ANZ Bank monitors accounting software group MYOB

While accounting software was designed to be linked to bank accounts, small businesses need to reconcile the outputs of the two systems to get an accurate reflection of their financial position and cash flow.

MYOB is used by over a million Australian small businesses, while ANZ is one of the largest commercial banks in the country.

It smells of the SME spirit

Analysts said ANZ could offer small businesses access to a full suite of integrated banking and accounting products, in a bid to win new customers.

MYOB reported revenue of $502 million in the year to Dec. 31, according to accounts filed with the corporate regulator, and a loss of $104 million after tax through its capital structure.

The company had annual revenue of $445 million and underlying EBITDA of $190 million before KKR acquired it for $2.4 billion in May 2019.

The talks come as MYOB and Westpac reached a strategic agreement that would allow MYOB to add daily updates of Westpac’s credit card and term deposit transactions into its business software.

Sources said ANZ talks went further, discussing taking a stake in the business or even acquiring it outright.

Bank refresh

This comes as ANZ works on a major transformation program internally dubbed ANZx, which is expected to help the bank’s 8 million retail and commercial customers improve their financial well-being, offer them more quickly, whether it’s the bank or other suppliers. ‘ products and reduce operating costs.

In an interview with The Australian Financial Review Last month, Chairman Paul O’Sullivan highlighted the scope of the program, describing it as “effectively re-architecting and retooling the bank. All of our capabilities are going to be upgraded and refreshed.

“I think ANZx will actually be seen as a benchmark in the industry,” O’Sullivan said at the time.

“We’re taking a pretty radical approach, which a few other banks are doing internationally. We develop new solutions and new ideas and work in partnership with suppliers who are new to the industry.

Previous IFRS 17 an accounting standard for insurance contracts, KNEWS
Next What is a home loan and how does it work?