Decrease your cost of client service with the MYOB business management platform

Running your practice with legacy systems and manual processes takes time, which costs you money and holds you back from getting more out of your day.

Find out how MYOB Practice Management (previously known as GreatSoft) and MYOB’s cloud document management system Nimbus can help you lower your cost of client service and become more productive and profitable:

Using outdated desktop applications to manage your practice inevitably means you’ll have manual processes to do. This may involve tracking your time, chasing client payments, checking and reconciling bank transactions, communicating with clients over email, and more. All these activities eat into time that could be better spent generating revenue.

Naturally, time is money: consequently, manual processes add to your cost of doing business. Equally though, using industry-specific software with built-in workflow automation increases your efficiency, helping you lower the costs of running your practice and servicing your clients.

MYOB Practice Management

Using a best-of-breed practice management solution means you can significantly reduce the amount of manual work required to run your practice. This is especially important at a time when the accounting industry is grappling with a widespread skills shortage. Essentially, investing in software and becoming more efficient relieves the pressure to increase headcount.

For example, here are just a few activities that MYOB Practice Management can handle:

• 360-degree client view – With MYOB Practice Management, you can view all your client information in one place, so you have a single source of truth across your business management platform. With Client View, you can see information from all your integrated applications, so you can retrieve information about your clients’ tax returns, corporate compliance, super funds, documentation and more. Further, any updates you make to your client data syncs across your platform, so you don’t need to worry about data discrepancies in different systems.
• Client onboarding – MYOB Practice Management provides an integrated and automated client onboarding journey for individuals and groups. You can invite a contact to input their details into MYOB Practice Management and create their own client record for your review and activation. This workflow typically saves 15-minutes per entity onboarded and results in better quality data.
• Invoicing – With MYOB Practice Management, you can generate invoices on demand from anywhere you’re working. If the invoice is overdue, you can configure automated reminders through your business management platform, so you don’t need to track your debtors on a day-to-day basis. At the end of the month, you can run a debtor ageing analysis report, so you have visibility of who owes you what.
• Time tracking – Time tracking is built into MYOB Practice Management. Capturing time via the Timesheets module is significantly more accurate and efficient than time tracking outside of the platform and having to re-key this information. Integrated time tracking means you’ll be able to directly charge client billable time to your invoices, decrease your debtor days and quicken your time to cash.
• Jobs management – The Planner module provides best-in-class job management, giving a bird’s-eye view of the practice and all the jobs currently in progress. It’s flexible to adapt to your internal workflow requirements and provides customisation options to view information in different ways, including Filters, Kanban and Gantt views. You can run Actual vs Budget reports, keep track of work-in-progress and manage write-offs.

With MYOB Practice Management helping to lighten your administrative load, you may be able to take on more clients without additional headcount, and increase your profitability.

Nimbus Document Manager

Too many firms are still using outdated ways of managing their documents. They may, for example, use a folder structure on their hard drive or backed up to an in-house server. Alternatively, they may use their email as their electronic filing system.

Email has significant limitations from a document management perspective. When using it to send documents to clients for their review and signature, it’s highly inefficient. The client needs to print out the paperwork, physically sign it, scan it, and then email it as an attachment back to their accountant.

Email is not designed to be a document management system. As such, attachments can be difficult to retrieve in lengthy email trails. Perhaps most significantly though, email is an insecure channel and can be easily compromised. This is especially the case if a practice has poor cyber security or individuals use weak passwords. Naturally, any data leak or compromise would cost a business severely and could result in legal action.

To address this, MYOB offers Nimbus a world-class cloud document management solution. Every document in Nimbus is stored and encrypted at rest. Nimbus has advanced search functionality and offers a client portal and electronic signing to make client and accountant interactions as frictionless as possible.

A business management platform: MYOB Practice Management and Nimbus Document Manager

MYOB Practice Management integrates seamlessly with Nimbus to provide the integrated business management platform you need to run your practice efficiently and effectively.

You can utilise Nimbus’ functionality to view, edit, collaborate on, and publish documents without having to leave MYOB Practice Management. You can create and work on tasks and jobs within MYOB Practice Management and link to documents or templates stored in Nimbus. With the advanced search functionality of Nimbus, you can easily retrieve the right document through your choice of metadata, such as keywords, document type, client name, staff name and more.

You can also significantly reduce your use of email. For example, you can generate client invoices in MYOB Practice Management and publish them – and other paperwork – to the Nimbus client portal. This improves efficiency and security, helping you strengthen business processes, decrease your cost of client service and, ultimately, become more profitable.