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Accounting in a digital world

16 September 2015

In a society so heavily reliant on technology, it is important to keep up to date with the latest advances in your industry – especially if you are just breaking into it. When it comes to accounting and finance, day-to-day processes have long since shifted away from the traditional pen and paper methods, and continue to advance into the world of digitised accounting.

Developing a solid knowledge of these digital methods now will give you a huge advantage in both the near and distant futures, and provide a potential boost for your career prospects further down the track.

Through digitised accounting, you will be able to:

Streamline processes

The benefits of digitised accounting are plenty. Giving your clients or employer the tools to be able to largely manage their accounts digitally – and all in the one place – will save hours across invoicing and quotes, account reconciliation, payroll, expenses and more.

Using software like Xero, QuickBooks Online or other cloud-based solutions will save you time on these processes – so you can spend more energy on proactive accounting, rather than chasing up paperwork.

Draw on data to advise clients

The digitalisation of accounting means that real-time, personalised data is available in an instant. It’s easy to notice and compare monthly or quarterly changes and this visibility gives you the opportunity to advise your client accordingly.

The access to this data also allows you to tailor advice and actions specifically for each client with full confidence, removing any trace of guesswork.

Work flexibly with your clients

The increase in ongoing accounting support – rather than sporadic appointments with your clients during tax time – is seeing a shift away from traditional hourly billing. Your future as an accountant could see you giving an increasing amount of ad hoc consultation to your clients – consider the opportunities webinars, Skype meetings and Google Hangouts could bring to increase efficiency. The way you approach charging your clients will need to reflect these changes in your services.

Meanwhile, as your compliance-based tasks become more automated (and therefore predictable), these will be easier to package to a fixed fee.

While our technology continues to evolve, we must continue to adapt. Almost all industries are embracing digitalisation, and you need to ensure you are not left behind.

An online Graduate Diploma of Accounting from Southern Cross University will prepare you for all aspects of the financial world – and the changing way you will interact with and support your clients. With the understanding that the industry is changing, you will learn traditional methods as well as familiarise yourself the online methods we see emerging today and the potential they provide. This not only ensures you solidify your accounting knowledge, but also prepares you for a career in an increasingly digital field.

For more information about how a Graduate Diploma can help future-proof your career, speak to one of our Student Enrolment Advisors. We’re available Monday – Friday on 1300 589 882.