It has been almost a year since the notifiable data breaches legislation came into effect, and in this time, the ATO has been working on introducing various new security measures, many of which will impact accountants.
BGL is proud to announce that Simple Fund 360 now has an integration with Australian Money Market, a secure online term deposit & cash investment platform.
BGL worked on the application of AI for its market-leading, cloud-based platform, Simple Fund 360, for two years. The goal for BGL was to integrate an AI personal assistant with Simple Fund 360 to support the labor-intensive pre-audit process. This, in turn, would help accountants improve productivity—reducing costs further—and lower transaction categorization errors.
Big data, machine learning and artificial intelligence have all been tipped to fundamentally transform the professional services industry. But it could be the re-emergence of Robotic Process Automation (RPA) that will deliver the most tangible business results in the short- and mid-term.
Implementing modern technology solutions in your practice can help refine business systems and processes, and simplify, automate, or eliminate activities. Furthermore, it enables access to timely and accurate data to empower decision-making capabilities.
Many fear that technologies such as robotic process automation will be the end of the profession as less labour is needed for many tasks. But the reality is that attracting and retaining talent today has never been harder, partly because kids are not attracted to the repetitive nature of work in an accounting firm.
Accountants can no longer shirk away from being technology consultants alongside their traditional role as tax and accounting advisers, according to one trainer.