Based on Wolters Kluwer's up-coming research we take a look within the Accounting industry and provide you with some key take-aways as to how you can transform your firm in to a truly client focussed business and reap the rewards.

1. CHANGING THE WAY YOU
DELIVER YOUR PRODUCT TO
YOUR CLIENTS
RUSSELL EVANS
CEO, CCH ASIA PACIFIC

3. WHAT IS DIGITAL DISRUPTION?

4. Digital Disruption
Changes enabled by digital technologies that occur at a
pace and magnitude that disrupt established ways of
value creation, social interactions, doing business and
more generally our thinking.
- The University of Sydney

7. TV,
125
PC,
102
Phone,
132
Tab,
37
Daily distribution of Australian screen minutes
Source: Milward Brown AdReaction, 2014

10. Key Findings
1. Proliferation of SME cloud solutions
2. Services Impacted by cloud computing
3. Lack of understanding of Governments actions
4. Education not prescription

11. Proliferation of SME cloud solutions
• 69% of accounting firms in Australia currently
use cloud computing (SaaS) based accounting
applications
• 59% of Accountants operating cloud based
software, use 2 or more cloud apps

12. Proliferation of SME cloud solutions

14. Services Impacted by cloud computing?
I told them advisory
was the future!
1…2….3….

15. Which Accounting Business Processes Impacted by Cloud Computing –
Services impacted positively by the cloud
Remembering it is considered positive
Financial Reporting and Taxation
Tax Planning
Business Advisory
Business Planning, Forecasting and Cashflow support
Business Establishment and Structuring
Self Managed Super Fund Establishment and Compliance
ASIC Reporting and Corporate Secretarial
Technology strategy and enablement advisory
Personal Financial Planning
Corporate Financing, lending access and advisory
Business Mentoring and Executive Board Services
Don't Know
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
No Cloud
Cloud
Compliance
72% Advisory
26%
Don't Know
2%
- Cloud users

18. Lack of understanding of Governments actions
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Is Government Red Tape Reduction a Challenge?
Is Government Red Tape Reduction a Challenge?
Is government concern over red tape a threat to Accountants?
Consider it a
significant negative
impact
Consider it a slight
negative impact
Neutral/No Opinion
Consider it a slight
positive impact
Consider it a
significant positive
impact
Negative Impact
12%
Neutral
48%
Positive Impact
40%

20. What Changes?
• Automation of Individual tax returns (iReturns)
• “…developing a light touch or no touch income tax experience”
• ATO no longer sends Cheques on iReturns
• BAS & IAS changes
• If you lodge via ELS or Portal say bye bye to paper BAS/IAS
• 12 months away from no physical NOA’s to Tax
Agents

21. Privacy Act 1988 - Tax File Number Guidelines 2011
Guideline 6 Storage, security and destruction of TFN information
6.1 TFN recipients must take reasonable steps to:
a) protect TFN information from misuse and loss, and from unauthorised access, use, modification or
disclosure, and
b) ensure that access to records containing TFN information is restricted to individuals who need to
handle that information for taxation law, personal assistance law or superannuation law purposes.
Computer and network security – by adopting logical barriers and measures to protect computer
systems and networks from unauthorised access, modification and disclosure such as:
• user identity checks and password controls
• separately storing, processing and transmitting TFNs from other information handled by the TFN
recipient
• systems including audit trails to detect unauthorised access.
• Communications security – by protecting communications via data transmission, (including email
and voice communications), from interception, and preventing unauthorised intrusion into computer
networks
Office of the Australian Information Commissioner
http://www.oaic.gov.au/privacy/privacy-resources/privacy-fact-sheets/other/privacy-fact-sheet-6-the-binding-tax-file-number-guidelines-2011-and-the-protection-of-tax-file-number-information

22. CCH Paper Buster + Client Portal
ATO
Document
eg. NOA,
BAS
Paper or Electronically
ATO
Steps 1 – 3 takes
about 30
seconds!
Your
Database
Go Button on
Paper Buster
Draft Email to
Client
@
Draft
Letter to
Client 1
Secure Online
Client Portal 3
Document
Filing
2

23. Respondent Someone Within Organisation Accountant Third Party
70%
60%
50%
40%
30%
20%
10%
0%
Who Makes the Cloud Decision?

24. Key Findings
1. Proliferation of SME cloud solutions
2. Services Impacted by cloud computing
3. Lack of understanding of Governments actions
4. Education not prescription

26. Cloud Tax Free Until JUNE 30*

27. Contact us for more information
• Email: ifirm@cch.com.au
• Phone: 1800 836 869
• Website: www.cchifirm.com.au
@cchifirm CCH iFirm