New features in Essentials include significantly improved reporting, more flexible payroll, a responsive design supporting screen sizes from phone to desktop, a cleaner user interface (including the ability to tab between fields, plus easier GST coding), and the new employee management and self-service function called MYOB Teams.
A new API - essentially the same as that used in MYOB AccountRight - provides integration with more than 150 applications and add-ons.
"We're committed to helping Australian and New Zealand businesses succeed by providing intelligent, intuitive tools that make business life easier," said head of product Dale Dixon.
"We've listened to our customers and this upgrade has been built with them in mind."
The new version of Essentials will be made available to new customers in March, and then progressively rolled out to existing customers starting in May.
By the end of 2020, Essentials will reach functional parity – though not feature-by-feature parity – with AccountRight, at least in terms of core capabilities, according to MYOB SME product marketing senior manager Hayden WIlliams
MYOB Practice is also being updated in the coming months.
Changes include compliance workflows for companies, partnerships, trusts, funds, self-managed superannuation funds, and individuals.
Document management functions work with these workflows, while expenses processing gains provision for non-deductible and private portions.
New APIs allow integration with other products, notably practice management, CRM and compliance.
The rollout of the new version will start with smaller clients but should reach all users by the end of 2020.
By that time, practice management features such as time recording and debtor management will be added to the product.