MYOB's cloud-based LiveAccounts off to a flying start

Stephen Withers
Monday, 27 September 2010 13:16

Business IT - Technology

MYOB's LiveAccounts cloud-based accounting system is enjoying a "phenomenal" uptake according to a company executive.

LiveAccounts is MYOB's entry-level, cloud-based accounting system. While research commissioned by the company found less that a quarter of respondents thought the idea of such a service was either 'appealing' or 'quite appealing,' MYOB believes it is an under-serviced and growing market as other research shows that 74% of small and medium businesses use Internet banking.

The uptake of LiveAccounts has been "phenomenal," MYOB's online evangelist Tim Molloy told iTWire. (Molloy was formerly co-owner of Exonet, and that company's accounting software for larger businesses is now MYOB EXO.)

LiveAccounts costs $A25 per month and is designed for smaller users such as sole traders and very small employers, and for the approximately 50% of the target market that still use paper-based systems.

It handles invoicing, items (things you sell, whether physical or services), contacts, expenses, banking, and reporting (including GST). The LiveAccounts home page displays unpaid invoices, the current top five expenses, bank account balances, and more.

Data can be imported from existing MYOB software, and exported as an Excel spreadsheet or as an accountant's report. "The more we make our products open, the more people want to keep using them," Molloy observed.

So what is the takeup so far? See page 2.