2018 Innovation Name: MYOB Advisor
Awards: 8th Most Innovative Company
As tax and compliance work becomes commoditised (thanks to technology and automation), accountants are looking to provide higher value “advisory” services to their customers. However, finding time to produce and interpret huge volumes of customer data, and initiating discussions with clients is often the biggest hurdle to offering these services.
MYOB Advisor is a unique artificial intelligence (AI) enabled tool designed to revolutionise the way accountants advise their clients. More than 40% of SMEs see their accountant as their main source of business advice, suggesting that accountants are in the preferred position to provide advisory services beyond compliance and transaction processing. The incorporation of artificial intelligence and natural language generation (NLG) means MYOB Advisor goes beyond visual dashboards, charts and tables. It interprets data to give easily understood descriptions of a business’ financial position, which can be customised by accountants, based on their own knowledge and experience with their clients.