New Research Supports MYOB's Future Direction

The newly merged MYOB has set its sights on bridging the gap between accountants and business owners and will now begin to work on a long-term engagement program, according to CEO Craig Winkler.

A special round of the MYOB Small Business Survey (August 2004) found that 77 percent of business owners consider accountants to be their most trusted adviser; however, only a quarter approach their accountant for business planning advice.

“Far too many business owners only use their accountant for compliance work – such as tax returns and tax planning – even though they are crying out for help on a range of issues. This highlights the significant gap and potential to bring the two together – that is our challenge and mission moving forward,” said Mr Winkler.

Mr Winkler believes the merger with Solution 6, which was approved yesterday by the Federal Court of Australia, will provide MYOB with the scale and scope to deliver even more to existing clients and shareholders as well as build the connection between accountants and business owners.

“At a technology level we’re in the position of creating systems for both accountants and business owners, which gives us the opportunity to make these systems work better together.

“However, it goes beyond the technology. There is a gap between how business owners view their accountants and how they actually engage with them. We will work with accountants and business owners to change this perception and equip them with the solutions to make this relationship really deliver,” said Mr Winkler.

The merged entity will operate as one global business under the MYOB name from 17 August 2004.
Highlights from the MYOB Small Business Survey – full report available on request

• Accountants are the number one source of business advice nominated by 77 per cent of business owners, followed by other business owners (52 per cent), family and friends (28 per cent) and customers (28 per cent).

• The types of advice sought from accountants were: complying with the law (86 percent), tax planning (59 per cent), record keeping (45 per cent), future planning (33 per cent) and business analysis and interpretation (26 percent). Only 11 per cent of business owners sought advice on raising finance and seven per cent on succession or exit planning.

• Alarmingly - given they are a business owner’s number one source of advice - over half of all business owners only see their accountant once or twice per year (27 per cent twice a year and 26 per cent only once every 12 months).

About the survey
This special round of the MYOB Small Business Survey was drawn from a national sample of 2,722 small business owners and general managers conducted in July 2004. These are defined as both non-employing and employing businesses with fewer than 20 employees. Results have been weighted to reflect the small business population distribution according to the Australian Bureau of Statistics (ABS) for
company size, length of time operating, and selected ANZSIC Industry divisions. The MYOB Small Business Survey is conducted by AMR Interactive.

About MYOB
MYOB is a global provider of solutions that liberate business owners and accountants from the burden of day to day administration, empowering them to achieve business success. MYOB develops and delivers award-winning software, services and support for more than 500,000 businesses and over 10,000 accounting practices worldwide.

Owner-operated businesses are the most dynamic force in the world economy and yet they are universally challenged by limited resources. MYOB uses its knowledge, expertise and scale to help them build better businesses.

MYOB also works directly with accounting practices to streamline their processes and maximise their productivity. MYOB solutions are used by leading accounting practices from tax agents and sole practitioners to the ‘Big 4’ firms.

Through its understanding and partnership with both business owners and accountants, MYOB strives to further enhance the links between them for their mutual benefit.

MYOB Limited is a public company listed on the Australian Stock Exchange (ASX symbol 'MYO').

For further media information or to arrange comment please contact either:
Rebecca Cook
Consultant
Buchan Communications
Tel: 0438 316 435
E-mail: rcook@bcg.com.au

Caroline Jackson
Public Relations Manager
MYOB Australia
Tel: +61 3 9222 9741 or 0423 602 632
E-mail: caroline_jackson@myob.com.au

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