MYOB has taken the wrappers off Solo Money, a business transaction account integrated within Solo by MYOB, an administrative application tailored for sole operators in Australia.

This new offering is designed to address the prevalent issue of sole operators using personal accounts for business purposes. According to Kantar, 76% of Australia's 1.6 million non-employing businesses currently rely on personal accounts for their business transactions.

Solo Money aims to simplify financial management for sole operators by providing a dedicated business transaction account that integrates seamlessly with MYOB's accounting software. This integration is intended to enhance cashflow transparency and reduce administrative complexity for users. Solo by MYOB, the platform hosting Solo Money, is equipped with AI-powered transaction matching, automatic reconciliation, and invoicing capabilities.

The app was the first in Australia to offer Tap to Pay functionality for both Apple and Android devices. Solo Money will initially be launched as a business transaction account and business debit card, with availability in Australia set for July 2025. It's underpinned by Great Southern Bank's bank licence.

In addition to these features, Solo by MYOB has the capability to link other existing bank accounts through its connected accounts feature. This functionality is made possible by MYOB's initial deployment of Open Banking technology.

MYOB CEO Paul Robson commented on the launch, stating: "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."

Robson further highlighted MYOB's longstanding expertise, saying, "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."

MYOB is a provider of cloud-based business management solutions, catering to businesses in Australia and New Zealand with employee numbers ranging from zero to 1,000.