Technology

Artificial Intelligence – The Future of Finance

May 17, 2018 By raadmin

Artificial Intelligence – The Future of Finance

If someone said the letters AI to you 20 years ago, you would think they were insane. The prospect of artificial intelligence never seemed real but since the technology era really took off, AI is a reality, not just a dream. Each and every day we are subject to artificial intelligence, from auto-correct on phones and computers to Siri and Google assistant on your smartphones.

The corporate giants are investing heavily in AI because they know it’s not the future anymore, it’s the present. AI provides so many possibilities that us mere mortals never thought possible, that’s why our absolute favorite corporation – Xero are investing heavily in this transformative technology. Unfortunately, as with all technology advancements, there are misunderstandings and massive concerns. Does Skynet ring a bell, anyone?

The Difference Between AI and Machine Learning

AI concept creator John McCarthy explains AI as: “every aspect of learning or any other feature of intelligence can in principle be so precisely described that a machine can be made to simulate it.” This definition moves away from the concept of ‘thinking machines’, as we’ve seen in the Blockbuster ‘Terminator’. The definition of AI varies based on the goals corporations are trying to achieve.

Machine learning is a data analysis technique that teaches computers to learn from experience. Machine learning uses both supervised and unsupervised learning to predict future outputs and find patterns or structures within input data. Machines use learning algorithms to ‘learn’ information directly from data without relying on predetermined equations as models.

Google Assistant

Tech Mogul Google has always been the forerunner with technology, especially with the release of the small but powerful Google home. Google home utilises the intelligent and responsive google assistant that you can find on any 2016+ Android or Google smartphone. This tiny inexpensive gadget sits anywhere in your house or office and provides you with a whole myriad of features, including but not limited to: playing music, sending directions, providing weather and traffic updates.

Appointment Setter

Even though Google is absolutely obliterating the AI market with Google assistant and Google home, they are furthering this development even more. Enter stage right, the Google Duplex. What is Google duplex? Another step in the direction of advanced AI. Google Duplex is an appointment setter, not an online one mind you, but Google Duplex actually calls the restaurant or hairdresser that you want to book at.

The Backlash

Unfortunately, this new technological advancement has prompted concerns about the ‘fate of the human race.’ In a nutshell, people are worried that we are playing with fire and are about to get burnt. Some claim Duplex is not only strange but completely unethical whilst others are applauding Google for this massive feat. I don’t want to imagine how many man-hours went into accurate speech recognition. Those against the innovative technology said it was immoral for the robot not to identify itself prior to booking the appointment. Google has since given in to these demands and will avoid the assistant ‘deceiving’ humans when setting appointments by identifying itself as a robot to the recipient.

Will AI Affect the Way I Work?

Because of the second payments directive PSD2, significant changes are coming to the accounting industry (significantly good that is). Finally, the big banks won’t be allowed to hold onto user data, this vital information can now be shared (with user permission) to third parties. What does this mean exactly? Management accountants and business advisors will be able to utilise businesses’ banking and account records to accurately predict data and turn towards intelligent cashflow.

Why You NEED an Online Presence to Succeed

May 2, 2018 By raadmin

Prior to the technology boom, everyone found businesses in the yellow pages. Unfortunately, these days’ local listings, newspaper advertisements, and any other print medium just won’t cut it. No matter how amazing your business or product is if you aren’t online, you are invisible. Having an online presence can make or break a small business.

The Why

If people are able to find you through a quick google search, google maps or a social media campaign, then you are on the radar. Just being seen isn’t enough, just like the cliché ad you hear at Southbank Cineplex “don’t just be seen, be heard.” Having an up-to-date website is as important as having one in the first place. It’s not only beneficial for yourself (avoid negative reviews) but also your customers.

When I mention an up-to-date website I don’t mean a complete overhaul once a month to the excess of thousands of dollars but instead, I mean a little sprucing up. Content should always be updated, especially if you change address, prices, or even the business name. Time dedicated to creating an online presence is time well spent, especially for small business owners.

Here are the top reasons to increase your online presence:

Become More Accessible – enhance your online presence to stay ahead of the competition. You don’t want a potential customer to pick your competitor over you, so why make it easier for them too?
Cast a Wider Net – these days there are hundreds of social media applications, groups, and even advertising platforms (all thanks to the internet), so why not use them to your advantage? Let the customer come to you, instead of going to them.
Build Consumer Relationships and Trust – reviews will be your next best friend. You have the ability to reach out to unhappy customers and avoid your name being dragged through the mud. Positive reviews can enhance your business in the public eyes. If you can maintain at least 4 stars on Google, Facebook, or the like – you’ll maintain an online presence.
Effortless Marketing – consumers can browse your products, hours of operation, and much more important information with the click of a mouse.
Find What Works and What Doesn’t – easily see the effects of a marketing campaign, track website traffic, and social media statistics. Every inch of your online presence can be measured, thanks mostly to Google Analytics.

The How

Create a visually appealing website – with up-to-date information and working links
Create a Facebook and Twitter account – these will give you access to not only a new audience but also allow you to share any news, events, or discounts with the click of a button
Search Engine Optimisation (SEO) – focus on important keywords that relate to the information on the webpage (needs to be done for each webpage). This allows Google to pick up said keyword without the use of advertisements. Essentially allowing potential customers to find your site without relying solely on paid advertising
Hire Someone – you don’t need to hire a university graduate, in fact, you’re better off hiring someone studying marketing or advertising to work either one or two full days a week. This will increase your marketing budget but will be better utilisation of your time. They can complete all your marketing tasks, keep your social media and website up to date, and work on both SEO and AdWords. This means you don’t have to pay hundreds of dollars a month to multiple companies to stay relevant

Conclusion

Building an online presence doesn’t have to be rocket science, there is an entire wealth of technology just one search term away. Create blog posts, maintain your website, utilise social media, and your marketing will be far more effective.

Security – The Endless Dilemma

April 26, 2018 By raadmin

In this day and age, nothing takes precedence more than security. When I say security, I’m not talking about locking your front door or installing a home security system. I mean keeping your account and business information secure and encrypted.

Attention-grabbing headlines relating to online scams, hacks, or viruses are endless, we are constantly trapped worrying that our secure data is being uploaded to someone halfway around the world. Despite these endless stories, the internet is still safe for businesses – provided you take necessary precautions.

Information Matters

No matter what hard drive you use, IT guy you’ve got on speed dial, or how locked tight you keep passwords; your valuable information is NOT safe. From accidentally spilling your morning coffee, to a virus infecting your system and stealing all your valuable information.

Viruses have been plaguing computers well before illegal downloads occurred. In fact, computer viruses (or worms) first began in 1971 with ‘The Creeper Virus’. The first worm was simply an experimental program that became self-replicating, and an anti-virus program was created to remove it. Whilst virus and anti-virus are considered quite yin and yang, security packages just won’t cut it when a hacker wants your information.

To defend against these notorious criminals you don’t need to hire a professional anti-hacker for combating worms, you simply need to move your accounting to the cloud. The cloud replicates your data in different locations to make sure it’s both secure and available when you need it. Not even a natural disaster can affect your accounting data.

Your decision

If you’re thinking about moving your accounting the cloud, look no further than Xero. Security is the top priority and Xero takes every measure to ensure your information stays safe. You won’t need to research what cloud company to join, as Xero has done their due diligence and already utilize a secure and reliable company.

Make Technology work for you

March 22, 2018 By raadmin

Your small business

Running a small business seems great in theory; you’ve got the benefits of being your own boss, extra income, flexibility – the ‘Australian dream’.

When in reality you’ve got hours of administration work, constant pressure of cash flow, and endless hours working on the small minute financial details of you business. With revolutions in technology like the famous ‘cloud’, how come you still have hours of bookkeeping, payroll and the like?

The cloud isn’t the be all end all

Great, you’ve setup your business and transitioned everything into the cloud. Have those hours of painstaking work dialled back? Or has it just gotten worse? The cloud isn’t user friendly and unless you’re prepared to take up another university degree or spend hours reading through multiple guidebooks on bookkeeping, payroll, and marketing. When you’ve got inventory, cash flow, supplies, and clients/customers to worry about, how can you spare the time?

The cloud, bookkeeping applications, payroll software won’t save you time, it’ll just increase your workload.

By now you’re thinking, why did I ever start this small business, will it ever succeed? Don’t worry; you don’t have to handle all of this paperwork on your own. Luckily, there is a major time-saving solution just one phone call away.

The truth about the digital age

Going digital isn’t all that, sure it’s great in some aspects but sometimes you really need a human element. This isn’t new to the technological world either. Many major companies such as Apple and Spotify use ‘real human beings’ to create popular playlists.

Not to mention those little food apps like Foodora and Uber Eats that combine technology with real human beings. Would you trust a robot delivering your weekly order of Mexican? It doesn’t even begin with these guys, full stack businesses have been around since smart phones came into existence!

But this article isn’t about your food delivery needs, so let’s get back to the topic of your business. Apps won’t make your professional life easier like they do with your personal. You need a REAL solution; well don’t worry reader that’s where professionals come into play.

And by professionals I mean, accountants and business advisors. Don’t worry you won’t need to open a new tab and scour the internet for a business advisor that actually makes sense. We’ve got you covered!

Xero: The beginning of the end

Xero is definitely a life changer, as we’ve discussed before but it can also be a hassle if you don’t know what you’re doing. Small business owners enjoy using Xero as it makes accounting fun but in the long run some are making a mess of things. I mean, if you join a bookkeeping Facebook group, you’ll see what I mean.

Enter: a Xero-savvy business advisor with a free one hour training session. Now before you go rummaging around for your keys, you’ll need to book as everyone knows time is valuable.

What if I still can’t get it right?

You’ve gone through your free training session, maybe you’ve booked a few more but you still can’t quite get the hang of it? Lucky for you our tech-savvy advisors know Xero inside and out, so you don’t have to!

And here’s the absolute kicker; choosing a business advisor over a DIY can not only save you time but it’s less risky and less expensive than hiring an in-house bookkeeper. So if you aren’t up to the task of sorting out your payroll, taxes, accounts receivable, and accounts payable, then I advise you to give us a call or book a consultation.