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Blog: 21 November 2014 – My Thoughts on the Accounting Industry.

The high frequency of technological advances that have and will continue to occur, along with ongoing changes to government regulations will continue to transform the financial services industry. If you are not dynamic enough or if you are too bogged down in what you have always done, you will be left behind with a business system that may be sufficient today, but it will be made redundant tomorrow.

You don’t need to be an early adopter of new software or IT platforms, nor do you need to think that you should change your service offerings. You just need to know what you are good at, what clients want from you and what you can confidently deliver to clients at an engaging price, all the while

enjoying what you do and the company of who you do it for, the clients.

In the event that you, as a client, have your own data file (MYOB, Quickbooks etc), part of the service I provide is to attend your premises or log onto your system and ‘inspect’ your live bookkeeping file, as not only is it easier to work in your live file before taking the data for the yearend tax reporting, but your yearend adjusting journal entry will be more concise, creating less duplication. More to the point, this process will ensure your file is reviewed before extracting the data from your file. This process ensures efficiency and vital communication between you and I regarding the quality of your data file. This will also alleviate the need to numerous minor coding (Account or GST) adjustments in the accountant’s reporting software.

The use of Xero bridges the gap between client and the accountant. In my opinion you will get a better ‘product’ (being the standard financial year reporting and tax returns), because your accountant has been able to look at your accounts on an regular basis, as instructed by you as the client.

Very exciting times ahead for someone with a fresh approach to an old industry. Scary times ahead if you don’t know what you’re doing.

Those who know me know that one of my favorite sayings is that ‘I have a guy for everything’. I see a lot of value in surrounding myself with the right people as specialists in what they do, to help myself and my network out when needed. Just think of me as your ‘Connected Accountant’ so if you need a referral to someone with a fresh approach to what they do, whether they be for another professional service, trade based or otherwise, and you do not know where to start, please get in touch with me directly or follow the links.

 

Chris Wheatley

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