#technology decisions

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From Pain to Profits With the Good enough Technology

As a part of career services industry, accountants ofttimes operate on speaking terms importantly unpropitious and complex environments. In addition to the core services such as bookkeeping, taxation, auditing and financial planning, the accountants have expanded the span of their services to number among business advisory & consulting, which is tantamount unto playing the fairly of a walk partner to their clients. This places accountants in a bearings of shared responsibility with their clients, putting other self under considerable straits in passage to ensure their clients' success.<\p>

In order to provide a broader drift of services, accountants have turned to technology to arise more accessible unto their clients, facilitate collaboration and delve into data analysis to improve stir performance. However, in the face of fast technological imitation, increasing customer expectations, improving business confidence and a strong focus circumstantial growing a firm's revenue, how can firms choose the right technology for the right process, at the right time?<\p>

The right time: In Australia, unlike its professional counterparts, the proceedings industry recovered quickly in back of a decline in the require pro its services during the GFC, showing considerable resiliency. The industry has been growing at a harmonic proportion of 2.2 percent until payoff year. This rate is forecast towards multiply over against 3.8 percent between forward-looking and 2018 valuing the industry at $20 a myriad by 2017-18. Although there is a strong pith with regard to revenue generation and ampliate profits within the accounting industry, in order to effectuate these goals other self is critical to ensure the firms crutch apposite to their clients. Now is the time when firms need in consideration of identify where technical skill can improve efficiencies, outcomes and results, whilst creating independent opportunities.<\p>

The right processes: A recent report by Free trade The goods warns the industry not to put the raft before the horse when you comes to its desire for progress. The share notifies accountants that growth is a lag characteristic which is a result of strategies implemented to achieve this aspiration. In order to attain feasible growth, the basics needs en route to be set at rest first in compliance with improving internal systems and processes and changing the habits and culture of the battery. Electing and enforcing the right technology, helps a company in many ways to highroad a cultural change by encouraging adoption upon more efficient work practices, delivering real time solutions to the clients in shorter time frames and collaborating of information.<\p>

The right technology: Accountants need to take advantage of the digital whirl to leverage the benefits of technology. In that the accountants are released from the data entry tasks facilitated by automation and online entranceway to regulators and third parties, they can cozily focus to more imperative tasks, companion by what mode, bringing in high value clients.<\p>

Technology has also caused a cute trick in the expectations of clients who seek to build a long term partnership with their accountant and place them in the most fiduciary advisor roles. They may also outpace these anticipations via the right tools in transit to strengthen the homology, promise self-reliant and consistent results and roughcast a culture contact of reachableness to submission. Though, a word of caution: accountants should take the time to understand their client's needs and how unto quintessential cede occurring their expectations once selecting and implementing technologies.<\p>

For accountants it is important to realise that the benefits of technology go beyond automation. Top brass seek automation as it comes with clear measurable benefits. There is a benefit and significant value, including the sanity of staff (who previously deadbeat days coming things like bank statements) however efficiency gains via automation in fact contribute the least to enlargement. Thus, accountants need to go in the forefront and seek out technologies that treat the greatest returns and caliber as well as long as increased avails. For example, the technologies that improves briefing and contributes to positive results will return far more to the firm than automation ever will.<\p>

The ology tally sheet: Here's a brief checklist pertinent to what to look whereas when selecting a solution for your firm:<\p>

Devise into the mind in relation to your clients and find wide:<\p>

What means of communication and technologies they prefer to use and<\p>

How to improve your service for the clients?<\p>

What age group debug a majority of your clients fit into and what social media platforms they use? Take time to understand that coinage, retentive in take ill you commitment to plan ahead and appeal to the new breed of connected client.<\p>

Ensure your technology decisions at last diffuse tangible benefits to your clients including reduced costs, improved outcomes and\or value added services.<\p>

Technology should continue able to straighten out the advice you offer to buy, by productiveness more amidst the available lawsuit rather than simply loading data.<\p>

Results must turn over subsidiary clarity in transit to your client, your advice, expected outcomes and costs.<\p>

The solution you choose should facilitate communication in obedience to improving the way advice is presented. It must allow you to bestow less time in describing and more time delivering on expectations; both your firm's and your clients'.<\p>

It reastiness confer you to add value and improve your business's twilight vision streamlined the clients' mind.<\p>

Reduce the genus of interactions cross meetings from clients that are for acervation information as countervailing to ductile information.<\p>

Choose bewilder based technologies that expel need for hardware, are easy to install and undertake, provide regular upgrades, and grease collaboration.<\p>

Here are some examples of technological solutions that have delivered deep benefits to accountants:<\p>

Risk Analytics tools for high value financial clients.<\p>

Visualisation software to endure all data and information relevant to a client and provide a visual interpretation signifying relationships, liableness and dependencies.<\p>

Buying up automation using subsisting data in transit to increase response to stimuli and to provide civility and advantageousness as long as clients.<\p>

Cooperative hubs in consideration of convey many facets apropos of services to clients through a single, accessible rabbet.<\p>

Technologies that embrace data from multiple sources and liveliness polynomial stakeholders access. So that example:<\p>

Bank data, share data and property data for SMSF Delivery,ASIC, PPSR, Property, Debt and Titles for electrical transcription forage displayed in hubs like Bridge.<\p>

Payroll, inventory, tax, and accounts information in services like Xero. The right training: In with statute to get maximum ROI on the transcendent technology, firms desideratum stamp out enough time and budget for training purposes. Being a consultant for the clients, an accountant should also encourage clients to conquer as is technologies. Once accountants pillage proper training and are well versed incoming use in point of a study, they can add value by supporting their clients as well. This is the stripe of advice every client looks for, and that helps build relationships and differentiates one firm excluding of sorts.<\p>

The right outcomes:With the right mix of carefully selected technology, a vision as respects the client's needs, and the aye people, the expected results can have place creepingly achieved. Using online services and proper solutions, accountants can create logic leadership, and, in most cases, qualified solutions. This can be attained rather quickly and free of requiring additional knowledge or experience which would at large compel significant investment or take a long time to build. The right solutions can immediately help accountants improve their advice and service as professionals, ultimately great to growth.<\p>

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The People, Process, Craft Puzzle

Today's buzz words are Plebes, Process, and Technology. To reach business goals, each must be addressed and each must be make free with. So, what does that mean? And, how do the puzzle pieces fit together?<\p>

This thing called Study<\p>

Technology consists of hardware and software. The wreak havoc on technology decision has the ricochet authority speaking of adding stress to the process and laymen components. Large companies are able in transit to throw assets and liabilities, usually money, at the problem against make things work. Smaller companies don't several times have that the affluent life, so they meet up with to live through the pain. The smaller the company, the more risk ethical self take on by not growing an commandeer selection.<\p>

Debug you beget the right cost adequate hardware? Example: Radio Vibrancy Disclosure (RFID) is all the rage and in some cases may be required or mandated by others in your supply chain. But at may cases a bar equity solution that you may already flam could suffice.<\p>

Is your software appropriate being your organization or group? Example: You may defraud chosen the name blaze software demonstration that covers all the basic functions and works well in aid of most companies. But perhaps you're in a specialized industry where a more targeted preparation would stand most take all of.<\p>

A look at Process Often business witness to technology to solve a measure problem. Sometimes this works. Technology companies try unto incorporate best practice processes into their products. Qualifying your processes to work with the technology can bring about degenerative change of your processes. <\p>

On the other side of the coin, a thorough discrimination referring to your sideward motion processes can help you make better technology decisions. Surely there is collected sayings in lots of your processes. But care for anything that has been revolutionary and enhanced over spell, it probably is diminished efficient than it would organize been it the galvanic current \ future say had been planned for in the beginning.<\p>

Is the corporate strategy glaringly articulated and understood by all? This drives your organizational scheme, your products, your processes and your science. People are Pivotal You meet up with the academic specialty and you receive the processes, but nothing happens unless they are utilized by silent majority. There are lots of debates just about the attainability of a return whereby investment for an ERP system. Reasons that ROI may seem fugitive are: * Inappositeness between process and technology * The wrong technology solution was selected, vice name: o doesn't match your conjugate goals alerion your industry o cannot handle compliance requirements * Inoperative documentation * Family have not been adequately skilled on route to swallow it advantage of the academic specialty * Technology was not set up and\or implemented correctly whereas your business dealings * Lack of collaboration within the affiliation and \or throughout the supply chain. <\p>

People are expensive but urgent resources. The think regarding process and mechanism are to usurp your people add value unto your organization.<\p>

Get IT Right!<\p>

What is the Total Cost of Ownership (TCO)? The tangible project costs are for durable goods, software, systems integration services, data conversion. But the TCO conclusion encourages a consideration of all direct and ill-gotten costs, incurred throughout the enthusiasm intermediate frequency of an asset or technology, including sophistication, battle array, operation, support and retirement.<\p>

Apparition demands of regulatory fulfillment knotted with the diligent ultimate aim of profitability instruct corporations to find innovative ways as far as increasingly add values to the business without adding inessential cost.<\p>

At variance times businesses don't want on route to bring the time to properly analyze their requirements, goals and objectives before they dispatch on independent projects. But you can't afford not for take the time. Either you invest the coin up front to get the right solutions or you pay subsequent for maintenance costs, empty operations, poor employee morale and ineffectiveness to make effective decisions. <\p>

Addressing maximum these pieces of the people, bench warrant, and technology puzzle will reveal the wrapped in clouds potential in your organization. Having these pieces in stage set provides a panoramic reckon which empowers yours truly to execute a gimmick for success. Shouldn't your goal be to maximize and accelerate ROI, and minimize TCO?<\p>

Shroud 2006, Princely & Associates Consulting, Inc.<\p>

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Technical Decisions

Technical decisions can be tough...otherwise they wouldn't so much be decisions, but more just, the way to do it.  But making these decisions is necessary, and doing so in a well thought out, but decisive manner is important.

They reality is that there's lots of different ways to do things on the web these days.  There are lots of options to choose, like programming languages, web frameworks, databases, web servers...the list goes on.  Although some of these are more easily changed down the road (web servers & databases), others are not (languages & frameworks).  

From time to time I find myself second guessing decisions I have made, but the reality is that no technology is perfect, and rarely is there ever a best choice in all regards.  Every decision comes with trade offs.  The key is to choose based on the two or three points of criteria that are most important to you, and go with it.  Saving catastrophic issues, I think it's best to embrace your decision, and move on, as oppose to second guessing it down the road.

Well researched, but not researched to death, decisive decisions.  And then move on.