Changing the Way you Deliver Your Product to Your Client
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The document discusses digital disruption and its impact on accounting firms in Australia, emphasizing the increased adoption of cloud computing solutions, with 69% of firms utilizing such technologies. It highlights various accounting processes positively impacted by cloud computing, such as financial reporting and business advisory. Additionally, it notes a prevalent lack of understanding regarding government regulations among cloud users, alongside the challenges posed by red tape.
Changing the Way you Deliver Your Product to Your Client
- 1. CHANGING THE WAY YOU DELIVER YOUR PRODUCT TO YOUR CLIENTS RUSSELL EVANS CEO, CCH ASIA PACIFIC
- 3. WHAT IS DIGITAL DISRUPTION?
- 4. Digital Disruption Changes enabled by digital technologies that occur at a pace and magnitude that disrupt established ways of value creation, social interactions, doing business and more generally our thinking. - The University of Sydney
- 7. TV, 125 PC, 102 Phone, 132 Tab, 37 Daily distribution of Australian screen minutes Source: Milward Brown AdReaction, 2014
- 10. Key Findings 1. Proliferation of SME cloud solutions 2. Services Impacted by cloud computing 3. Lack of understanding of Governments actions 4. Education not prescription
- 11. Proliferation of SME cloud solutions • 69% of accounting firms in Australia currently use cloud computing (SaaS) based accounting applications • 59% of Accountants operating cloud based software, use 2 or more cloud apps
- 12. Proliferation of SME cloud solutions
- 14. Services Impacted by cloud computing? I told them advisory was the future! 1…2….3….
- 15. Which Accounting Business Processes Impacted by Cloud Computing – Services impacted positively by the cloud Remembering it is considered positive Financial Reporting and Taxation Tax Planning Business Advisory Business Planning, Forecasting and Cashflow support Business Establishment and Structuring Self Managed Super Fund Establishment and Compliance ASIC Reporting and Corporate Secretarial Technology strategy and enablement advisory Personal Financial Planning Corporate Financing, lending access and advisory Business Mentoring and Executive Board Services Don't Know 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% No Cloud Cloud Compliance 72% Advisory 26% Don't Know 2% - Cloud users
- 18. Lack of understanding of Governments actions 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Is Government Red Tape Reduction a Challenge? Is Government Red Tape Reduction a Challenge? Is government concern over red tape a threat to Accountants? Consider it a significant negative impact Consider it a slight negative impact Neutral/No Opinion Consider it a slight positive impact Consider it a significant positive impact Negative Impact 12% Neutral 48% Positive Impact 40%
- 20. What Changes? • Automation of Individual tax returns (iReturns) • “…developing a light touch or no touch income tax experience” • ATO no longer sends Cheques on iReturns • BAS & IAS changes • If you lodge via ELS or Portal say bye bye to paper BAS/IAS • 12 months away from no physical NOA’s to Tax Agents
- 21. Privacy Act 1988 - Tax File Number Guidelines 2011 Guideline 6 Storage, security and destruction of TFN information 6.1 TFN recipients must take reasonable steps to: a) protect TFN information from misuse and loss, and from unauthorised access, use, modification or disclosure, and b) ensure that access to records containing TFN information is restricted to individuals who need to handle that information for taxation law, personal assistance law or superannuation law purposes. Computer and network security – by adopting logical barriers and measures to protect computer systems and networks from unauthorised access, modification and disclosure such as: • user identity checks and password controls • separately storing, processing and transmitting TFNs from other information handled by the TFN recipient • systems including audit trails to detect unauthorised access. • Communications security – by protecting communications via data transmission, (including email and voice communications), from interception, and preventing unauthorised intrusion into computer networks Office of the Australian Information Commissioner http://www.oaic.gov.au/privacy/privacy-resources/privacy-fact-sheets/other/privacy-fact-sheet-6-the-binding-tax-file-number-guidelines-2011-and-the-protection-of-tax-file-number-information
- 22. CCH Paper Buster + Client Portal ATO Document eg. NOA, BAS Paper or Electronically ATO Steps 1 – 3 takes about 30 seconds! Your Database Go Button on Paper Buster Draft Email to Client @ Draft Letter to Client 1 Secure Online Client Portal 3 Document Filing 2
- 23. Respondent Someone Within Organisation Accountant Third Party 70% 60% 50% 40% 30% 20% 10% 0% Who Makes the Cloud Decision?
- 24. Key Findings 1. Proliferation of SME cloud solutions 2. Services Impacted by cloud computing 3. Lack of understanding of Governments actions 4. Education not prescription
- 26. Cloud Tax Free Until JUNE 30*
- 27. Contact us for more information • Email: ifirm@cch.com.au • Phone: 1800 836 869 • Website: www.cchifirm.com.au @cchifirm CCH iFirm