By David Hill, National Managing Partner, Deloitte Private

Many private business owners I talk to tell me they’re so busy with the day to day running of their businesses that at any point in time they don’t have a clear or accurate view of how their business is performing overall. They also regularly tell me there are times when they find themselves drowning in unwanted admin.

This is where the latest cloud technologies can help. The next 12 months will be a watershed for many entrepreneurs and private business owners who make the move to the cloud; to cloud-based shared ledger solutions which give them a live view of their business’ financial performance and position anytime, from anywhere and on any device.

Deloitte Private is building on Deloitte’s heritage of embracing digital disruption by redefining how professional services are experienced by our private and family business clients. We are taking a leadership position as we don’t want our clients to miss out on this revolution and the competitive advantage it can provide our clients.

Recent research on cloud computing in Australia by the Australian Communications and Media Authority highlighted that 66% of businesses are still not using cloud technology. Our cloud accounting offering, Deloitte Private Connect, combines the latest in cloud accounting technologies.

Waiting until well after year-end to have an accurate picture of how your business performed during the previous financial year is far less than ideal; as is waiting until well after a financial year has concluded to know your financial position at the end of that financial year. Deloitte Private Connect combines automated bookkeeping with cloud-based shared ledger accounting solutions to give our clients an accurate and up-to-the-moment view of their financial performance and position; a fundamental shift in the way private and family businesses have experienced accounting services.

Our online dashboard and automated KPI and management reporting tools analyse the live data going through a client’s ledger highlighting actionable insights to them. Our clients are thereby equipped to act quickly, when it matters most, as compared to reviewing their financial results well after year-end. We place key live information and data at our clients’ fingertips enabling them to take action when it counts.

This all amounts to less time spent on day-to-day transactions, paying staff and suppliers and scrambling to balance the books and more time doing the things that made the business successful in the first place and doing what business owners are truly passionate about.

Deloitte Private Connect is setting a new benchmark for what private and family businesses should expect from their Accountant. It brings the best of cloud technology and the best of Deloitte to SMEs and mid-market companies at a compelling fixed monthly price agreed up front in keeping with Deloitte Private’s claim – ‘It costs no more to have Deloitte’.

Deloitte Private Connect is giving our clients what they really want… real time doing what really matters.

4 things to think about when moving to the cloud:

A system with an open architecture will allow you to work seamlessly with other apps, which is important as your business changes and grows

  1. Is there a way to see everything in a snapshot across your business? Do the apps you choose work together to give you the insights you need via a simple, intuitive dashboard or the like?
  2. Do your research and pick a reputable software provider. Look at demos and online tools. Pick the apps that are right for your business but think about how you will balance this with the proliferation of subscriptions, logins and management effort that comes from selecting ‘point’ applications
  3. Make sure you have a clear understanding of where your data is held; who owns it and how it is available for back up.

For mine, doing nothing is not the answer. Move now to ensure you don’t miss out on the opportunities to gain a key source competitive advantage.