MYOB has increased its annual loss by half as costs nearly doubled on new product development and launch costs.
The company lost more than $A21 million in 2014, compared with $A14 million in the previous year.
The accounting software provider in Australia and New Zealand lifted operating profit before costs by 15 percent while sales rose 16 percent.
MYOB said that growth had been driven by the rapid adoption of internet-based cloud solutions by both new and existing customers.
The Australia-based company said it has more than 1.2 million businesses using MYOB software with more than half of those paying customers and 116,000 being cloud customers.
MYOB competitor Xero operates solely in the cloud and had 277,000 customers in Australia and New Zealand at the end of September.
