If you listened to media reports you could be forgiven for thinking that compliance is dead. After all, the tax office is connecting more and more directly to businesses and querying their data directly. Meanwhile, the advent and popularity of cloud computing (and online accounting solutions in particular) has meant changes to earning potential for compliance-focussed practices.
But announcements of the end of compliance are premature. Compliance is changing, no doubt. But it’s not the end.
Instead, a new mindset is required – one that ensures a practice maximises its compliance income while using the time-savings created by automation to branch out into new and valuable services.
It’s the same with transaction processing and data entry. We’ve witnessed huge changes with the introduction of bank feeds and technologies such as MYOB’s smart bills. No longer are accountants burdened with re-entering data. Instead the data is updated in an accurate and timely fashion, necessitating only a discerning eye for detail to confirm all is as it should be.
No, rather than pessimism we should be thanking these smart tools for creating opportunities to flex our accounting skills. Automation creates time to provide extra value to clients. Regardless of how you bill, there are opportunities to provide (and charge for) all manner of business and financial advice.
So how do you make a start in this brave new (sort-of-but-not-quite) post-compliance accounting world? What are the opportunities? What happens if we just stick with compliance?
You’ll find out a lot of answers to these and more questions at MYOB INCITE. You will come along, won’t you?