How technology has changed
The new tools of our trade
Digital innovation is providing amazing opportunities for SMSF accountants and administrators. Here are two ways technology is changing the way we work in the SMSF industry.
Data feeds directly from the source.
A data feed is a stream of data directly from the source, to a software program or platform. For example, linking the main accounting software solutions to the Deloitte SMSF audit portal, allows data to be pulled directly from your accounting software to the auditing platform.
Data feeds are just one-way digital innovation is making a difference to the way we work.
Why is this so important?
Firstly, direct data feeds reduce risk by obtaining data directly from its source. There’s no manual input so it’s highly reliable and there’s less chance of error or data corruption.
For SMSF accountants and administrators who want to reduce their exposure to compliance risk, this is a fantastic development.
Secondly, direct data feeds require less work from you and your team. They only need to be set up once, making your workflow more efficient.
At your service.
When we think of robots, we tend to think of physical robots. However, the most common form of robot is a piece of code that’s designed to perform a specific task. The use of robots in software is sometimes called, bots.
By completing tasks that humans would normally perform, robots enable the automation of platforms. For example, SMSF Audit by Deloitte uses robots to move documents around the platform, and in some cases, merge documents together.
Automation has a number of benefits. It’s easy to see how costs are reduced with more tasks performed by software. However, it also means people can spend more time on activities that add value to your business such as strategic thinking or quality assurance.
It will be exciting to see where these two developments lead. As other digital and technology companies have demonstrated, if an organisation is committed to innovation, the improvements can be exponential.