If someone had told me as a student in the 1980's that one day soon I could track my client’s business performance online, on any device, from anywhere in the world, I wouldn’t have believed them.
And yet the introduction of cloud-based accountancy software, such as Xero, has allowed us to do just that.
Here BUSINESS buddy takes a look at past, present and future accountancy practices.
Clearing the fog
The history of accountancy is thousands of years old and can be traced back to ancient civilisations.
Whether it be primitive tallies, notches, beans or the abacus, humans have always found new and innovative ways to do business and count the cash.
Head in the clouds
Our head honcho, Kirsten Hawke was so proud of her course work – way back in the ’80s, with the handwritten ledger books, journals and calculators.
Old fashioned accounting methods were limited.
When things got a bit techie, spreadsheets were saved to a computer, that inevitably crashed, and the information was lost forever.
Once cloud storage was invented, those spreadsheets could be saved more safely but usually, very few people could understand the format of the spreadsheet.
Good old pen and paper systems are stored in a fixed location in your office or in a heap at the bottom of a work bag.
In both cases, your financials are neither transportable nor easily accessed or understood, which can make life difficult for business owners.
Worse still, this system has no back-up in case of floods, fires, theft and general chaotic filing practices.
By contrast 21st century, cloud-based accounting software is accessible online, at anytime, anywhere and from any device.
BUSINESS buddy is cloud focussed but the team is very down-to-earth.
The beauty of cloud-based systems is that the cost of online real-time software is shared by millions of users and constant development constantly improves user experiences.
BUSINESS buddy specialises in Xero and the compatible apps that make businesses run smoothly.
These systems are light years ahead of the manila folder and they are essential for business growth in New Zealand today.
The sky is the limit
With the emergence of automated programs, accountants have more time to be involved with their clients’ businesses, becoming business consultants rather than just number crunchers.
The mass shift to cloud-based accounting means that end-of-year tax returns will soon be consigned to history.
It will put an end to needless form filling and the relationship between IRD and the tax payer will become exclusively digital.
BUSINESS buddy is on the case and provides business advisory services for numerous entrepreneurs who aspire for their businesses’ progress.
Often it is more about accountability rather than accountancy, and BUSINESS buddy’s planning tools, experience and insights are trailblazing the new direction for their industry.