The Future of Accounting in Australia

Are robots are taking over for accountants or bookkeepers?

The accounting industry is officially disrupted. Collappor8’s growth is the result of businesses jumping ship from traditional accounting firms that refuse to adapt, and non-evolving in-house finance teams to tech-savvy firms that use whatever system your business desires. The advancements in cloud accounting such as QuickBooks, ZohoBooks, Xero and MYOB sees SME’s starting to take control of their own finances, gaining real-time insights into their operations and Bookkeepers, and are increasingly able to make data-driven business decisions.

Australian businesses want to pursue digital transformation and streamline their core business and outsource non-core operations. The best way to accomplish this is to cut cost fast and re-allocate resources to these operations. Why is this the best way? Businesses have been outsourcing and offshoring for decades now (competitive advantage vs. absolute advantage), so we know what works and what doesn’t, and outsourcing works.

How is machine learning changing the future of accounting?

Machine learning is the leading edge of artificial intelligence (AI). Machines have infiltrated accounting tasks taking over the mundane and repetitive, freeing up accountants and bookkeepers to spend more time using their professional knowledge to analyze and interpret the data to provide advice for their clients.

Businesses are being forced to adopt machine learning to remain competitive since machines can deliver real-time insights, enhance decision making and catapult efficiency. Machines can produce within seconds what took weeks on a calculator or in excel.

Machines can learn a company’s expense policy, read receipts and audit expense claims to ensure compliance, it is predictive with invoices and can match multiple invoices paid by a single payer, it can clear short payments and re-invoice, it can pull information from every project you’ve ever done to provide meaningful information today in your quoting, it can tell you how you’re tracking against this same period last year and last decade, and it can keep learning.

We NEVER sent Accounting Offshore!

Outsourcing is an ideal way for a business to run a cost-effective, efficient, and leaner operation. With outsourcing, businesses need only pull certain skills and expertise if and only when they are needed rather than keeping them on hand – just in case. We saw outsourcing and offshoring to emerging markets because the financial benefits were substantial in the past. These emerging markets, India, Indonesia and the Philippines have had substantial economic development, with healthier wages in these countries, these improvements mean that the ‘financial benefits gap’ has almost closed. Nonetheless, outsourcing is still beneficial.

Be Self Sufficient & Save!

The ability to be self-sufficient and less reliant on outsiders is growing as a result of the ‘age of technology’. It is with this that the knowledge economy is beginning to experience what manual labourers have historically with new technology making their jobs obsolete. Given the improvements, we have recently seen in computing and digital, only professionals who embrace the changes will survive. For too long, accounting has been cloaked in mystery, trust and a desire to know if you did ok? Accounting is becoming exciting and thought-provoking as repetitive tasks shift to machines and accountants can be creative with more resources that help them interpret data more efficiently.

Are Accountants Worth it?

Yes, but make us prove our worth – moving has been made easy! Disruption will not completely eliminate the need for human accountants and bookkeepers. We must alter our contributions and our involvement and prove our value to keep our job. Collappor8 offers SME’s an affordable all-in-one accounting service because SME’s are starved. Starved for proactive strategic advice rather than mere tax agent services, because it is these services that are being replaced by machines and cloud accounting software.