technologies Archives - Higher Purpose Accounting

Key Challenges for NDIS Providers

admin — Tue, 27 Aug 2019 06:22:38 +0000

The Key Challenges for NDIS Providers Survey seeks feedback on the issues your business is facing and the challenges you have in overcoming these within your business.

Common responses in previous surveys have included a lack of assistance with internal processes from government, inconsistent cash flow and spent more time on administration.

Provide your feedback in this survey and be part of the movement in helping business thrive in the NDIS.

The survey will take about 4 minutes of your time to complete depending on your responses. Your time to complete this is greatly appreciated with a chance to receive a $100 gift card.

Privacy
Please be assured your response is secure and the information provided will only be used to develop services critical to helping NDIS Providers improve their service delivery and administration.

https://www.surveymonkey.com/r/CMW3XMX

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Accounting Trends for Current Times

admin — Fri, 13 Apr 2018 07:16:28 +0000

Have you set up a proper accounting system? And more importantly, do you update your system along with times? Technology has completely changed communication, collaboration, financial management and so many other aspects of running a business. And technology continues to shape the trends in the accounting industry as well. Let’s take a look at the top ones for this year.

Apps

So many helpful accounting apps are already available on the Android and iOS play store and there are many in the pipeline. These apps will instantly notify you and give you valuable insights and alerts and are often being bundled with intuitive dashboards giving you a complete picture in just one glance. You have instant access to your key financial indicators and other important data right there on your mobile smartphones.

Conversational Platforms

Accounting firms are expected to make use of conversational platforms and chat bots to answer their client queries, offering them valuable advice and provide them all the support that they need. Developers are finding new ways to make these platforms more effective for businesses and their clients.

Automation

Accounting will soon be driven by Artificial Intelligence AI, which may well, completely transform the daily routine of an accountant in the future. Repetitive tasks are already being automated, with more fully integrated accounting systems being launched, and new solutions developed that take into account the effect of regulations and compliance on business. Consequently, a shift will be made from transaction processing by accountant and book keepers to more advisory roles like financial analysis and forward planning.

Cryptocurrencies and Blockchains

Cryptocurrency and the underlying technologies are expected to have significant effects on the accounting industry. Currently, challenges do exist so it is predicted cryptocurrencies will not become mainstream any time soon. But things are a little different for distributed ledgers and block chains. A distributed ledger is like a cooperative database, storing data for multiple computers together and in turn, promoting sharing and trust. Block chains are a continuously growing list of records, called blocks, linked and secured using cryptography and is inherently resistant to modification of the data. Many financial institutions in Australia are already developing solutions that will utilise these technologies, looking to launch them as commercial products over the next few years.

Data Security

Outsourced accounting has benefits for business, small and big. But when outsourcing, it is vital to understand the effects outsourcing may have on data. Access, storage, data security should be considered, and questions around these each of these aspects, are expected to become need to be addressed. When choosing an accounting firm, checking their privacy policies is essential.

E-Invoicing

As the name implies, e-invoicing delivers invoices electronically from the cloud-based accounting system. This is rapidly becoming a standard around the globe, with invoices being automatically generated for recurring items and when milestones are reached, greatly improving efficiency within a business.

Higher Purpose Accounting can help you in setting up your accounting system and related processes and with managing your finances. Visit our website or give us a call on 0434 349 704 for more information.

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Have good accounting information

admin — Mon, 05 Jun 2017 06:15:14 +0000

Good accounting information will keep your business on track and will alert you early to any issues and enable you to make appropriate changes.

A major factor to consider is the structure of your accounting system and how transaction information is captured.

Remember garbage in, results in garbage out. Know what it is you want to track and what are the drivers of revenue and costs. Then set up your accounting ledger and client management system to capture this information on entry and in a categorised way.

This means the information will come out in a meaningful way when you run your reports and enable you to make useful decisions in a timely manner.

If you would like assistance with any or all of these areas, arrange a consultation with me now using the details below:
www.higherpurposeaccounting.com.au

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