EOFY and beyond – it can be easy with Deloitte Private Connect

I recently had the privilege to be a guest speaker in collaboration with a major industry representative group at a conference, where digital disruption was a hot topic.  It’s top of mind for many – even in those long standing professions, (such as dentists, doctors, lawyers and financial advisers) that just a few years ago most people would have thought would be immune to disruption because they have such established and entrenched ways of operating.

However, as we see over and over again, this is simply not the case. One of the misconceptions about disruption is that it’s only about creating new technology, but it’s also about changing or replacing methods and practices of something we do now, just in a different, easier and more time efficient way.

As a leading digital disruptor itself, Deloitte had “doing things better” top of mind when creating  Deloitte Private Connect, a cloud based best practice business solution, that allows private business owners like yourself to manage and automate accounting – all housed on the cloud, and potentially saving you time and money while giving you an up-to-date, more detailed overview of your business’s finances.

When it comes to the lead up to EOFY, one of the biggest headaches is getting your records and data up to date and in order. This EOFY should be the last time you approach this time of year with reluctance. There are better ways.

Here are my top five observations of the problems private business owners have to tackle and my tips to help you to reach best practice business solutions:

Position – Where am I?

Problem – Many business owners do not have a timely and reliable understanding of their financial position, which can be dangerous place to be. Without access to accurate and real-time financial information, you can’t know where you are, where you are going or even what to do next.

First and foremost you need to have access to, and an understanding of, all the details of your current financial position, ideally with real-time access to the underlying financial data to assist with the day to day operation of your business.

Solution – Online platform to view your financial position – Put your finger on the pulse of your business via an online dashboard which is easily customised by you and can deliver a live and uncluttered view of your business. Connect to your live financial performance and position anytime and from anywhere.

............A central online location is easier to work with than physical paperwork............
…………A central online location is easier to work with than physical paperwork…………

Performance – How am I doing?

Problem – You need to understand your business performance by accessing accurate reporting to help identify potential gaps and opportunities to work through. You don’t need lots of detailed reports, just access to the key metrics that matter in your business.

Solution – Analyser – Cut through the complexity of management reporting by using KPI reports and up-to-the-minute alerts enabling you to take actions when they count, made possible by your real-time access to financial data.

.............Get the whole picture - your business' financial position in a single view............
………….Get the whole picture – your business’ financial position in a single view………..

Cashflow – it’s king!

Problem – If you don’t know when and from where payments are due to you and payments to be made by you it makes everything a headache. There is a need for control and understanding of business cash inflows and outflows with accountability and benchmarking.  Those that do this can outperform their peers and build a sustainable business.

SolutionTransact – Online bookkeeping using optical character recognition to scan invoices, electronic signatures and online payment authorisation eliminates paper invoices.
Queries and approvals can be actioned by a secure portal online, so your lodgements are on time, every time. Abnormal transactions are identified and acted on immediately, eliminating surprises and the need for year-end rework.

You don’t know what you don’t know

Problem – getting the right advice – Meeting with your advisor once a quarter or getting some assistance from a knowledgeable family member or friend may be keeping your tax payments up to date and your bills paid, but that’s just compliance and keeping your head above water. This is not the whole picture and one of the biggest inhibitors for growth and success is not having a very solid understanding of the here and now. You need to have this clarity to be able to drive the business in the optimal direction.

Solution – A dedicated Deloitte advisor – Your advisor can take your experience of business advisory to another level as they are not working with old data from prior years, or even months.  They are, they are working with yesterday’s data and that makes for a powerful and highly relevant conversation. Your advisor can develop actionable insights to help ensure that you are working to generate maximum returns – and have regular up to date visibility over the things that matter and suggest the levers that can be pulled to drive financial performance.

The right tools

Problem – having the right technology underpins your future success as well as making sure that you are working with the right partners.  It’s about simplifying the daily management of your practice, gaining access to insightful management reports and dental specific performance analysis tools.  Getting this right means less time on administration and more time for anything else you’d rather be doing!

Solution – Deloitte Private Connect – The most immediately recognisable benefits to you are gaining a clear view of your business as well as realising a cost reduction and freeing up your time, so you can get back to what made you succeed in the first place. As an expert in how your business works your focus can be on your ideas for growth being put into action rather than handling accounts and paperwork.

To realise your business goals visit our website: deloitteprivateconnect.com