Solo by MYOB addresses a critical challenge faced by 1.5 million sole operators in Australia: managing the complexities of running a business solo without the necessary tools and support.
Many of these entrepreneurs struggle with the time-consuming and often overwhelming task of handling business admin—using outdated methods like shoeboxes, spreadsheets, or piecing together multiple tools that don’t integrate well. This lack of streamlined processes not only eats up valuable time but also hinders growth, making it harder for sole operators to focus on what they do best: building and growing their businesses.
Here are some ways Solo by MYOB helps sole operators:
- Simplifies Business Management: Solo by MYOB consolidates invoicing, expense management, and payments into one easy-to-use app, saving time and reducing the complexity of managing business tasks.
- Boosts Productivity: With features like ‘snap and scan’ OCR for quick expense capture and GenAI support for real-time troubleshooting, the app helps sole operators save an average of 17 hours per month.
- Seamless Digital Transition: The app helps operators move away from manual methods like shoeboxes and spreadsheets, providing a digital foundation to streamline their operations.
- On-the-Go Payments: Tap to Pay functionality allows sole operators to process payments easily wherever they are, making transactions faster and more convenient.
- Community Support: The app connects users with a network of like-minded businesses, offering peer advice, tips, and support to help them navigate challenges and grow.
- Future Growth: With powerful tools and a digital foundation, Solo by MYOB positions sole operators to scale their businesses as they grow, without feeling overwhelmed by administrative tasks.
Solo by MYOB solves these problems by offering an all-in-one mobile app that simplifies key business tasks. With features like invoicing, expense management, and on-the-go payment processing, it removes the need for multiple apps and manual tracking. The ‘snap and scan’ optical character recognition (OCR) speeds up expense capture, while the GenAI digital assistant provides real-time troubleshooting, helping users solve issues quickly without needing extensive technical knowledge.
The app also helps users build a solid digital foundation, eliminating the traditional chaos of physical paperwork and spreadsheets. By offering seamless integration and easy-to-use features, Solo by MYOB frees up valuable time—saving sole operators an average of 17 hours per month. This productivity boost allows them to spend more time focusing on growing their business, rather than getting bogged down by administrative tasks.
Beyond the app’s functionality, Solo by MYOB fosters a sense of community. Sole operators can connect with like-minded entrepreneurs, exchange advice, and gain insights from community leaders, helping them feel less isolated and more supported. This connection can be crucial in navigating the ups and downs of running a business alone, offering a sense of camaraderie and shared experience.
MYOB CEO Paul Robson said that running a business solo should not mean business owners need to go it alone. “For more than three decades, we’ve invested deeply in SMEs and mid-market businesses, and their accountants and bookkeepers, to help manage the complexities that come with a growing and established business. In that time, we’ve seen extraordinary transformation within the SME sector. Currently, 61% of Australian SMEs are classified as a non-employing business, but this community is expanding at a rapid rate.
“More than any other segment, Australia’s 1.5m sole operator businesses need the right support to help them navigate the challenges of managing a business, as they work on aligning their passion and vision with the foundational requirements of building something new. Solo by MYOB is about making this critical audience feel more connected and supported. We are committed to our purpose of helping Australian businesses start, survive and succeed and this new app will provide sole operators with a flying start to their future as Australia’s next generation business owners,” said Paul.
“Despite the clear productivity and performance advantages of digitisation, more than half a million sole operators in Australia do not use digital business admin tools, a challenge that becomes much harder to overcome as a business grows and evolves.”
Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.
