Mead Partners: Future proofing with MYOB Practice Management

Business

Boutique accounting firm Mead Partners adopts MYOB Practice Management to modernise their tech stack, save time, and improve their client experience.

Promoted by MYOB • 18 April 2024 • 5 minute read

Mead Partners is a Melbourne based accounting firm that was established in 1997. Its services include business advisory, taxation, asset protection, bookkeeping, retirement planning, virtual CFO and accounting expertise for the building and construction industry.

The firm prides itself on being early adopters of technology to keep the practice modern and relevant. It’s also keen to set an example for its clients to leverage the benefits of technology, especially for their financial reporting.

Why MYOB Practice Management?

Previously known as GreatSoft, MYOB Practice Management is an open, cloud native practice management solution that enables firms to run their business from one place.

Managing partner John Pititto said, “MYOB Practice Management is our foundation – it’s our source of truth, it’s our one database and everything else feeds off that.”

While Mead Partners is an MYOB-based practice and uses MYOB’s Nimbus Document Manager for document management – John cites “the ability to talk to other software as well” as a key differentiator and essential to meeting the firm’s wholistic software needs.

MYOB Practice Management’s open architecture supports easy integration with a range of specialist third party applications – so practices can build the tech stack that’s right for their firm and their service offerings.

Mead Partners has, for example, integrated BGL for corporate secretarial, extending MYOB Practice Management while upholding the efficiency benefits of a single database solution.

What has Mead Partners achieved with MYOB Practice Management?

John and the team at Mead Partners have seen significant usability and efficiency benefits since implementing MYOB Practice Management. From the generation of debtor statements to management of timesheets, “lots of little gains add up,” John says.

However, there have also been several showstopping efficiency gains for the practice in using workflows built into MYOB Practice Management

Client onboarding – saving up to 90-minutes per client

John says the client onboarding workflow is a “massive game-changer for us in the way that we onboard our clients.”

Previously, Mead Partners sent online forms via the backend of their website. However, it was a difficult, time-consuming, and unreliable process for both Mead Partners and their clients.

“For a client that has two individuals, a trust and a company, to onboard them in our old system and go through all those forms and make sure it was all correct probably used to take an hour of our time,” John explains.

“And with the additional requirement of having to ID check all those clients, we’d probably have to add onto that 15 mins to half an hour, so it’s probably an hour and a half with our old system,” he says.

With MYOB Practice Management, Mead Partners just needs to enter an email address, select the number of entities that need to be onboarded, and hit create and send. The system sends out a checklist – including ID requirements – that the client needs to provide.

Effectively, clients do their own onboarding into MYOB Practice Management, saving Mead Partners up to 90 minutes per client and helping the firm present in a modern, slick, and professional way.

This streamlined onboarding workflow also makes it easier to attract new clients as they are less deterred by the administrative burden that can come with moving practices.

Templated billing / Recurring billing – from hours to minutes

Another area where Mead Partners has seen considerable efficiency gains is in templated and recurring billing as many of their clients pay monthly recurring fees.

Previously a member of the admin team would have to generate the monthly invoices, engaging the accounting team to check they were correct each month before sending them out. This cumbersome process was a significant productivity drain for the team.

With MYOB Practice Management the monthly invoices are automatically updated as jobs, WIP management and timesheets are all integrated with billing and debtor management. An admin team member just needs to go into the system and click a button to generate the monthly recurring invoices and send the batch out to the clients.

“Previously it would have taken hours for one of my team members to have done the monthly recurring invoices for each of the clients,” John says. “Now it’s pretty much a 3-to-5-minute task. One admin team member just hits a button each month.”

Future-ready with MYOB Practice Management

For Mead Partners, moving to MYOB Practice Management has helped future proof their firm. “Having that flexibility of a pure cloud practice is where I want to get to,” says John.

“And also from a staffing perspective, seeing that you’re on the latest software and that you’ve got that flexibility, helps you become a business that attracts people and that people want to stay with.”

What’s John’s advice for other practices? “Just don’t stop with MYOB Practice Management,” he said. “I think it’s integral that you use the solution as the foundation for your entire business.”

Find out more about MYOB Practice Management.