This is according to QuickBooks Director of Marketing: Global Expansion, Brandon Wilson, who adds that, with the fourth industrial revolution in full swing, business and accountancy leaders should be investigating how new technologies can enhance the productivity and efficiency of these professionals even further.
“Accountants hold the key to your financial breakthrough. They save businesses time; keep cash-flow in check; offer advice on auditing, tax and legal matters; and ensure financial reporting deadlines are fulfilled. With greater support, it’s safe to say that the possibilities for business are endless,” he says.
Wilson highlights that accountants today should be drawn on for their specialist insights and advice that inform strategic and operational decisions rather than just for basic, yet time-consuming, financial and bookkeeping needs.
He says, “This is where accounting software tools have added a lot of value in recent years, increasing productivity and accuracy relating to the more mundane accounting tasks while freeing up the professionals to tackle critical thinking exercises.” Wilson shares how accountants can leverage today’s technology to do so whilst driving business success:
Accounting software basics
With invoicing, reporting and inventory management capabilities, simple online accounting software solutions such as those developed by QuickBooks provide start-ups, SMEs and smaller financial teams working with tighter budgets with the option to streamline and fast-track traditional bookkeeping processes.
The artificial intelligence (AI) behind these solutions – such as the QuickBooks Online Accountant – also detect errors immediately, ensuring that a company’s books are always accurate.
Access, apps and automation
For businesses looking to optimise their financial processes even further, accounting software support applications such as those provided by QuickBooks partners, Draftworx and AutoEntry, integrate with QuickBooks’ localised online solutions.
Draftworx, an automated drafting and working paper financial software application, ensures that accountants are only ever a click away from financial statements and working papers, to audit methodologies, collaboration tools and digital signatures.
AutoEntry – an automated data entry software application – captures, analyses and posts invoices, receipts and statements directly to QuickBooks online accounting solutions.
Not only do these solutions save accountants on time and ensure greater accuracy and accessibility, they also tap into the power of cloud technology.
The cloud for big data
Cloud accounting is the use of accounting software where both the software and the data is stored online. The benefits of this kind of solution include improved security, seamless software updates, easy access, opportunity for remote collaboration, and significantly greater scalability to meet big data demand.
QuickBooks’ cloud-based software, for example, can perform large-scale accounting tasks that would be virtually impossible for humans to complete in a timely manner. Utilising cloud storage also allows business and accounting colleagues to log in simultaneously and work directly with real time data online.
Wilson says, “Technology that makes our lives easier is becoming ever more advanced across all aspects of our lives. AI is definitely setting the tone in this regard, especially for the future of accountancy.”
“Rather than replacing accountants, these innovative technologies are able to support industry professionals in providing businesses with greater value and a competitive advantage. With this in mind, and with affordable solutions on the market, accountants should be encouraged to embrace the evolution of their role,” he concludes.
Liquid, IS, partner for 5G roll-out to corporate SA
Liquid Telecom has teamed up with Internet Solutions to develop an ultra-fast wholesale connectivity service for enterprises – including telcos
Liquid Telecom South Africa has partnered with Internet Solutions (IS) to provide wholesale 5G connectivity targeted at delivering enterprise services to their existing and potential new customer bases.
The 5G service will provide operators and internet service providers with faster speeds, lower latency and greater capacity, ultimately enabling businesses to deliver richer experiences to their customers.
“Providing IS with 5G wholesale services as an alternative to fibre connectivity, Liquid Telecom South Africa is highlighting how we are delivering on our commitment to the market to continue being the best business network in South Africa,” says Reshaad Sha, CEO of Liquid Telecom South Africa. “Local businesses are adopting technologies like SD-WAN, IoT, and cloud computing, However, these technologies need network connectivity that provides high quality, increased capacity, and greater reliability to ensure optimum performance.”
IS managing executive Dr Setumo Mohapisays the company has evolved its networking model to provide a high-performance hybrid network that aggregates multiple WAN transport services.
“This enables clients to fully utilise all available bandwidth for high availability and total application performance,” he says. “The innovation, flexibility and range of 5G use cases that this offers for different industries such as agriculture, retail, manufacturing, and logistics is boundless. 5G is a core component of our hybrid network and we are extremely excited about the extended capability this partnership with Liquid enables us to offer our clients.
Liquid Telecom is the first to launch a 5G wholesale network service, which it says will “accelerate the building of Africa’s digital future and the digital revolution in South Africa”.
Liquid Telecom is a leading communications solutions provider across 13 countries, primarily in Eastern, Southern and South Africa. It serves mobile operators, carriers, enterprise, media and content companies and retail customers with high-speed, reliable connectivity, hosting and co-location and digital services. This means that it can provide the basis for its clients to offer 5G services to end-users.
Liquid has built Africa’s largest independent fibre network, approaching 70,000km, and operates state-of-the-art data centres in Johannesburg, Cape Town and Nairobi.
IS, which pioneered Internet connectivity in South Africa, is a subsidiary of the Dimension Data Group and part of Japanese telecoms giant NTT. It now leverages its infrastructure and global footprint to support organisations with the rapid deployment of emerging technologies. Still headquartered in South Africa, it has operating offices in Mozambique, Uganda, Ghana, Kenya and Nigeria. It has 82 Points of Presence (PoPs) in 19 African countries and four international PoPs in London, Germany, Hong Kong and Singapore. The company has over 10 000 square metres of data centre space across Africa.
So you think you need a Blockchain?
By CAYLE SHARROCK, Head of Engineering at Tari Labs
It’s 2020, and we’re still in hype overdrive about blockchain. If conventional wisdom is to be believed, blockchain is going revolutionise and disrupt every industry known to humankind.
But does every industry actually need a blockchain? Let’s take an objective look at two of the most aggressively touted use cases for Blockchain to see if it’s all it’s cracked up to be.
Before we do this, let’s remind ourselves about the four pillars of Blockchain technology and what they give you: tamper-evident logs (the blockchain); cryptographic proof of ownership (digital signatures); public accountability (the distributed public ledger); and corruption resistance (proof of work).
If we use these four features as a checklist, we can evaluate any proposed use case of blockchain technology and decide whether the potential is genuine, or whether it’s just buzzword bingo.
There have been hundreds of headlines over the past four years proclaiming how Bank Y will use Blockchain to disrupt the industry. Usually, what they claim is that they can perform interbank settlements at a fraction of the cost of what the incumbent monopoly, SWIFT, provides.
So does Blockchain work for the banking sector? Clearly, tamper detection of the transaction history is a must-have here. What about digital signatures and proof of ownership? Without a doubt. Multiple signatures? The more the merrier.
Bitcoin was conceived as trustless money – and with banks, we have a fairly small community that is heavily regulated, and that do actually trust each other to some degree. Essentially, banks use governments’ big stick instead of proof-of-work to keep everyone honest. This works most of the time. Except when it doesn’t. The 2008 crisis and the 2012 Cypriot haircuts are just two examples.
How about Public Accountability from distributed public records? No, public accountability has never been the banking sector’s strong suit. That means the banks’ ideal “blockchain” is just tamper detection, plus digital signatures. This sounds like a bunch of databases that have tightly controlled access along with strong cryptographic signatures.
The banks actually gave this non-Blockchain blockchain a name: Distributed Ledger Technology. And it’s pretty much what SWIFT already does.
Verdict: Do banks need Blockchain? Nah. They want a cheaper alternative to SWIFT.
Blockchain technology is going to revolutionise the supply-chain management (SCM) industry, we’re told. BHP Billiton was one of the first large companies to announce in 2016 that they were implementing Blockchain for their core sample supply chain. We’ve heard similar stories about the diamond industry.
Whether you think a proof-of-work Blockchain makes sense for SCM is really secondary to the challenge of The Oracle problem: blockchains are brilliant at letting you know when data in the system has been compromised. But they have zero sense whether that data is true or not.
The Oracle problem arises whenever you need to bring the concept of truth, or providence from the real world into a trustless system like Blockchain. How does the core sample data get onto the blockchain ledger? Does a guy type it in? Does he never make mistakes? Can he be bribed to type in something else? If it’s a totally automated system, can it fail? Be hacked?
Maybe we solve this by having two systems running and we compare the results. Or three. Or four. Now we have the problem of having to ship our samples to different labs around the world and be sure they weren’t tampered with in transit. If only we had a blockchain-based SCM system to secure our blockchain-based SCM system …
Verdict: The Oracle problem is really hard, and torpedos a lot of tangible good-based blockchain proposals.
So, back to our original question: do you need a blockchain? Ultimately, the future of blockchain applications (beyond money) lies in whether the benefits of having a decentralised, public record secured by proof-of-work outweighs its costs. There are plenty of really encouraging use cases emerging – think ticketing, for example, or trading in any digital assets. But for most industries, the jury’s still out.