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The entrepreneur taking the hard work out of bookkeeping

Silicon Valley alumnus, Tim Reed, spent 10 years in the U.S. working in a variety of online and B2B software companies before he decided to head back home to Australia and join the MYOB team.

He has since enjoyed being appointed CEO of Australasia’s largest business management software provider and helping SMEs build stronger businesses by implementing cloud-based solutions.

Reed explained that joining MYOB hit the mark on many things he loves, and it’s his identifying with the company’s ethos that has seen him dedicate 10 years there.

“I really like technology and the way it can drive productivity [and] I enjoy working on business tools and solutions. MYOB is a company with a great brand and great values. Liking what I do and the people I do it with and for is, for me, a requirement of any job,” said Reed.

Development of online accounting systems and a better work environment

MYOB has enjoyed numerous successes under Reed’s leadership – particularly, the development of cloud accounting systems that has helped Australian businesses operate more efficiently.

“There are a few things that I’m really proud of since I’ve become CEO. The first is the innovative solutions that we’ve delivered to our clients,” said Reed.

“Cloud accounting systems take a lot of the hard work out of bookkeeping. MYOB LiveAccounts and MYOB AccountRight Live can both reduce the amount of time it takes a business owner to do the books by around 25 percent and 75 percent, allowing our clients to get back to running their business and doing what they love to do,” he added.

Reed went on to explain that the ‘anywhere anytime’ nature of online accounting solutions and features such as automatic bank transaction feeds enable SMEs to work smarter.

“They can achieve deeper, more up-to-date understanding of their financial situation, spend less time on admin such as manual data entry and spend more time on growing their business,” he said.

“SME operators can seamlessly switch between working online and offline. When working with their file online they can invite their accountant or bookkeeper in and they can all work on the books at the same time,” Reed added.

He also takes pride in the internal changes he has brought to the company, saying that their team engagement is much higher, and their vision and values are much clearer.

“Creating a work environment where everyone can do their best, succeed and grow is really important to me,” said Reed.

Future of small businesses in 2013 

Reed believes small business policy should be a priority for politicians in the upcoming Federal election – especially in light of the difficulties they’ve been facing with the compliance burden, carbon tax and red tape.

He acknowledges, however, the positive initiatives that have been implemented in recent years to help SMBs.

“The tax loss carry-back, instant asset write-off and increase in the tax free threshold limits have all been policies that have helped small business; while industrial relations laws have regressed,” said Reed.

The future of small businesses is heavily tied to the overall economic outlook. Reed explains that while 26 percent of SMEs expect the domestic economy to improve within 12 months, 7 percentage points higher than July 2012 according to the latest MYOB Business Monitor, it is up to the government to help build confidence among SMEs in the economy.

“I hope the election is decisive and brings about confidence to the local economy – that’s what is needed to ensure this increased optimism translates to real performance,” he said.

The importance of online technology

One of the most important tools for business today is the Internet. Reed said that online technologies can help small businesses become competitive within the increasingly important digital economy.

“The benefits include the ability to compete on a more level playing field with local and global rivals by being easily found and contactable, increased productivity through streamlined business processes and spending more time on, rather than in, the business thank to less time spent on business administration,” said Reed.

“This means more time for growing the business, which has the potential to make a difference to our economy,” he added.

Reed’s plan for the future is to ensure that MYOB’s business management solutions make business life easier, so Australian SMEs have “more time to build their venture or to enjoy life outside of work.”

Tasnuva Bindi

Tasnuva Bindi

Tas is a journalist at Dynamic Business. She has a passion for visual and performance arts, feminist politics, and animal rights. In her spare time she likes to paint, write poetry, and read courtroom drama novels.

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