Digital disruption: revolutionising accounting
Deloitte Private Connect leads cloud-based accounting revolution
3 July 2014: Private businesses in Australia are in danger of missing out on an accounting revolution by failing to respond to the changes caused by digital disruption, says Deloitte Private.
In its recently released report, Harnessing the ‘bang’, stories from the digital frontline, Deloitte updated its analysis of the impact of digital disruption to show it is accelerating and affecting businesses large and small across Australia.
National Managing Partner for Deloitte Private, David Hill, says the next 12 months will be a watershed for private businesses adapting to digital disruption. “Recent research* shows 66% of businesses are still not using cloud technology,” he said. “Many may not realise how much this technology has improved in the past few years and the positive impact it can have on how they run their business.”
Deloitte Private has heeded its own warnings about digital disruption of the professional services sector by redefining the way it delivers accounting and tax services, via the launch of Deloitte Private Connect.
“We have taken a leadership position because we don’t want our clients to miss out on this revolution,” said Mr Hill. “With Deloitte Private Connect we have positively embraced the disruption to the accounting and tax profession on account of cloud technologies and created an offering that transforms the way business owners experience accounting services.
“Deloitte Private Connect combines shared ledger accounting, automated bookkeeping and benchmarking, an online portal and dashboard as well as many other digital technologies, to redefine the way our private clients work with us, in real time, on any device.
“Every business owner dreams of spending less time in the business and more time on the business.
Less time on day-to-day transactions, paying staff and suppliers and scrambling to balance the books. More time on the bigger picture and the things that helped them succeed in the first place. Until now, that's been easier said than done. Deloitte Private Connect is changing all that. Deloitte Private Connect represents a fundamental shift in the accounting and tax function for our clients and for us.”
Deloitte Private took a transformative approach to the design of Deloitte Private Connect, creating an ecosystem built around a family of business apps. These apps automatically populate an interactive dashboard enabling business owners to quickly review key metrics in real time. Based on the particular needs of their business, clients select from compatible apps conveniently grouped into simple categories such as staff, customers, marketing, product, money, etc.
Core to Deloitte Private Connect are two apps:
Transact automates bookkeeping. Invoices are digitally scanned and authorised for online payment while business owners digitally sign tax returns, approve BAS statements and year end accounts, raise queries and store documents securely online.
Analyser enables business owners to access live financial reports and business analytics, including profitability, cash flow, growth and trend analysis. Key performance indicators can be customised, live ‘what-if’ analysis performed and alerts set up to keep on top of the metrics that matter.
In a breakthrough for the professional services sector, Deloitte Private Connect is based on an online subscription payments model and fixed monthly fees. “We recognised that fixed monthly payments make it easier for our clients to manage their cash flow,” said Mr Hill. “We have adjusted our business model and workflow management accordingly, to provide our clients with certainty, as well as best in class services.
“Deloitte Private Connect sets a new benchmark for what individuals and family businesses should expect from their accountant; the best cloud technologies and the best of Deloitte at a compelling fixed, monthly price. We are giving our clients what we know they want – real time to do what really matters to them. Real business in real-time,” concluded Mr Hill.
For more information visit deloitteprivateconnect.com
NB: See our media releases and research at www.deloitte.com.au
*Source: Cloud Computing in Australia, report by the Australian Communications and Media Authority.
About Deloitte Private Connect
Provides all the essentials for a business owner to have a real-time view of their financial position and performance anywhere, anytime and on any device:
- Everyday transaction management (processing of supplier invoices and payments, general ledger)
- BAS activity statement lodgement
- Interactive management reporting
- Regular meetings with Deloitte Private advisor
- Annual income tax return and ASIC company statement lodgement
- Digital signatures
- Live support
- Online dashboard.
Last Updated: Thursday, 3 July 2014
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.
About Deloitte Australia
In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services firms, and winner of both the Australian Financial Review/CFO Audit Firm of the Year and Accounting Firm of the Year awards 2013, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. Formore information, please visit Deloitte’s web site at www.deloitte.com.au.
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Touche Tohmatsu Limited
© 2014 Deloitte Touche Tohmatsu