Cloud offerings help MYOB break records

MYOB has announced it now has 500,000 regular paying clients, and says its cloud offerings have significantly contributed to this figure.

Throughout Australia and New Zealand, 1.2 million businesses are actively using MYOB SME solutions, and as of December 2014 500,000 are regular paying clients. Of these clients, over 116,000 are cloud subscribers, which is also a record figure for MYOB.

In the latest quarter ending 31 December, over two thirds (67%) of new MYOB SME product registrations were cloud subscriptions. This compares to 61% in the quarter ending 30 June 2014 and 48% in the comparable quarter for 2013.

James Scollay, MYOB general manager SME solutions, says, "We recognise that small and medium businesses have different and specific needs and have invested significantly in R-D, with over $40 million invested in 2014 alone, to develop a range of leading-edge cloud solutions.

"Our cloud solutions suite provides SMEs in Australia and New Zealand with a wide range of available solutions, so we're able to meet their needs at any stage of their businesses growth cycle," he says.

Scollay says reaching 500,000 regular paying clients reflects the pace at which the market is adopting cloud offerings.

"The uptake of our cloud solutions is driving growth of our total, paying and online users, whilst solidifying MYOB as the leading accounting solutions provider in Australia and New Zealand," says Scollay.

He says MYOB is well positioned for continued growth moving forward due its significant investment in R-D as well as products that are targeted toward micro, small and medium-sized enterprises.