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Accounting Software Provider MYOB Acquires Dovetail as Part of Cloud Initiative

By Laura Stotler
TMCnet Contributing Editor

Australian accounting software company MYOB has furthered its move into the cloud with the purchase of Dovetail, an online document-collaboration-solutions provider. The move reunites Dovetail founder Rob Cameron with MYOB, where he worked as a product strategy manager before founding the startup company.

MYOB has been moving toward the concept of connected accounting through the cloud, facilitating procedures for accountants as well as their clients. Dovetail fits nicely into the picture and will aid in the migration of accountants to an online platform where they may collaborate more closely with their clients.

According to Adam Ferguson, general manager of accountants at MYOB, the Dovetail purchase will enable MYOB to deliver an enhanced collaboration platform that extends accounting capabilities beyond financial data management. The integrated offering will provide an integrated experience using intuitive workflows, document management and work approvals.

“The outcome of this integrated workflow is improved accuracy, superior turn-around time, reduced data-entry, increased client participation and increased revenue for the practice,” added Ferguson. MYOB and Dovetail serve more than 1.2 million combined businesses, comprising more than 40,000 accountants and partners throughout Australia and New Zealand.

“An online collaboration platform is a tool that will exponentially increase contact points with clients,” said Craig Stanmore, CEO and director of Jaques Stanmore Financial Group. “From their perspective, providing them with one place of reference for most of their business financial interactions will simplify their financial world, saving them time and allowing them to focus more on their business and ultimately their goals.”

MYOB has been busy working on cloud initiatives during the past year, and has already developed online versions of its existing practice solutions for accountants. These include the MYOB Practice Cloud Partner Program, enabling accounting firms to move their existing MYOB Accountants Enterprise and Office solutions to the cloud through Australian cloud hosting providers.

The MYOB Accountants Office OnTheGo and Enterprise OnTheGo solutions provide a browser-based interface for accessing practice management data from anywhere, including mobile devices. And the MYOB Essentials Cashbook solution lets accountants allocate clients’ financial transactions for accounting purposes as well as actively managing the level of client involvement.