MYOB launches Solo Money to streamline finance for sole traders
MYOB has announced the introduction of a business transaction account feature, Solo Money, within its admin app Solo by MYOB, aimed at Australia's sole operators.
Solo Money is positioned as a response to a persistent issue among sole traders, with recent findings showing that approximately 76% of non-employing businesses in Australia do not use a dedicated business bank account. Instead, many use personal banking facilities for business transactions, which can create confusion and make financial management more complex.
Solo by MYOB is being developed to address complications arising from mixing personal and business income and expenses. The new embedded finance feature enables users to open a business transaction account directly within the app, combining banking, accounting, and business admin in one place.
Paul Robson, Chief Executive Officer at MYOB, emphasised the importance of streamlining finances for Australia's sole operators. He said,
"Sole operators take a leap of faith when they start their own business. Finding ways to reduce complexity and provide cashflow transparency is critical in helping Australian startups start, survive and succeed. MYOB is leveraging 34 years of product expertise and leadership in Solo by MYOB. Solo by MYOB is the result of MYOB's extensive experience, providing market-leading innovation for the next generation of entrepreneurs and business owners."
With Solo Money, the company intends for Solo by MYOB to become a single source of truth for cashflow, providing near real-time reporting. It achieves this by integrating transaction data directly into its accounting software, using artificial intelligence to match transactions automatically. This integration is expected to reduce the administrative burden on users, as double-handling and manual reconciliation of transactions are minimised.
The app also enables users to view and link other existing bank accounts through its connected accounts feature, facilitated by MYOB's first use of Open Banking technology. This means users can see their different business accounts in one place, a capability that is not currently common in Australian admin apps designed for sole operators.
Other recently introduced features of Solo by MYOB include AI-powered transaction matching and auto reconciliation, alongside invoicing. The app previously became the first accounting software in the Australian market to provide Tap to Pay functionality across both Apple and Android devices, allowing sole operators to take instant card payments for their services upon completing a job.
Sole operators will be able to apply for Solo Money in as little as three minutes, according to the company. At launch, Solo Money will function as both a business transaction account and a business debit card. Availability in Australia is planned for July 2025.
The market addressed by Solo Money is substantial. Statistics suggest there are approximately 1.6 million sole operators in Australia, a group encompassing a variety of trades and professions that typically face unique administrative and financial challenges due to their structure as single-person businesses.
Solo by MYOB is exclusively designed to cater to this demographic. Its suite of features includes invoicing, payments, expense tracking, and record keeping designed to meet Australian Taxation Office requirements. Further feature expansions are expected in the coming year, according to company statements.
The company has indicated that Solo by MYOB will continue to expand its capabilities, with Solo Money intended to form a cornerstone of a broader business management ecosystem tailored for sole proprietors.
