{"id":163578,"date":"2025-03-29T19:21:09","date_gmt":"2025-03-29T19:21:09","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/product-news-for-accountants-productivity-gains-compliance-changes\/"},"modified":"2025-03-29T19:21:09","modified_gmt":"2025-03-29T19:21:09","slug":"product-news-for-accountants-productivity-gains-compliance-changes","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=163578","title":{"rendered":"Product News for Accountants: Productivity gains, compliance changes"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Whether we\u2019re adding new features, simplifying workflows, or building a whole new module, MYOB is always changing and adapting to better serve our customers.\u00a0\u00a0<\/p>\n<p>This quarter, we\u2019ve introduced several significant changes to the MYOB Practice platform (formerly MYOB Practice), including Fringe Benefits Tax returns in the cloud, auto-filling depreciation data and a redesign of tax return PDFs in response to customer requests. We\u2019ve also launched the new Client Accounting module in Practice Compliance \u2014 a major milestone that lets accountants manage compliance in the cloud.\u00a0\u00a0<\/p>\n<p>Here\u2019s what the changes mean for your practice:\u00a0\u00a0<\/p>\n<h2><strong>Time-saving updates to Tax in Practice Compliance<\/strong>\u00a0<\/h2>\n<p>New tax functions include FBT returns and a redesign of tax return PDFs.\u00a0\u00a0\u00a0<\/p>\n<h3><strong>FBT returns in the cloud\u00a0<\/strong>\u00a0<\/h3>\n<p>Preparing annual FBT returns is about to get quicker and easier, which means more time for your team and better outcomes for clients. From April, you\u2019ll be able to prepare and lodge FBT returns from the cloud through the Tax in Practice Compliance platform. This gives you the flexibility to work on FBT returns from anywhere and means less switching between platforms when working on client documents.\u00a0\u00a0<\/p>\n<h3><strong>New-look tax return PDFs\u00a0<\/strong>\u00a0<\/h3>\n<p>After feedback from our clients about layout and readability, we\u2019ve redesigned final tax return statement in Practice Compliance.\u00a0<\/p>\n<p>When you generate a return and click \u2018preview PDF\u2019, you\u2019ll see the difference. The new design presents the main form, schedules and worksheets in a clear, reader-friendly way. This makes it easier for your team to review and sign off returns at the end of the financial year. It also makes life easier for your clients, as the new layout is much more accessible for non-accountants.\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>Find out more about the latest updates to tax returns in Practice Compliance <a href=\"https:\/\/www.myob.com\/au\/support\/myob-practice\/tax\/preparing-tax-returns\/individual-tax-return\/creating-an-amendment-individual-returns\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.\u00a0<\/p>\n<h3><strong>Boosting productivity in Tax in Practice Compliance<\/strong>\u00a0<\/h3>\n<p>Build productivity across your practice with these efficiency-boosting updates. From auto-filling information to in-platform amendments, they\u2019re small changes that add up to tangible gains.\u00a0\u00a0<\/p>\n<h3><strong>Auto-fill asset depreciation\u00a0<\/strong>\u00a0<\/h3>\n<p>Ready for fast, accurate <a href=\"https:\/\/www.myob.com\/au\/support\/myob-practice\/tax\/tax-depreciation-worksheet?productview=Browser\" target=\"_blank\" rel=\"noreferrer noopener\">depreciation filing<\/a>? Tax in Practice Compliance now automatically pulls and pre-fills key information from the asset registry. This means that when you or your team are preparing a tax return, it will already include asset details and depreciation amounts in the relevant sections. You\u2019ll also get an automated, reader-friendly document that sums up the depreciation amounts \u2013 a quick, simple way to let clients know the key details.\u00a0\u00a0<\/p>\n<p>The new auto-fill tool cuts out much of the back-and-forth involved in depreciation filing and reduces the risk of errors \u2013 both wins for productivity in your practice.\u00a0\u00a0<\/p>\n<h3><strong>Save and store ATO pre-fill data\u00a0<\/strong>\u00a0<\/h3>\n<p>ATO (Australian Taxation Office) pre-fill reports are a time-saver when you\u2019re creating individual tax returns \u2013 and we\u2019re making it even easier to use them. When you\u2019re creating a new tax return and using <a href=\"https:\/\/www.myob.com\/au\/support\/myob-practice\/tax\/preparing-tax-returns\/individual-tax-return\/pre-fill-data-from-ato-individual-tax-returns-only\" target=\"_blank\" rel=\"noreferrer noopener\">pre-fill data in MYOB Practice<\/a> Compliance, the system will auto-save a copy into the documents tab. Click to check details, copy and paste amounts, or compare calculations in seconds, without switching over to another site or platform.\u00a0\u00a0<\/p>\n<h3><strong>Amend tax returns for any entity\u00a0<\/strong>\u00a0<\/h3>\n<p>Making a change to a completed tax return can be fiddly and time-consuming, particularly if you have to use different systems to amend and lodge new details. The <a href=\"https:\/\/www.myob.com\/au\/support\/myob-practice\/tax\/preparing-tax-returns\/individual-tax-return\/creating-an-amendment-individual-returns\" target=\"_blank\" rel=\"noreferrer noopener\">new amendment tools<\/a> in Practice Compliance are designed to solve this issue. If you notice a mistake or missing item after you\u2019ve completed a tax return, you can lodge an amendment through Tax in Practice Compliance. Even better, it works for any of the major returns, including company, partnership, trust and individual returns.\u00a0\u00a0<\/p>\n<h3><strong>Quicker contact entry for reports and schedules\u00a0<\/strong>\u00a0<\/h3>\n<p>Sick of manually entering contact or association details into returns, reports or schedules? Practice Compliance now lets you <a href=\"https:\/\/www.myob.com\/au\/support\/myob-practice\/tax\/adding-associations-to-a-tax-return?productview=Browser\" target=\"_blank\" rel=\"noreferrer noopener\">pull information from saved contacts<\/a> and auto-fill relevant fields \u2013 for example, the Rental Property Schedule. It reduces time-consuming data entry for your team and minimises the risk of transcription errors or mistakes.\u00a0\u00a0\u00a0<\/p>\n<h2><strong>Introducing Client Accounting in Practice Compliance<\/strong>\u00a0<\/h2>\n<p>The newly released <a href=\"https:\/\/info.myob.com\/au\/lp\/accountants-bookkeepers\/cloud-compliance#EOI\" target=\"_blank\" rel=\"noreferrer noopener\">Client Accounting module<\/a> is a game-changer. The module, built in partnership with <a href=\"https:\/\/silverfin.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Silverfin<\/a>, offers standardised work papers, financial statements and management reports in the cloud for Australian accountants.\u00a0\u00a0<\/p>\n<p>The module will feature an AI assistant that helps pre-fill account details and spot discrepancies, tools for in-platform collaboration and document sharing, and automated alerts to help you keep up with compliance requirements. As part of the Practice Compliance platform, it\u2019s fully integrated with your current accounting and practice management systems.\u00a0\u00a0<\/p>\n<p>Through the Early Access Program, you can leverage a cloud-native solution that sits alongside MYOB\u2019s cloud tax offering today, enabling seamless core compliance workflows\u2014starting with your core compliance for clients with companies, with release for Trusts, Partnerships, Sole Traders and Agri clients in development.\u00a0<\/p>\n<h2><strong>Stay up to date on the further development of Client Accounting.<\/strong>\u00a0<\/h2>\n<p><a href=\"https:\/\/info.myob.com\/au\/lp\/accountants-bookkeepers\/cloud-compliance#EOI\" target=\"_blank\" rel=\"noreferrer noopener\">Click here to submit an expression of interest to be among the first to know about updates and upcoming events.<\/a>\u00a0<\/p>\n<h2><strong>Looking forward to Q2\u00a0<\/strong>\u00a0<\/h2>\n<p>Practice Compliance has seen some significant changes over the first quarter of 2025 to our cloud offering. As we move towards the middle of the year, we\u2019ll continue to add functions and features, roll out new workpapers in Client Accounting, and listen to client feedback about workflows and tools that need to change. As always, it\u2019s about making sure our accounting customers are set up for growth, productivity and exceptional service.\u00a0\u00a0<\/p>\n<hr class=\"wp-block-separator\"\/>\n<p style=\"font-size:10px\"><em>Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice.\u00a0This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.<\/em><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Whether we\u2019re adding new features, simplifying workflows, or building a whole new module, MYOB is always changing and adapting to better serve our customers.\u00a0\u00a0 This quarter, we\u2019ve introduced several significant changes to the MYOB Practice platform (formerly MYOB Practice), including Fringe Benefits Tax returns in the cloud, auto-filling depreciation data and a redesign of tax [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":163579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[12717,15442,11071,1820,1463,18635],"dealstore":[],"offerexpiration":[],"class_list":["post-163578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-accountants","tag-compliance","tag-gains","tag-news","tag-product","tag-productivity"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - 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