In its report – ‘Harnessing the bang, stories from the digital frontline’ – Deloitte Private analyses the impact of digital disruption to show it is "accelerating and affecting businesses large and small across Australia".
According to Deloitte Private’s National Managing Partner David Hill, the next 12 months will be a watershed for private businesses adapting to digital disruption, with recent research showing 66% of businesses are still not using cloud technology.
“Many may not realise how much this technology has improved in the past few years and the positive impact it can have on how they run their business.”
“With Deloitte Private Connect we have positively embraced the disruption to the accounting and tax profession on account of cloud technologies and created an offering that transforms the way business owners experience accounting services.”
Hill says Connect combines shared ledger accounting, automated bookkeeping and benchmarking, an online portal and dashboard as well as many other digital technologies, “to redefine the way our private clients work with us, in real time, on any device.”
“Every business owner dreams of spending less time in the business and more time on the business. Less time on day-to-day transactions, paying staff and suppliers and scrambling to balance the books. More time on the bigger picture and the things that helped them succeed in the first place. Until now, that's been easier said than done. Deloitte Private Connect is changing all that.”
Two apps are core to the Connect solution:
• Transact automates bookkeeping. Invoices are digitally scanned and authorised for online payment while business owners digitally sign tax returns, approve BAS statements and year end accounts, raise queries and store documents securely online
• Analyser enables business owners to access live financial reports and business analytics, including profitability, cash flow, growth and trend analysis. Key performance indicators can be customised, live ‘what-if’ analysis performed and alerts set up to keep on top of the metrics that matter.
Deloitte’s is offering Connect as an online subscription payments solution, with fixed monthly fees.