MYOB Classic Software Changes
In breaking news, MYOB have announced they are providing partners and clients with over 12 months’ notice before they cease providing new features, patches, compliance updates or product support from 30th September 2019 for the MYOB Classic desktop products (often referred to as Version 19 or earlier).
After 30th September 2019 desktop versions of MYOB will still work, as the software license remains the property of the owner, however, clients should be made aware that there might be conflicts with future changes in the computer operating systems.
For those who want up-to-date support and systems beyond September 2019, this will mean a required upgrade to MYOB’s cloud suite of products.
MYOB have chosen to take this step, in no small part, due to the changing compliance environment including the imminent arrival of the Single Touch Payroll (STP) reporting regime for all employers.
STP has already rolled out for businesses with over 20 employees, and by 1 July 2019 Companies with under 20 employees will have to comply with the new online payroll reporting regime. Read more about STP here.
Another key driver for change is the ever increasing risks associated with data security and the fact that clients’ data is more robustly protected in the latest versions of the accounting software. Read more on the new Notifiable Data Breach (NDB) laws and required data breach reporting procedures here.
The transition to Account Right Live is quite simple and provides the ability to work totally offline on the desktop plus the ability to access the benefits of synchronising with the cloud if this suits the business process. Having access to your financials on any device at any time is one of the great benefits of cloud based software.
Please contact our office about the best way forward for your business in consideration of the compliance changes and security risks.