finance
Richard Dare and David I’Anson
Time to put your accountant in the past?
If your accountant doesn’t look to the future, maybe it’s time to put them in the past. Whisper it quietly, but there is a technological revolution taking place that may make your accountant the most interesting person to be stuck with in the kitchen at a party says partner David I’Anson at BDO in Southampton
Having worked through the post- 2008 recession and now facing the uncertainties of Brexit, a continuing challenge for business leaders is the need to be agile and respond to change. This means they want access to better quality information, quicker and at their fingertips. It also means demands and expectations on accountants have intensified.
Instant and effective
Cloud technology means business leaders are able to benefit from instant access to more up-to-date information. Electronic bank feeds and functionality which recognises and recommends how transactions should be recorded, coupled with efficient scanning solutions reduces routine compliance time. Sophisticated data capture tools allow information to be manipulated and analysed quickly, then flipped between divisions, segments, profit centres or statutory formats – all at the click of a button.
The accountant can respond immediately to client requirements with real-time advice, because both accountant and client can see the same information simultaneously. The accountant can see the problems and challenges clients have; and use the technology to put warnings and indicators in place so that their clients are informed ahead of time. In essence, the accountant uses the technology to bring data to the business.
Information you can use
Looking into the future, instead of having a single forecast, multiple
scenarios can be produced allowing clients to make better informed decisions from a range of outcomes. What if growth wasn’t achieved? What if sales were flat rather than 5% growth per annum? These scenarios can be put into the software’s forecasting tools so the decision maker can run these scenarios regularly to see how the business is doing against the best or worst case scenarios. Scenarios can be flexed and performance tracked quickly against these – it’s a whole different world. Using the underlying technology, if, for example, a business wants to know when the cash balance is going to go below a certain level, or if sales have gone above a certain point, alerts can be set so the client knows as soon as that happens. We have seen the trend where we are bombarded with volumes of data from numerous sources. Typically, business leaders have an intuition as to the decision they need to take, but need helpful challenge to corroborate that decision. They therefore need access to data with speed to support that decision and consider what that could mean for the business.
In addition, the environment in which we are working is now global: it is not run on UK time. The reality for business leaders is that they are not typically sat in an office at their desk – they are out doing the transactions they need to do. By using cloud-based technology individuals can access the information wherever they are at whatever time. They are not waiting for someone to be in the office – they can click on it and find what they need.
THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – OCTOBER 2016
So back to the kitchen at parties: goodbye conversations with accountants about historical trends on excel spreadsheets and hello discussions about ways to achieve your future business forecasts using graphics on your smartphone. Now pass me a vol-au vent ...
BDO InTouch
BDO uses cloud-based technology through its BDO InTouch service offering, ideal for the firm’s core client base of mid-market companies and fast growing smaller businesses. BDO in Southampton has recently appointed Richard Dare to join the InTouch team led by David I’Anson. Dare has over 20 years’ experience in finance, both in industry and in practice and is using his knowledge and cloud technology to support business growth.
If you have any questions or comments regarding cloud accounting technology, BDO InTouch or how BDO can help your business achieve its goals, see details below.
Richard Dare
richard.dare@bdo.co.uk 023 8088 1890
businessmag.co.uk
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