MYOB is making its foray into banking providers with the launch of a brand new service designed to supply Australia’s sole operators with a devoted enterprise checking account.
With Solo Cash, solopreneurs could have entry to a devoted enterprise transaction account that’s built-in inside Solo by MYOB, the executive software of MYOB tailor-made for sole operators in Australia
Solo Cash was conceived to deal with the difficulty going through 76 per cent of the nation’s 1.6 million solopreneurs who do not need a devoted enterprise checking account, leaving them to dangers of confusion and elevated admin load because of the intermingling of non-public and enterprise transactions in a single account.
MYOB CEO Paul Robson guarantees that Solo Cash will present an all-in-one cellular answer for solopreneurs from day one, as they won’t solely get to have their devoted transactional checking account but additionally have entry to MYOB’s highly-regarded accounting software program to allow them to keep on high of their funds.
“Sole operators take a leap of religion after they begin their very own enterprise. Discovering methods to cut back complexity and supply cashflow transparency is vital in serving to Australian startups begin, survive and succeed, ” stated Robson.
The launch of Solo Cash can be seen to additional increase the capabilities of the Solo by MYOB app to grow to be a real all-in-one finance and admin answer that successfully combines accounting, enterprise admin administration, and banking in a single app whereas minimising the double dealing with of information entry by means of automation and integration.
Solo Cash can be set to grow to be the one admin app in Australia that may provide a checking account with the pliability to hyperlink different present financial institution accounts by means of its related accounts function, powered by MYOB’s first Open Banking deployment, alongside different options comparable to real-time cashflow reporting, with transactions made seen and reconciled within the accounting software program by means of AI good matching.
“Solo by MYOB is the results of MYOB’s in depth expertise, offering market-leading innovation for the subsequent technology of entrepreneurs and enterprise homeowners,” Robson stated.
Solo Cash will initially launch as a enterprise transaction account and enterprise debit card and will likely be accessible this month. Solopreneurs can apply for a Solo Cash account in as quick as three minutes.
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