Digital Automation and Its Impact

A recent Sunday Star times article talked about the impact of digital disruption in the Accounting profession. That much of what we do has now been automated and simplified and therefore clients believe that we’re doing less. And yes, in terms of processing data we are.

It went on to say that now our work is “all based around strategic advice on top of traditional compliance activities such as financial and tax reporting”.

I would argue that this is nothing new. Those of us in public practice have always worked in this field. However, we’re now in the fortunate position of being able to get more accurate, timely information from our clients’ systems, so we can work in the now and the future, instead of only adding up the past. Read More »

Systems, Systems, Systems

Modern business technology is an amazing thing (though I suspect all generations say that). I’ve recently had conversations with several clients that have reiterated this.

For one, they are a wholesaler where all the knowledge of the products’ quantities and whereabouts in the warehouse is held by the owner and a warehouseman who’s wanting to retire at some stage soon. This is a business risk, what happens if they’re not there? How much time and effort would be wasted by the rest of the team trying find everything, or know when to reorder? They have a basic product list in their accounting system, but it’s really just for pricing invoices.

For a manufacturing client, they make several grades of a product but can’t tell how much each grade costs to make and therefore what lines they’re making money on and what they’re not. There’s a capacity to how much they can make, so wouldn’t they be better to concentrate on making more of what they make good margins on, as opposed to other products? Read More »