The increasing rate of digital change

Agribusinses Insights

I am sure most people will agree that the increasing rate of digital change that we have encountered in the past five years is far greater than ever before in our lives, except maybe first having children!


Certainly, some of this has been due to COVID-19 adjustments and developments, but so much more has been due to the tremendous advancements in technology. We will continue to see the increasing rate of digital change. 

From innovation and efficiency enhancements, government compliance and administration, access to information and mega data, the ever-growing need for cyber security, reliance on internet, mobile coverage and cloud platforms, and the exponential volume of social and media communication.


Digital change is well and truly here.

For many this can be too fast and overwhelming, for others, it is exciting and opportunistic.


Incredibly, many of the innovations and advancements can free up your valuable time, reduce hassle, and provide us with essential and timely information to increase certainty and assist in decision-making.

For businesses to cope with this change, and take advantage of the opportunities, we need to seek the help of others, particularly professionals whose job it is to know.

The most exciting thing for us has been the developments in cloud accounting, and the amazing software that is now available to make your business lives easier.

Across our regional offices, RSM have been early adopters of cloud and digital opportunities, delivering cloud accounting workshops and seminars for many years.

At this very moment, we have an upcoming beginner Xero workshop series happening across the Great Southern. Interested? Head to Make Xero Count to find out more.

Those clients who came along for the ride and embraced new technology are now enjoying the valuable benefits of working with programs such as Xero, Figured, Hubdoc and Dext. 

Throughout these years, there have been countless new add-ons, applications and industry-specific programs developed and improved, all of which integrate seamlessly with Xero, and remove the need for data entry or double handling.

Information and financial reporting that was once only available when financial statements and tax returns were completed six or nine months after the end of a financial year, is now available with a glance at your Xero dashboard in real-time.

Budgeting, forecasting and scenario planning that was once an annual process can now be updated in Figured with actual data (imported daily from Xero) in a matter of minutes.Converting your existing accounting system to your exciting new digital one

If you are planning to adopt cloud technology, it is important to set it up correctly, specific to your business and needs and working alongside your trusted accountant is key here in converting your existing accounting system to your exciting new digital one.


Our role as accountants is changing.

From collecting financial data and compiling financial reports to analysing and interpreting current financial information, accountants today not only advise on how best it can be used and applied but also consider the potential implications on cashflow, profit, taxation, equity and the opportunities for growth or expansion.

However, we remain committed as your trusted adviser, up-to-date with current taxation and legislative knowledge, and assist you in all matters financial, administrative, compliance and managing change.


HOW CAN RSM HELP?

Are you ready to take the leap into the incredible world of digital business? Get in touch with your local RSM office today.