Accounting in the 21st Century
Accounting occupies a special place in the annals of history.
Whether it's Sumerian cuneiform cataloguing goods involved in transactions, the development of abacus counting systems to calculate large sums, introducing double-entry bookkeeping, the rapid advancement of computers enabling accounting software and cloud services or the progression of artificial intelligence and machine learning, humankind understands the value of information.
We're living in a time of accelerating change where innovation has necessitated swift development and full-scale service integration. Competition has spurred action resulting in a bevy of consumer choice. In three to four years, companies can achieve billion dollar valuations. In today's market, that's the strength of great ideas.
It’s not enough to be a reactive and transactional firm, your accountant needs to be proactive, offer diversified service streams and demonstrate value. Clients need a team of advisors who recognise their past, present and future. It's acknowledging where you've come from, where you are and where you plan to be.
Accounting in the 21st Century sets the tone of expectation.
A firm at the cutting edge should complement traditional accounting architecture with modern advisory services that are designed to meet current and future needs.
It’s about cultivating relationships, building trust and ensuring your advisor support network is willing, capable and able to service your needs. The client comes first.
This is what Accounting in the 21st Century looks like.
Business is a temperamental beast, one requiring specialised skills to navigate its turbulent waters. The value of wisdom, experience, guidance, structural integrity and strategic manoeuvring cannot be understated. Astute navigators recognise although conditions may share similarities, each voyage must be treated on merit and appropriate adjustments made. Plan, execute, analyse, adjust.
Delivering the Promise is the mechanism through which Nexia Perth distinguishes itself. Our mantra begins with breadth of service. Drawn primarily from three disciplines: accounting and tax, business strategy and personal wealth, our comprehensive range of services are designed to achieve positive outcomes.
Whether it's conceiving tax-effective strategies, managing business expansion or identifying avenues to create wealth, our solutions are tailored to individual client requirements. We recognise every situation is unique and accordingly, should be treated so.
Breadth of service encourages specialisation. We're not generalists, we're experts trained to solve complex problems, analyse, interpret and report on vast amounts of information, identify available options, provide recommendations and ultimately, deliver results.
The absence of choice limits options and constrains possibilities. Freedom enables choice, the power to make your own decisions, set the agenda and when required, course correct. Cash Growth Value enables freedom of choice. How? By:
- Diagnosing and providing solutions to problems
- Equipping clients with information and insights to inform decision-making
- Delivering peace-of-mind by eradicating unwanted financial surprises
- Offering a rock solid platform from which to conduct business
Modern accounting demands more than number crunching, it requires the provision of advice. Accountants are in a unique position. They read balance sheets, analyse information, interpret rulings, write strategy and build networks. Modern accountants can't afford to be mired in the past, they need to be focused on guiding your success. That requires working from an informed position.
Vision is a crucial tool in the modern accountant's arsenal. That is, the ability to extrapolate trends, anticipate future developments and balance risk vs. reward opportunity pay-offs. Vision requires a complete understanding of your business and its current and future operating environments. Vision demands accountants recognise the disruptive nature of technological advancement and the importance of full-scale technological integration.
The 21st Century is the tech century. This is how we integrate tech in our service.
Forward-looking and modern operations understand the value of technology. Tech enables agility and responsiveness. No longer marketing buzzwords, agile and responsive companies position themselves to move rapidly. If 'time is money' then technology is an accelerant.
Cost-effective, user-friendly and updated in real-time, our native cloud business platform, Nexia Live, collects, catalogues, interprets and reports on key business data points. Nestled neatly on a secure single ledger and accessible via desktop, laptop, tablet or smartphone, users gain access to their financial information 24/7, 365 days a year. Nexia Live provides users with access to real-time information and insights enabling well informed and streamlined decision-making.
Windows, macOS, Android, Linux... it's not uncommon to see multiple operating systems running in one workplace. That's the beauty of modernity: the smorgasbord of choice. Once upon a time, integrating competing platforms seemed impossible but not today. Nexia Live is platform independent. For ease of use, it's compatible with multiple operating systems, platforms and devices.
Moments of inspiration can arrive from anywhere and at any time. Waiting for a cab in the hotel foyer and an attractive business opportunity presents? Perhaps you're traveling to a conference and the 'aha moment' suddenly materialises. Maybe you're burning the midnight oil and up-to-date financial records are required. Whatever the situation, your Nexia Live dashboard is accessible, available and current.
Nexia Perth recognises the power of technology. We're committed to modernisation and through technology, we achieve it. Incorporating technology in our day-to-day operations automates business functions, accelerates workflow processes, encourages open dialogue through rapid responses, updates online security and digital storage capacity and capabilities, promotes improved adaptation to change and prepares our organisation for the flexible work environments of the future.
When organisations incorporate a best practice approach to technology, systems become fit-for-purpose and business owners are unleashed and can expand their focus.
Traditional barriers to entry and formerly prohibitive factors are being swept aside by the onslaught of digital disruption. We're living in a time of unprecedented change where what's new and exciting becomes outdated overnight. The ferocity of progress is such that game-changing developments in your field can easily be missed. Whether its artificial intelligence, automated documents, autonomous vehicles, big data and data analytics, biometrics, cryptocurrencies, distributed ledgers, the Internet of Things (IoT), platform as a service(PaaS), quantum computers or software as a service (SaaS), accountants need to maintain an interest in technology and model tech's potential impact on and in your organisation. If your accountant doesn't understand the technology then they shouldn't recommended it. At Nexia Perth, we make a point to understand tech.
An instruction manual is great but nothing can replace the expertise offered by a trusted advisor. They're the people who make sense of things, your sounding board to bounce ideas off or run things by. Accounting in the 21st Century demands accountants apply their attention to detail and keen observation skills to spotting unrealised opportunities and previously unidentified risks. To do so requires highly skilled and appropriately trained staff.
Let's introduce you to our team and show you how we go about our business.
Business isn't just transactional, it's a series of complex human interactions resulting in outcomes. It's emails, phone calls and visits to the field. It's consultation, guidance and building relationships. Business is the promise of trust.
Nexia Perth trains our people to be big thinkers who entertain possibilities. We're expert decision-makers whose instinctive logic and reasoning skills are informed by cumulative knowledge and experience. We're tech savvy operators comfortable discussing the latest trends, gadgets and programs. Above all else, Nexia staff are judgement-based professionals committed to operating in the client's best interests.
Advancement in technology and connectivity has broadened the horizon. Whether it's representing Indigenous landowners, conversing in Afrikaans or translating Mandarin, Nexia accountants hail from all walks of life and understand the intricacies and nuances of multi-cultural business.
To meet the demands of Accounting in the 21st Century, Nexia Perth has built a culturally rich and diverse workplace brimming with enthusiasm, capability and targeted skills. Accountants and advisors deliver complementary services in accounting and tax, business strategy and personal wealth, and technical knowledge is supported by 'soft' business skills.
Nexia Perth's investment in human capital and building strong support networks is significant. A member of Nexia International, the 9th largest global accounting network (by fee income), our global information reservoir is drawn from our network of partner firms who provide region-specific insights and business compliance advice for Nexia Perth clients looking to do business in non-traditional markets. Our aim is to deliver peace-of-mind.
Cast aside the traditional accountant stereotype, that's not Nexia Perth.
We're not hermits locked in dark rooms poring over financial records, we're active, accessible and available advisors. We're engaged in the community and freely offer our time and expertise to worthwhile initiatives. We're musicians, sportspeople, coaches and support crew. We're invested, involved and our conduct exemplary.
Honest, trustworthy and dependable, we're your partner in for the long haul.
Delivering the Promise
Accounting in the 21st Century incorporates the best of traditional accounting and fuses it with fit-for-purpose technology and practices of tomorrow.
It’s realising accountants are uniquely positioned to act as your in-house financial counsel and simultaneously provide advisory expertise. It’s about streamlining operations, unlocking potential, capitalising on opportunities and enabling choice.
Modern accounting is about a well functioning, well oiled team. It’s about providing clients with the right tools to achieve desired results, putting accessible real-time information in their hands and importantly, integrating and supporting technology with human expertise.
Nexia Perth is the accounting firm of the 21st Century.
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Project commissioned by Nexia Perth
Story, production and design by Hajduk Consulting
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Publication date: 8 February, 2019