Accountants’ function is limited chiefly to concentrating on what occurred rather than what would occur. Here have been three practices that are helping to change that.
COVID’s unanticipated shocks, as well as the resulting rapid shifts in the economy, have highlighted the value of business agility.
The value of breaking out of conventional month-end reporting cycles and transitioning to real-time taking decisions to drive improving organizational stability and sustainability has been illustrated in the last year for several activities.
Activities require reliable observations to complement their preparation and predict quickly in the face of the growing pace of development.
1. Automating processes to increase productivity and cash flow
To allow a shift away from complicated internal systems and on to an environment of continuous enhancement performance, starting with the automation of inadequate funding, a change away from complex structural mechanisms is needed.
The appropriate collection of debtors is a critical problem for any profession. Slow cash collection is one of the leading causes of poor corporate strategy and even failures.
Faster cash collection will help increase working capital, provide such a buffer for tough times, and fund expansion. Cash flow control and optimizing cash collection scheduling are critical aspects of a company’s financial planning.
Alexander Laureti, an associate at LMS Advisory in Parramatta, was looking for ways to automate the difference between some of the MYOB Professional accounting Enterprise Service Manager structure in the LMS back office and the new cloud-based business climate that his customers profit with.
“Cerebiz Automation* is assisting us in collecting money quicker, communicating with customers, and saving time for our staff, which could be better spent on customer worksheets, Laureti clarified.
We’ve seen our existing staff provide much more value-added services to our customers, so we’ve had the technologies, Cerebiz, do the database cross-referencing and ledger transfers in the context, that’s where we want as a practice.”
So far as Laureti is involved, the big win is already enabling his workers to concentrate primarily on actual valuation tasks. In contrast, his reporting software takes care of enforcement and admin.
“We need all of our employees to be doing meaningful work as often as feasible, and we all want the program to take care of the manual operations in the context.
“This has been a fantastic improvement for our organization, so we admire it.”
2. Improved accounting software provides more accurate and timely information.
Trevor Harris, a collaborator at MRL Group in Adelaide, has become a Cerebiz customer for many years and has found that reporting provides several of the most substantial advantages.
Harrison explained, “We was using to waste a great amount of time physically manipulating records.””Having access to the resources Cerebiz offers has become a refreshing change, and it has allowed us to avoid producing the data ever again.
“Rather than counting results in the context and giving them a report each month, I’d much rather be guiding the customer.”
In this regard, Harrison recognizes a significant benefit in diverting his employee’s attention away from some of the more mundane roles of information collection and investigation and toward timely and adequate suggestions.
“So the customers are looking at one’s KPIs, going to look to their records, and when they’re doing so, they’re not troubling us all for details, but although accounting firms analyze data, I don’t assume this is where we earn a profit,” I claim.
“We’ve been capable of moving our delivery of services to a far more strategic method, and it can only be beneficial from such an economic perspective.”
3. Spreadsheets are no longer productive at covering up flaws.
Accounting, like such a rear-view mirror in such a vehicle, reveals what has happened in history, not what could or would occur in the future.
Many practices continue to rely on excel sheets to fill the gaps in their planning and budget management. That’s just what MRL had been doing, and Grant Thornton also has the same problem.
In the GT Australia Practice, the Adelaide office leaders upon design and evaluation of new technologies. Christian Van Niekerk, the boss at Grant Thornton, has worked extensively with Cerebiz, mainly on deploying unique cloud-based software and app research and evaluation for GT’s customers.
The customer was aware of the situation yet does not place a high value on it. As a result, the cost-benefit analysis was arduous for us to comprehend for an extended period.”
At this stage, Van Niekerk and the Grant Thornton teams started to experiment through the use of a Cerebiz-based reporting method.
“Our [Cerebiz] Automated Reporting method provides countless hours and allows us to move from yearly business meetings to relatively high weekly or monthly consulting services.
“It’s a big hit with the customers. It comes at a good time. They lead to higher profitability, and since it is presented in a graphical format, it is simple to read and comprehend. That, I believe, is by far the most crucial aspect.”