Daily Bulletin

Business Mentor

.

  • Written by Tess Sanders Lazarus


Accounting and training expert and CEO of Platinum Professional Training, Coco Hou, today said the accounting sector is going through significant change as cloud software and online solutions continue to disrupt the industry at all levels.

 

As a CPA accountant and head of an accounting training organisation, there are some key things I am encouraging students and trainees to focus on in order to succeed in the accounting sector.

 

They need to understand how technology is changing the way organisations go about undertaking their business and engaging with their customers.

 

The first is big data. Accountants and those training in the accounting sector need to understand what it is and how it is being used across the accounting industry and other industries.

 

Big data is creating the opportunity for sectors and organisations to better understand their business and customers through the collection of information which is then analysed to form micro insights. Our work forms part of this and assists businesses to understand through use of data and predictive analytics where the trends are so they can make informed decisions based on insightful forecasts.

 

The second is the Internet of Things (IoT). The internet of things is changing the way we live, work, communicate and engage. Connectivity is the name of the game.

 

What does this have to do with accountants? We need to understand how this fast growing sector is changing the way people consume services and businesses manage their operations and engage with their customers.

 

Real time connectivity is enabling businesses to manage their activities, stock levels, invoices and reporting real time. This will impact activities such as audits. Audits will no longer be independent events as IoT will enable a process of continuous auditing real time.

 

The financial status of a business will be live real time across all sectors of the organisation at any point in time.

 

The third is on the go accounting. As more and more businesses become online and national or global operations, their people will want instant access to their accounts, any time any where. This means most if not all accounting systems will be cloud based.

 

Accountants need to ensure that they are familiar with key cloud based systems, how they operate and the different types of functionality they offer.

 

Every accountant needs to know the basics, tax law. Given advances in technology, every accountant now needs to know and understand the technology disrupting the way people operate and run their businesses. In a sense, we have become techountants – a blend of technology and accounting.”

 

Coco Hou, is the Managing Director of Platinum Professional Training. Platinum is one of Australia’s largest accounting training and internship providers with offices across all major Australian cities. Coco Hou is also a CPA qualified accountant and Managing Director of Platinum Accounting.

 

www.platinumaccg.com.au

www.cocohou.com.au

 

Choosing the Right Mini Digger: Factors to Consider

In the vast landscape of construction and landscaping projects across Australia, mini diggers have become indispensable tools. These compact machines pack a powerful punch, offering versatility and ...

Daily Bulletin - avatar Daily Bulletin

Effective Strategies to Generate and Nurture Sales Leads for Business Growth

Boost your business's growth. Discover effective strategies to generate and nurture sales leads! A sales lead refers to an individual or business entity that is potentially interested in purchasing...

Daily Bulletin - avatar Daily Bulletin

Products Made from Petroleum

From transportation to healthcare, petroleum has become an integral part of our everyday lives. This fossil fuel serves as the foundation for a wide range of products that surround us, offering conv...

Daily Bulletin - avatar Daily Bulletin

BlueHoldings Introduces Premium Membership To Elevate VIP Status

Zürich, Switzerland - BlueHoldings, a leading player in the financial services sector, announces the introduction of its Premium Membership, designed to enhance the VIP status of its esteemed client...

Daily Bulletin - avatar Daily Bulletin

Mum's the Word: Celebrating Australian & Global Mother's Day Traditions with Perth Florists

Mother's Day is a cherished tradition in Australia, celebrated on the second Sunday of May each year. In 2024, Mother's Day falls on May 12th, offering the perfect opportunity to shower your mum wit...

Daily Bulletin - avatar Daily Bulletin

The Job Seeker's Handbook: Practical Tips for Finding Your Next Opportunity

Embarking on a job search can often feel like navigating through a maze—filled with twists, turns, and occasional dead ends. In today's rapidly changing job market, finding your next opportunity req...

Daily Bulletin - avatar Daily Bulletin

Tomorrow Business Growth