Wrap up! businessDEPOT Live Better Decisions Based on Better Numbers

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by John Knight Published

businessDEPOT Live Better Decisions Based on Better Numbers was on the 28th of June. The event was very engaging! In case you missed out, or in case you didn't catch all the value bombs of that night. We have put together a recap of the questions asked and the speakers expert opinions.

We heard from Heather Smith of Anise Consulting, Jason Bradley from Wynnum Golf, Tony Harcourt from Rype Group and John Knight the Managing Director of businessDEPOT!

What does the Modern Firm look like?

Jason Bradley: The 'modern business' is completely in the cloud.

John Knight: There has been so much talk about 'Cloud' in recent times but I think we are past that. There have been some great inroads, but I think there is a second wave of businesses ready to embrace the cloud.  

Tony Harcourt: Cloud accounting provides scale-up opportunities as a result of being able to utilise out of office resources.

So if the benefits of cloud accounting are clear, what are the roadblocks to getting more business on Cloud Accounting platforms like Xero?

John Knight: There are obvious benefits to cloud accounting, such as a single point of truth and the ability to hold your accounting and financials in your 'back pocket' to be able to access these at any time. But with change, there can always be resistance.

Heather Smith: One of the most common roadblocks to the cloud is the change of internal processes and employee pushbacks. People can question can we actually do what we need through the Cloud or should we just stick with what we know. 

John Knight: There certainly has been a lot of hype about the cloud, but a roadblock for people can actually be getting on the cloud in the first place. 

Heather Smith: If you do not engage with an advisor you may be making the process a lot harder than it needs to be.

How difficult is it to convert a customer into the Cloud?

John Knight: It feels like the conversions that have the most success, are those that have been planned out with a long-term view. 

Every business is different and every business has it’s own drivers of success. Once you work out what you want to measure/track/report on, what next?

Heather Smith: There are so many apps in the ecosystem so finding the apps that will help feed the information into the system we need to provide better reports can be difficult to navigate.

John Knight: Looking at any cloud accounting products or apps you need to identify the problem you are trying to solve first. This is integral to any conversion or integration.

Tony Harcourt: Challenge your adviser to have a process.

Jason Bradley: One of the best ways to understand the drivers of success in a business is to undertake a cash flow and budgeting exercise. What do you use or recommend for budgeting and forecasting? [expect excel to come up as a means to solve any data problem – glue or band-aid]

Tony Harcourt: If we wanted to skip the reliance on Excel spreadsheets there are many opportunities to automate and integrate data in 2018.

Low Hanging Fruit

John Knight: Have a true cloud system which leverages automation, this is going to be a big time saver!

Tony Harcourt: Opt to stop using paper, this will reduce the need for space, high costs, and clutter

Jason Bradley: Ensure up to date data is right, including your balance sheets

Heather Smith: Use corporate cards and invest time in the expensify app. 

John Knight
read more by John Knight

John uses his business improvement and strategic planning skills to help his clients improve their position and boost their profits. John helps his broad client base with his unique business improvement services, strategic planning skills and wealth of knowledge on compliance matters.

Further to his business improvement offering, John provides company and business valuations for various purposes including company purchase/ sale, entity reorganisation and matrimonial or dispute resolution.

John is an expert in all things real estate and has built a reputation in the industry for being far more than just an accountant. He also has an in depth knowledge of the Dental sector and works closely with dentists and dental practices to streamline their accounting processes.

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