The purchase of Dovetail, an online document collaboration solutions provider founded in 2011 by a former MYOB manager, Rob Cameron, is the second acquisition in the highly-competitive accounting software market announced in the past week
Cloud services is the new battleground for all players in the online accounting software market, and only last week US-based accounting software provider Intuit, maker of QuickBooks, announced it had acquired start-up invicto and would integrate its cloud-based data extraction solution with its range of accounting offerings.
Cameron was a product strategy manager for five years within MYOB’s accountants division and his extensive industry experience includes establishing ‘Innovate’, a provider of document management solutions such as Level 31, and consulting for accounting and business advisory firm PKF Australia.
“MYOB’s focus has been on bringing accountants and clients closer together with the vision of the common ledger, which enables real-time collaboration on financial data in the cloud.
“The purchase of Dovetail is the next step in our vision of helping accountants move online, and working closer together with their clients. This will enable MYOB to deliver an enhanced collaboration platform for accountants.
“The platform will extend the accountants capabilities beyond financial data management to deliver an integrated, collaborative experience through intuitive workflows, document management, work approvals and more. The outcome of this integrated workflow is improved accuracy, superior turn-around time, reduced data-entry, increased client participation, and increased revenue for the practice.”
According to Ferguson, the acquisition gives the combined company a “distinct competitive advantage” in bringing more accountants online. “We service more than 1.2 million client businesses and over 40,000 accountants and other partners across Australia and New Zealand. We invest more than $35 million a year in market-leading research and development because we’re committed to understanding the needs of accountants and their clients.”
Ferguson says MYOB has already developed online versions of its existing MYOB practice solutions for accountants, and in the last year has launched a range of online solutions that “accountants can take advantage of”.
Ferguson says MYOB will continue to enhance its existing product suite with online offerings for accountants in practice as it expands its software development and in-field teams.