With the introduction of Making Tax Digital (MTD) made by HMRC back in April 2019, as an accountant it may be comparable to Trinity in the opening scene of The Matrix; engulfed in an assignment and racing against time to meet your deadline. But your concentration was suddenly interrupted by an unfamiliar and destabilising gust of change.
Or maybe you felt like Neo; sitting in your small cubicle, wondering if there wasn’t anything else out there other than living a systematic mundane routine that makes you feel like time is escaping from you. Will you ever be able to find a moment to do the things you enjoy in life (or find the time to deal with other responsibilities) seeing as brief weekends are just not enough?
With the requirement to keep digital records of all transactions in accessible software, the concept should not appear overwhelming or frightening. But rather an opportunity for you to apply strategic changes to your practice that will provide solutions for your daily challenges; not to mention a glorious occasion for you to salvage precious amounts of your time and money! Maybe it’s time to start planning that holiday to Bermuda?
Accountant Neo. You have now finally met Morpheus and he is presenting you with a miraculous chance to escape your rumination cycle, and take control of your practice… All within an offer (and with freedom of choice, of course!) of taking either the blue pill (status quo), or the red one, Capium.
Change is inevitable. It has to come sooner or later. When it comes to waves of changes in technology, they seem to come at us at an increasingly rapid pace. The ultimate question is: Do you embrace innovation or do you turn your back to it?
Let’s closely analyse the pros and cons of this paradox as we face Morpheus: You are Neo. Sitting in a deteriorating ancient burgundy armchair that seems to have succumbed to years of neglect, intriguingly weighing the life-changing decision of taking either the Blue Pill, or the Red Pill.
The Blue Pill
Putting up with a sedentary way of performing – When someone is set in their traditional ways of working, they are limiting and binding themselves to an expired way of performing. Without the use of a fully integrated accounting software suite like Capium, you are allowing your practice to run you, instead of the other way around: You are chaining yourself to your desk and outdated customs, and penalising yourself to a confined immobile way of functioning. Why allow yourself to be drowning in piles of paperwork and battling with your desktop due to occasional system failures, causing you to repeat tedious tasks because they failed to save to your hard drive? You are riding a monorail my friend.
Sticking to a vision in retrospect – Your interaction with your clients is most likely to remain limited and you would have to settle with only catching up with them once a year when the TAX seasons arrive. As usual, by the time you get to communicate with them, they will have already made purchases that took a toll on their finances. At this point, you will wish you had been interacting with them more throughout the rest of the year and able to advise them against any purchases, or new hires that they made, that could threaten their finances. You will continue being the last to know and it will always be too late to do anything about it. And why is that, you ask? This is due to you being limited by ways of communicating and preventing yourself from finding ways to build sustainable relationships with your clients. Do you really want this to go on like this? As an accountant, you should know what your clients are doing.
Losing precious time – How much do you value your time? How many times have you sighed or rolled your eyes in dismay because you are repeating tedious tasks over and over, and over again? Spending huge amounts of your precious time manually inputting data from piles of paperwork and receipts into a spreadsheet, and then rekeying them into another software to make the submission , it all just seems exhausting! I can only fit so many words into a sentence… Do you see where I am going with this? By rejecting automation, you are missing out on a monumental chance at an easy way of life.
The Red Pill
Unplugging yourself from inefficient ways of performing – Like the famous scene, you will go through an awakening transformation after taking the red pill; you will feel an unfamiliar yet overwhelming sense of release engulf you to take you to a place of rebirth. You will be able to unplug yourself from your current outdated and weighing ways of running your practice. In turn, you will be embracing innovation and automation while broadening your horizons to a million ways of utilising them to your advantage! This is the perfect opportunity for you to push the boundaries and find better solutions as you go! Stay ahead of the pack with the use of a cloud-based integrated accounting software like Capium. With it you will be equipped with the tools necessary to expand your practice, save on huge amounts of precious time, and save money! It’s a win-win really.
Taking full control of your practice – Think of how many windows of opportunity will be open to you the moment you choose to accept innovation; You will be choosing to live in the real world where you can perform any task anywhere, stay informed and thrive in real-time, all because of the help of an integrated cloud software! With all this free time, you can use this time to think outside the box and expand your services… Like offering company secretarial services for example? A small change to your service offering, but when adopted by all your clients, would have a big impact on your revenue.
Freedom to choose your clients – Gone are days of the clients running you down and steering you haywire. Now you have the time to get into the driver’s seat, navigate your practice, and nail down your niche! You’ve got freedom and full control now: The freedom to choose your clients based on your desires and your specialisms. This will help you renovate your practice based on quality over quantity. Your modern software will enable you to communicate more frequently with your clients, and real time data insight will empower you to become their business coach; you will gain the opportunity to provide them with advisory services, all while providing yourself with more growth opportunities! No longer will you be in the dark about your client’s planned actions and decision makings. You will become their Oracle. And they will be coming to you for guidance, as if you have become their inhouse finance director. All you have left to do is brainstorm to figure out how you can help your clients more.
Oh the sweet smell of change… It’s inevitable: The accounting profession will no longer be perceived as mundane and archaic. The accounting revolution has begun and you can be a part of it… Viva la revolution!
So accountant Neo, as you sit in that leather armchair facing Morpheus with this easily indisputable dilemma, which pill will you choose to swallow?