Australia: The Over Performing ‘Underdog’

THE OVER PERFORMING UNDERDOG

Australia, “the land down under” or so the colloquialism goes referring to our placement in the southern hemisphere… or the timeless classic “Down Under – by Men at Work”

What has become apparent over the years is that when it comes to everything, in particular consumer goods, Australia always tends to be way behind the world in comparison. This can be from a simple release date of a movie, electrical household goods, motor vehicles and the internet (which sometimes yields the same results as plugging into a potato).

What is interesting is that estimations show that nearly ~84% of all Australians have at least one smartphone or mobile tablet device. With the changes in the accounting and taxation world from pen and paper to a more digital, cloud based environment, it has become conveniently accessible while on the go.

While we think of it as a daily necessity, some would argue it’s a luxury, but the fact still remains that one of these modern day devices has more power than NASA did back in in the late 1960’s. Despite this, it is becoming apparent that the use of smartphones in the professional services industry is rapidly increasing and becoming a socially accepted norm.

Independent software providers are finding that Australians, despite our countless delays and setbacks from release dates and availabilities, we are very much aware of the benefits of this new transition and is estimated that over 68% of accountants are embracing the change and using the digital platforms to offer their professional services in a more effective, timely and cost effective manner.

So why does this matter?

It matters because, for anybody who is currently engaged (or considering engaging) with an accountant to oversee their tax & accounting affairs, they are the ones who benefit by knowing their accountants are constantly adapting, changing  & and expanding their knowledge. This in turn allows an increase in the competency and proficiency of the services that can be offered to clients by meeting and exceeding their expectations.

With that said, the consensus is, that while Australia as whole seems to be constantly at a disadvantage, it is noteworthy to acknowledge that the professional services industry is far exceeding expectations by outperforming the same industries in other major countries when it comes to services offered and the platforms adopted to carry out the tasks at hand.

It is not unlikely to have your accountant recommend a transition to a more suitable platform (cloud based) with advisor access to offer support on a real time basis. The pros far exceed the cons but the decision remains that of the intended user to perceive value in what is available at the right price.

Call us on 6267 2200 to discuss moving to the “cloud” if this is of interest to you.

Optima Partners – Your Pathway to Personal and Financial Security

ADAM KITCHING – ACCOUNTANT