![]() Fresh accountancy innovation vs the reliable old guard. Typically the two most popular platforms in this instance would be Xero and Quickbooks. However, when it comes to user-friendliness, which platform will work best for your creative business venture? That’s why keeping it all in one user-friendly platform is key to managing company finances efficiently. It can seem a little overwhelming for even the most numerically astute business owners. "Clients aren't going to pay for their own data," he said.We understand that accounting can seem like a very daunting – and often dull – prospect for any growing business. MYOB is looking to apply another level of insight, however Mr Reed feels it won't produce an immediate revenue opportunity for the software vendor. "In all the examples I've seen, there is another question that the data can't answer that needs to be answered to make the information relevant to help businesses grow," Mr Reed said. However, he says the revenue model from data analytics is not clear yet. Rival MYOB made similar moves a few years ago, according to chief executive Tim Reed. ![]() Xero has completely rewritten its back-end systems over the last two and a half years so clients' data is in a compatible format to leverage Amazon's machine learning technology when it becomes available. We would fast follow." Revenue model unclear "We won't invest a lot of time in that until the platform-as-a-service-providers open that doorway for us. I don't know that we'd feel very comfortable with that," Mr Drury told The Australian Financial Review at Xerocon last year when asked about the impact of the Trans-Pacific Partnership, a major trade deal involving Australia and 11 other countries. "As it works at the moment, we would have to give Chinese authorities access to our source code and host our data in China. ![]()
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