Thursday, 03 July 2014 14:56

Private business slow to adapt to ‘digital disruption’

By
David Hill, National Managing Partner Deloitte Private David Hill, National Managing Partner Deloitte Private

Many of Australia’s private businesses are still not using cloud technology and face the prospect of missing out on a so-called ‘accounting revolution’, according to a new report on digital disruption.

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.”

Hill says businesses will be missing out by failing to respond to the changes caused by digital disruption, and he adds, Deloitte Prvate has “heeded its own warnings” about digital disruption of the professional services sector by redefining the way it delivers accounting and tax services through its recently launched cloud-based Connect solution.

“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.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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