As cloud-based software becomes increasingly popular software providers are choosing to reduce and, in some cases, discontinue desktop accounting products forcing clients to switch to more efficient solutions. Amidst some frustration from businesses, MYOB is the latest supplier to announce the end of an era for their desktop software, AccountRight v19, ceasing support on this product from September 2019.
From 30 September 2019, MYOB will no longer be providing compliance updates, product support, features and patches for the MYOB AccountRight v19 desktop software. Users will need to either upgrade to the latest AccountRight or transition over to a cloud-based solution.
What action do I have to take?
We recommend businesses consider a cloud-based solution prior to 30 June to allow a smooth transition between financial years.
What are the implications if you do not take action?
Any business still running an AccountRight v19 file from 30 September 2019, will no longer receive compliance updates, feature patches or any MYOB product support. Your business may still run the software however with no MYOB support, this could create future issues within the business and its accounting processes, and this is not a risk you should be taking.
What is to be gained to switching to a cloud based solution?
There are a number of benefits to be had by making the switch to a cloud-based solution including efficiencies around administrative and compliance tasks, access to real-time data from anywhere at any time, clear visibility for identifying discrepancies, trends, and sudden changes as well as easily identifying opportunities, and cost savings by the reduction of administrative tasks no longer required to be completed.
Adopting a cloud-based accounting solution also allows businesses to outsource their accounting and bookkeeping function easily and efficiently, providing peace of mind your business is compliant with a qualified accountant taking care of your needs. Utilising an outsourced accounting service equips business owners with up to date business performance data so you can make informed business decisions.
Our Accounting and Outsourcing team can provide assistance selecting the right product for your needs, support you with the integration of software and streamline your business finances. Contact your usual Mazars advisor or alternatively contact our accounting and outsourced team:
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.