Opinion

The future of accountants, accountancy and data analytics

Posted by Philip Wong on

The future of accountants, accountancy and data analytics

Digital disruption due to new and emerging 21st century technologies has resulted in growing volumes of data, transforming how we do business today, and accountants and finance professionals need to keep pace with these changes [1]. Historically, it was easier when accountants worked with structured legacy and ERP databases; to apply transactional, variance, ratio and trend analysis to determine financial performance and make business predictions [2]. The recent growth of digital data has added new types of semi-structured and unstructured data [2]; for example, Internet usage clicks IoT sensor data. Some of this data is so large they cannot be...

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Australian government COVID-19 stimulus packages are not enough.

Posted by Philip Wong on

Australian government COVID-19 stimulus packages are not enough.

Australian small business support The Australian government stimulus packages for small-medium businesses are absolutely fantastic support for us, mine included.   These packages are not likely to be sufficient to sustain your small businesses going forward.  What on earth can you do?  What is Plan B? The downside as I work through the details is that these stimulus packages, generous as they are - are unlikely to be sufficient to sustain my business for long. As an accountant and business analyst, I know this to be true. It is impossible to paint with broad brush strokes everything that every business expects, given the...

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A Business Strategy is a Guide to Business Success

Posted by Philip Wong on

A Business Strategy is a Guide to Business Success
11 reasons why small businesses fail.  (1) Not understanding profits (profits never materialize to the extent necessary to sustain an on-going company); (2) inadequate cash reserves; (3) failure to define and understand your market, your customers, and your customers’ buying habits; (4) failure to price your product or service correctly.  Read More

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Intuit Quickbooks 'Simple Start' for better decision-making

Posted by Philip Wong on

Intuit Quickbooks 'Simple Start' for better decision-making
Intuit Quickbook 'Simple Start' is an easy way to begin keeping your business records that will enable you to work out how your business is performing, what your business is worth, and work out how to improve.  Once you know 'Simple Start', everything that follows is a piece-of-cake.

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Cloud Computing for SMEs

Posted by Philip Wong on

Cloud Computing for SMEs
Cloud computing is a general term for “the delivery of hosted services over the internet”. Essentially: Hosted services are different types of services accessed over the internet with the host provider offering the use of software residing on their physical servers.  Businesses are increasingly turning to the cloud to save time, resources and to raise productivity.

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