MYOB partners with Silverfin to develop AI solutions
The business management company has announced a partnership with Silverfin to provide local accounting professionals with a cloud-based, AI-powered compliance platform.
MYOB has announced a 10-year partnership with Silverfin, a cloud-based financial reporter and compliance solution.
Previously, Silverfin has worked with Deloitte, Grant Thornton, Baker Tilly, BDO and PwC, and holds a “stellar reputation” within the accounting and professional services industry.
MYOB said the partnership will mark a significant milestone and enable the business management platform to integrate cutting-edge financial reporting, work papers and AI-powered business advisory tools.
MYOB CEO Paul Robson said the new partnership would further the company's commitment to improving quality solutions for accountants.
“We are incredibly excited about partnering with Silverfin to accelerate our delivery of a fully integrated, cloud-first suite of solutions for accounting professionals across Australia,” he said.
“Our partnership will deliver leading innovation that empowers local accountants with a comprehensive solution that will help them to deliver exceptional client services and really thrive in a digital age.”
The partnership will customise MYOB’s platform to meet the specific compliance and regulatory requirements of the Australian market to ensure accountants benefit from Silverfin’s data-driven capabilities.
New MYOB platform features will include a new centralised data hub integrating agnostically with other accounting software platforms in addition to MYOB, as well as an in-built AI assistant which performs automated file reviews to find outliers, errors and opportunities.
An insights and analytics tool to identify trends and benchmarks clients to inform advisory services, and in-product collaboration capability for a single source of truth for client files, actions and reviews will also be included.
Silverfin CEO Lisa Miles-Heal said she is looking forward to working with MYOB to further accelerate the use of AI-powered accounting software.
“Artificial intelligence will transform client accounting and compliance advisory- from enhancing data accuracy, to providing forecasting analytics and actionable insights, automated file reviews and fast identification of errors,” she said.
“At Silverfin, we’re committed to humanising these digital advancements and ensuring the accountant of the future remains relevant and respected.”
Robson and Miles-Heal said the two platforms are “true leaders” in the accounting industry and will significantly benefit the industry throughout the 10-year partnership.
