Our story. Our purpose. Our aspirations.
The idea for Myaccountant was conceived after listening to friends with micro-businesses complain about having to pay too much for basic bookkeeping and accounting services. It appeared that micro-businesses were not using any accounting software and their accountants were performing a lot of the ground work for preparing a simple Activity Statements (BAS) and tax return.
This problem is faced by 2 million micro-businesses in Australia and the number is growing at a significant rate. These micro-businesses are now joined by millions more of Australians who are earning a secondary source of income from the growing number of shared and gig-economy platforms including Uber, Airbnb, Airtasker etc. and mostly from multiple platforms at any given time.
Problem we are trying to solve
Micro-businesses and gig-economy operators are struggling with managing an enormous amount of data coming from divergent sources, which is making the ATO’s tax and record keeping compliance process more complex and expensive.
Accountants are struggling to service the growing micro-business and gig-economy market due to their low fee paying capacity, poorly organised data and record keeping and manual processing of ATO forms resulting in lower profitability.
Existing accounting software products and various tools that are available on the market which might help to streamline some of the processes for the micro-business market and their accountants are proving to be unaffordable, incomplete and overwhelming.
The most popular and comprehensive software products on the market are primarily catered for small to medium and larger enterprises. These same products, sometimes with minor variations, are expected to be used by micro-businesses despite the fact they have vastly different needs.
Micro-businesses and gig-economy operators don’t need accounting software. What they need is a simpler, effective and more economical way to manage their data and the process for complying with the ATO requirements.
Accountants need to be innovative and find more efficient ways to serve the growing micro-business and gig-economy market to ensure their services remain profitable.
Myaccountant App is simple, economical and seamlessly integrates with various other platforms and applications used by micro-businesses and gig-economy operators to collate their scattered data in one location, intelligently organise it and present it in a manner that is useful in meeting the needs of micro-businesses and accountants alike – and all of without a fixed monthly software cost.
Since its inception in 2016, Myaccountant as a concept has evolved from its original idea of merely providing a viable alternative to the expensive accounting software for micro-businesses to track their business income and expenses using their smartphone.
In early 2017 Myaccountant had the Myaccountant App successfully certified with the ATO to completely transform the way micro-businesses and gig-economy operators comply with their ATO obligations. The Myaccountant App is the first and only App on the market that enables lodgement of a Business Activity Statement directly with the ATO using a smart phone.
Later in 2017 year, Myaccountant released a bank connect feature that allowed users to instantly connect the App with their bank account and credit cards to securely download transactions for key-less and real time bookkeeping.
In early 2018, Myaccountant released the Myaccountant App for accountants, transforming the way accountants operate and provide services to the micro-business and gig-economy market, and allowing them to work entirely from their smart-phone.
Most recently, Myaccountant were thrilled to win the Startup Victoria’s 2018 Professional Services Tech Pitch Night
Myaccountant is currently working on multiple integrations, including Stripe, PayPal and Square. We are also aspiring to partner with shared-economy platforms like Uber, GoCatch, Airtasker, Airbnb and Deliveroo to help enhance the experience of their millions of operators around Australia.