Accounting platform MYOB has unveiled its Solo app, promising the nation’s independent contractors, freelancers, and gig workers a new way to handle their expenses and reporting duties.
The new app, designed for smartphone use, allows sole traders to send and receive invoices, create automatic invoice reminders, upload receipts, and take payments through Tap to Pay.
Solo also allows users to generate GST calculations to assist with reports to the Australian Taxation Office (ATO), and provides cashflow insights.
The app represents a departure from MYOB’s traditional customer base of employing businesses.
In a statement, MYOB CEO Paul Robson said Solo was designed to meet the “extraordinary transformation” in the Australian small business community and the surge in non-employing entities.
“Currently, 61% of Australian SMEs are classified as a non-employing business, but this community is expanding at a rapid rate,” said Robson.
While Solo is a new endeavour for MYOB, the market for accounting tools designed for sole traders is already highly competitive.
Ventures like the separate, standalone service Sole offer affordable alternatives to the traditional route of sending invoices via email and stuffing receipts in a spare drawer, while Hnry offers tax lodgment and payment services, payment functions, and debit cards, among other add-ons.
Thriday, Xero, and Intuit Quickbooks all pitch their simplest paid plans to the sole trader set.
The ATO bills its own free app as a tool for sole traders to manage their top-line tax and superannuation needs, while capturing receipts for deduction purposes.
MYOB pitches Solo as an all-in-one offering that doesn’t require a broader subscription, and says upcoming tools allowing sole traders to communicate and connect will enhance its functionality.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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