MYOB data shows $4.8B gap in accounting AI adoption

6 August 2026

MYOB’s latest Accounting Industry Monitor surveyed more than 300 Australian practice leaders and found something that should worry every SME running on spreadsheets and manual processes. Firms that have adopted automation report a 98 per cent improvement in revenue or profitability. Ones that have not are stuck on the starting line - and most of them know they should move.

Numbers are specific. MYOB’s modelling estimates that small accounting practices could generate an extra $835 million in revenue in their first year of meaningful automation adoption, scaling to roughly $4.8 billion over five years. That assumes firms use automation to cut admin work and shift toward advisory services - a move the profession has been talking about for a decade.

So why are so many firms still sitting on their hands?

Biggest barrier, cited by 49 per cent of respondents: not cost or technology. It is understanding how to apply AI and automation in a way that is practical and secure. Nearly half the profession cannot figure out where to start. Security concerns come next at 44 per cent. Thirty-nine per cent say they are struggling to keep pace with the speed of new technology. Another 37 per cent say their teams need more training before they can use these tools with confidence.

These are not technology problems. They are scoping and implementation problems. The tools exist. Xero and MYOB both offer API access and automation features. Document extraction services can process invoices and receipts into structured data without manual entry. Email triage and appointment scheduling can run on platforms like n8n for the cost of a VPS. The gap is not in what is available. It is in knowing which problem to solve first and how to connect the pieces.

Workforce data makes the case sharper. Seventy-six per cent of surveyed firms reported difficulty filling vacant positions, up from 71 per cent the previous year. Forty-two per cent said technology-driven automation could help bridge that gap by freeing existing staff for higher-value work. Firms that have made the shift report fast turnaround times (55 per cent), fewer errors (53 per cent), and increased capacity (48 per cent) as the main gains.

For SMEs outside accounting, the pattern is the same. Businesses that automate invoice processing, customer follow-ups, and compliance reporting do not start with a grand digital transformation plan. They start with one repetitive task that eats two hours a day and build from there. First automation usually pays for itself in weeks, not months.

These numbers cover accounting specifically, but the barriers they identify - not knowing where to start, security concerns, skills gaps - apply to every small business in Australia that runs on manual processes. A revenue opportunity this clear deserves action. Implementation is where most businesses stall.

Dean Chadwick, MYOB’s chief customer officer, framed it as a confidence issue: firms need to see practical, secure use cases before they commit. That is an accurate diagnosis. It is also exactly the kind of work that does not require a data science team or a six-figure software contract. It requires someone who has done it before and can scope the first three automations that will actually change how the business runs.

Sources

Accountants Daily, “AI, automation use may add nearly $5bn to accounting industry,” Matthew Taylor, 30 July 2026. accountantsdaily.com.au

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