MYOB is aiming its new Essentials Cashbook product at accountants and other advisors who want to encourage their clients to move to cloud-based bookkeeping.
We mentioned MYOB Essentials Cashbook in March when the company announced Essential Accounting .
Back then, the product was still at the pilot stage, but MYOB has now decided Essentials Cashbook is ready for prime time.
"Over the last four months, Essentials Cashbook has undergone a rigorous beta and pilot testing program to gain the seal of approval," said Adam Ferguson, general manager of MYOB's accounting division. "Following the success of the pilot, we have added a number of enhancements to the general release to increase collaboration, improve functionality and extend reporting capabilities."
The unusual aspect of Essentials Cashbook is that it's only available through MYOB partners and accountants. The idea is that advisors can use it to wean small, cash-based clients away from paper records or PC-based cashbook software onto a cloud system. This allows accountants and bookkeepers to provide ongoing advice and adjustments rather than waiting for the end of the quarter when their clients arrive with a wad of paperwork.
Reports include cash flow, profit and loss, and trial balance, with a balance sheet planned "in the near future." MYOB is also working on integrating Essentials Cashbook with its Client Accounting practice software.
Advisors are charged $16 per client cashbook per month for MYOB Essentials Cashbook, but that fee is waived until 30 June 2014.
That doesn't strike us as a particularly competitive price - Reckon One's core module costs $5 per month; add automatic bank feeds for $3 per month ($5 if you do 101-250 bank transactions a month) and you have a package that appears at least comparable with Essentials Cashbook. But what's a hundred bucks a year in the great scheme of things? (Depending on your situation, the answer to that could be "a week's food from the supermarket.")