If BAS time makes you want to hide under the desk, help could be on the way. Accounting software provider MYOB has announced a new suite of AI tools designed to help small business owners spend less time on admin and more time actually running their business.

The new features aim to tackle some of the biggest small business headaches — compliance, cashflow and bookkeeping — by automating routine tasks and surfacing insights in real time.

According to MYOB, the tools are designed to slot into existing workflows and deliver small time savings that add up over time.

AI tackling BAS headaches

One of the headline features is an AI-powered BAS assistant, which MYOB says is the first of its kind in Australia. The tool is designed to help sole traders and small businesses prepare their BAS by suggesting how transactions should be treated and flagging anything that looks unusual. It then generates a pre-filled BAS report for an accountant or bookkeeper to review.

MYOB CEO Paul Robson said the company is focusing its AI efforts on areas where small businesses need the most help.

“We are focused on investing our innovation in areas we know will drive maximum value for our customers and partners, directed by MYOB’s deep knowledge of what makes Australian and New Zealand businesses more successful.

“This is a decisive leap in AI. We’re targeting business pain points ready for reinvention and transforming how customers and partners operate, unlocking a step-change in productivity through efficiency and insight. Smart AI application is the engine of this vision.”

Turning numbers into insights

Another feature, called AI Business Insights, aims to make financial data easier to understand by turning it into charts and plain-English explanations. The tool is designed to highlight patterns and trends so business owners can spot issues or opportunities sooner.

MYOB says the feature will also help accountants and bookkeepers have more meaningful conversations with their clients by highlighting performance drivers and trends.

Bye-bye to late payments

The rollout also includes tools aimed at everyday admin tasks that tend to chew up time. Smart Reconciliation uses AI to automatically match bank transactions to categories and reconcile accounts, while learning from user behaviour over time.

While Smart Invoice Reminders analyses late payment behaviour and suggests when to follow up, including recommended messaging and automated reminders.

Late payments remain a major pressure point for small business owners, with MYOB research showing 18 per cent say overdue invoices cause extreme pressure.

AI for the everyday business owner

Robson said the new features are part of a broader shift in how small businesses will use technology.

“We are focused on designing products that prioritise the responsible and secure application of AI in workflows that makes the most sense to real life business, meeting our customers where they are in their AI journey while delivering exceptional technology experiences.

“AI will completely change the game for small businesses and their advisors, powering up productivity and accelerating innovation beyond anything we’ve seen before. This is just the start of a new era for Australia’s economic engine room, the nation’s 2.6 million small businesses, and MYOB is excited to be at the forefront of it.”

The new AI features are currently in various stages of beta and are being rolled out across MYOB products including Solo, MYOB Business and AccountRight.

Want more? Get our newsletter delivered straight to your inbox! Follow Business Builders on Facebook, Twitter, Instagram, and LinkedIn.