plus add-ons mannequin, to supply the mixed energy of wealthy integration with the pliability of single level options.
In response to the quickly altering SME setting, we made the strategic determination to broaden from accounting software program to a sturdy enterprise administration platform that addresses the core workflows of in the present day’s SMEs. These workflows embody provide chain, mission administration, worker relations, funds, and naturally accounting and tax.
We’ve drastically altered our product providing to unravel the issues trendy companies face, together with monetary providers to expedite funds and improve money circulation; options that didn’t exist even a number of years in the past.
This implies the individuals operating small companies received’t want a number of subscriptions with completely different suppliers, in search of help and clarification from various completely different sources.
They received’t have to subscribe and pay for options of their software program that they don’t use.
They usually received’t have the headache of a number of platforms which don’t converse to one another, or the necessity to practice new individuals 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 all the time be a problem, however with a first-class enterprise administration platform launched and prepared for sole merchants as much as these with 1,000 staff, 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 best way of paper-based programs and CD-roms. It’s time for a extra cohesive strategy to small enterprise operations, in order that SME founders can deal with enterprise success and progress, in the end boosting our nationwide financial system.
And with SMEs contributing greater than half of the nation’s GDP, we are able to’t afford for them to fall behind.