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Our Melbourne accountants explain 4 ways technology has changed our industry

Published On: May 10, 2019Categories: Accounting

Remember how much of a struggle it was to contact someone before mobile phones were everywhere?

Or how you used to have to call the cinema to find out what was showing?

Or how hard it was find out an obscure fact, or which actor is in that movie?

Yes, technology has certainly made our lives a lot easier. And not just by making it easy to order takeaway for dinner or resolve pub arguments – it has also made managing your bookkeeping and accounting significantly quicker.

Bruce Edmunds & Associates has been helping businesses like you since 1966. Our business accountants in Melbourne have seen first-hand the impact technology has had on bookkeeping and accounting.

We asked around the office and here are some of the biggest ones…

1) Technology has made collaboration easier than ever

While phones, fax and email may have existed for a long time, when talking about business accounting, we find that nothing comes close to the immediacy offered by a face-to-face meeting.

We can explain things in real-time, and refer directly to your reports or numbers.

And nowadays, we’re able to collaborate with our clients without even having to leave the office!

Many accounting programs nowadays are cloud-based, meaning they can be accessed remotely from any internet-enabled device.

In addition to providing you the ability to access your reports at any time, it also means that we’re able to guide you through your accounting without the need for a face-to-face meeting.

2) Our Melbourne accountants agree that technology reduces the margin of error

There’s no denying that technology has certainly helped to reduce instances of typos and spelling errors.

Similarly, specialised accounting software means your accountant is able to dramatically reduce the margin of error when it comes to your bookkeeping and accounts.

While some operations are still using Excel and entering data manually, the vast majority of business accountants in Melbourne now use specialised programs that automate and streamline much of the process.

Certain programs even integrate with your POS and inventory systems, as well as your bank accounts.

This doesn’t only save time on our part – it also eliminates the need for manual data entry, which in turn eliminates errors. By syncing with your accounts and software, you can be confident that the numbers are 100% accurate, down to the minute.

This is especially beneficial for businesses, as errors can lead to uninformed decisions, and can even lead to penalties when it comes to recording your tax obligations.

3) With technology, we have more time to focus on strategic planning

Good accounting is about more than simply crunching the numbers – ideally, accounting should be prescriptive.

On top of telling you how your business is going, a good accountant also gives advice and helps you set your direction.

In the past however, much of our time was taken up by data entry and balancing accounts and ledgers, leaving relatively little time to help you steer your business.

But thanks to the aforementioned advances in bookkeeping software, much of that “grunt-work” is now done automatically.

That leaves us plenty of time to help you with long-term strategy and helping guide your business. No longer are we just “the numbers people” – we’re also an invaluable part of your strategic planning team.

Additionally, this also means we have more time to dedicate to non-accounting related services, such as:

business accountant Melbourne

4) Computer-literacy is more important than ever

They say accounting is the language of business.

However, that isn’t the only “language” we need to be fluent in nowadays – it’s also crucial that we can speak the language of computers!

When we first opened in 1966, we still worked with pens, paper and pocket calculators.

Nowadays however, our accounts perform their work using computers and cutting-edge accounting software.

It’s no longer enough to be knowledgeable about AASB financial reporting standards, the tax system or the accounting processes, we’ve also had to add computer-literacy to our list of skills.

This allows us to keep up with new developments in the world of accounting, be they updates to existing accounting packages or completely new programs that we have to learn.

Call Bruce Edmunds & Associates if you need a business accountant in Melbourne!

At Bruce Edmunds & Associates, we make it our mission to keep on top of all the latest innovations in the world of accounting.

We’re constantly keeping our eye on emerging technologies, allowing us to offer our clients with the latest in accounting services.

This commitment goes beyond adapting to changes in technology, however.

In addition to following the latest in accounting software, we frequently take the time to attend industry events and training sessions covering updates to the Australian Accounting Standards, superannuation laws and the tax system.

All of this ensures that your finances and tax affairs are compliant and up-to-code.

Call Bruce Edmunds & Associates for help with your accounting needs – give us a call on (03) 9589 5488, or click here to request an appointment with our Melbourne accountants.

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