Time to chip away the Xero and MYOB Duopaly?

09.01.24 05:14 PM By Matt Koopmans

When it comes to accounting packages, there are two names that stick out in Australia: Xero and MYOB. MYOB has been the accounting package for small businesses in Australia until Xero started their push towards accountants as their market channel. A brilliant strategy, brilliantly executed. Now for the last decade, there is no denying the success Xero has had in gaining the market share, predominantly caused by the support offered to the accounting practices with Xero practice management software, in combination with a strong focus on account management aimed towards the accountants.

For later entries to the Australian market - like Zoho Books, it has been an uphill battle to convert customers to the fully integrated accounting package that Zoho Books offers within the Finance Plus or Zoho One product suites. Until now...

Introducing: Zoho Practice - a comprehensive accountants practice management solution

With the introduction of Zoho Practice, Zoho is venturing into the accountants practice management solutions market. It covers the accounting practice's life-cycle:

  • Client management
  • Client collaboration
  • Financial insights
  • Task management
  • Time sheets and billing
  • Document management
And it can be tailored to your practice:
  • Customisation
  • Integration
  • Automation
Naturally - it comes with a full audit log for traceability and accountability.

Drive efficiency

Task management and automation are the key to efficiency in the accounting practice. Efficiency is key to profitability with competitive rates. By having the task management, internal and client collaboration, document and engagement management integrated in one solution, the accounting practice can increase the automated workflow, while decreasing the number of applications it relies on. Combined with the integration directly into the Client's Zoho Books instance, this provides an end-to-end solution for the Zoho Books eco-system. However, it is still possible to have the collaborative and task management aspects of Zoho Practice without the client having to use Zoho Books - the practice management solution functions with or without the integration to Zoho Books - of course, you will miss out on some, but not all, of the efficiencies.

From transactional engagements to added value

An accounting practice must do one thing - to ensure the financial books of the client are in order, and that the minimum taxable amount is reported and paid. This is quite transactional. Whilst the client must have this done, it is a commodity service - and can be moved across to anyone, even in-house. By providing financial advise to businesses, the accounting practice principal can further increase the value of the client-practice relationship. Not just by analysing anomalous increases or decreases in expenditure, but by offering comprehensive financial management and budgeting. 

With access to advanced reporting capability - and even full Business Intelligence with Predictive Analysis for Zoho One clients - your can increase your value to your clients by offering CFO level advice, as an additional service to the bookkeeping and accountancy work. Not only does this bring in additional revenue streams - it enables you to foster a long term relationship with your clients, as you are instrumental in bringing the revenue up, and the cost down.

Zoho Practice is in limited preview at the moment. As soon as it is officially released, we will put the link to sign up here. 

If you have an accountants practice in Australia, and would like to discuss the possibilities of Zoho Practice in your business, click the button below to contact us.

Matt Koopmans