Trent McLaren

The future is on the horizon, but hold on

The future is close but not that close.

does dragon age inquisition have matchmaking Yes, the future of accounting is well and truly here. We know what is going to happen. Technology will improve our professional lives to the point where we do not recognise the profession we started in. I truly believe that to be the case. Would you believe that this is not the first time it has happened to the accounting industry? And it certainly won’t be the last. This piece is to instil confidence that you still have time to make decisions regarding your firm, where you’re headed, what you want to be known for. The great news is there are so many examples available in this country on what could work for you. Technology has the ability to impact every industry. The accounting industry is no different. It’s how you interpret, leverage and use the system that will determine your best outcome. I’ve seen great firms use technology in some of the worst possible ways. Why? Because they failed to evaluate what it was going to solve for them and how it should be used correctly.

les rencontres de arles 2011 I’m here to tell you that you will still have a job tomorrow. You will survive tomorrow by doing exactly what you did today. And you will likely survive the day after that doing what you’re doing today.

follow Over the past couple of years, a fear that the end of this industry is coming has gathered pace and the countdown for survival is on. Now, while I’ve read the stats and facts to suggest that work in some areas are slowing down, I am yet to find a firm that has gone bankrupt due to not adopting the latest trends. Compliance is alive and yes, business advisory is appealing and the apparently logical path to go down. You have time and options to figure all of this out.

الخيارات الثنائية يبوك I’ve seen plenty of upside to firms that are innovating and taking the plunge, but not without the gaps and learning curves along the way. In some instances, it’s OK to not jump first. It can be more beneficial to watch others jump and learn from their mistakes. You do not necessarily need to experience the learning, you can observe and learn from those around you.

follow url Don’t be bullied into the belief that the end of the world is coming. It’s not. Not today and definitely not tomorrow. There is an impeding technological impact due to occur, but that is still a few years away. My biggest tip is to keep one eye on the current reality and one eye on the future. Understand the trends, the themes, watch what all of the pioneers and innovators are doing, and if you see benefit in following a path – and by benefit, I mean that you can see an increase in customer satisfaction and/or internal efficiency – by all means follow it. That would justify jumping in and taking the plunge into new innovative technologies, systems, solutions or processes.

enter site Yes, the world is changing. Yes, there are new innovations available to you. But in my research, I’ve noted firms block away from each other. One all in the cloud and running an automated machine and the other still operating as per normal for the last 10 years. The difference? Not much in the important areas. Both profitable. Both with happy clients and employees. If anything, you’ll see innovative firms looking to do less data entry, and comfortable firms don’t know anything different, therefore they cannot yet see the value these new innovations bring. Across the board. you’ll see Australia has a high penetration of cloud accounting, but desktop accounting is still alive in this country and used by most, if not all, accounting firms as it’s been the dominant solution for more than 20 years, whereas cloud accounting is still quite young.

If there’s anything I’ve learned in my global adventures for you to take away today, it’s that the only constant thing is disruption and change. Every week, there’s a new app, a new feature, a new silver bullet to change the world. You’re not going to see all of them, you don’t have time. You are busy running your firm. If you have a large team, I highly recommend appointing a technology guru to stay on top of all the innovations, to investigate, research and review what could be beneficial for you and your clients.

If you really want to focus on something, focus on what’s changing, how quickly it’s changing and what it’s impact is. You don’t have to be a frontrunner innovator. It’s OK to be a fast follower. This is the sweet spot you want to be in. If you can be sure an app is picking up steam, it would have picked up new investments, announced large customer numbers, then you can be sure it’s been tried and tested by a range of experts, and that should help you validate that it is a serious solution. This can help cut down your research time on new apps. Have a look at the popular solutions. Why are they popular? What do other customers say about their product? This is really important as you understand the customer benefit and envision what that looks like in your firm.

Understand where you want to be as a firm. What does your future hold? What do you want to be known for? Create a plan and execute it. Put in place the right strategies, strategic employee positions, learn the required new skills.

At the end of the day, we want to ensure we stay relevant. If you’re relevant in your market, you are more likely to continue existing in your industry. Don’t be caught up in the hype. Understand what is working for you. Are you meeting your revenue targets? Are you making money? Yes. Is it sustainable? Yes. Is there any reason for concern? These are all great questions to ask yourself on a regular basis.

Trent McLaren, senior business development manager, Intuit QuickBooks Australia

2 thoughts on “The future is on the horizon, but hold on

  • April 26, 2018 at 5:35 pm

    Well said Trent. I have been saying much the same thing for years in an effort to debunknthe hype and pressure placed on smaller firms. Yes, they will need to evolve but they won’t collapse if they fail to embrace new tech ‘today’. Being aware of what’s coming and the impact this will have is a valuable use of time. It will make it easier to choose how Best to evolve when this becomes necessary.

  • April 30, 2018 at 4:35 pm

    Too many words about one thought. I have wasted my time on reading, sorry guys.

Leave a Reply

Your email address will not be published. Required fields are marked *