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MYOB has launched a new feature that the firm says will dramatically improve users’ cash flow.
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MYOB upgrades payments tool
10 March 2015
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The software provider has announced its mobile payment solution, MYOB PayDirect, now accepts EFTPOS payments.
Speaking to AccountantsDaily, MYOB general manager, SME Solutions, James Scollay said this new feature is all about improving small businesses’ cash flow.
“Cash flow is the number one issue for small businesses, year in year out,” Mr Scollay said.
Because of this, accountants, as business advisers, need to be on top of cash flow issues and able to advise their clients on all potential options to improve their cash position, he added.
“I think it is right in the accountant’s sweet spot to help their customers with cash flow, and this is about cash flow, about helping them improve [it],” Mr Scollay said.
“It means that their customer can do an invoice on the go and receive payment right there and then, all integrated back into their accounting system, so it’s a massive, massive boost to cash flow for those relevant customers,” he said.
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“It also really helps them with productivity because they are not having to go home at night and enter invoices or payments and track payments etcetera. All that happens automatically.”
Mr Scollay said the MYOB PayDirect solution is suitable for all mobile businesses and that professional service firms have adopted the feature at a somewhat surprising rate.
“We have been interested to see some professional services organisations that have higher transaction values than we expected taking it up. We expected there to be a big uptake in tradies and those types of obvious mobile businesses but the professional services guys, there has also been much more penetration than we had expected,” Mr Scollay said.
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