‘This isn’t just about accounting’: the skill every Accountant MUST have in 2019'
According to Coco Hou, CPA and CEO of Platinum Professional Training and Platinum Accounting, cloud based accounting is the future of the industry.
“If your accountant does not have this skill, your business has a serious problem. Even if you’re not using cloud based systems right now, you will have to in the next few years in order to keep up with your competitors,” Coco Hou said.
“Every student and professional working in the accounting sector must become proficient in working with cloud based systems. Graduating university with a degree in accounting without an in-depth working knowledge of cloud based systems like Xero, is like getting your driver’s licence without ever having driven a car.
“Cloud based platforms like Xero are being adopted by businesses and organisations all over the globe. It’s time to wave goodbye to the days of tedious file transfers, low accessibility to data and expensive costs, and say hello to cloud based accounting.”
According to Coco Hou, Xero is the best cloud based platform because it includes important integration capabilities with software programs like Hubdoc, Leap and Veryfi which make things like invoicing, bank transcript connections, time trackers and bank reconciliation significantly easier.
“Hubdoc automatically fetches critical accounting information like bank statements, bills and receipts. With all your key documents in one place, Hubdoc makes an accountant’s life a hundred times easier. Chasing paperwork is a thing of the past. Everyone who uses Hubdoc calls it a massive time-saver. It is simplifying accounts and tax matters to the point where it is taking over the role of a bookkeeper,” Coco Hou said.
“Veryfi automatically extracts and organises data from receipts, bills and invoices. If you simply take a photo of a receipt on your iPhone, that information will be digitally extracted and saved on the cloud so you and your colleagues have access to it.
“These are the kinds of things cloud based systems can do. They are becoming so sophisticated that they are now able to do far much more than just accounting. They can integrate with other cloud based platforms like Leap and Lightyear, meaning the information available to accountants is endless and the job of running a business is so much easier.”
According to Coco Hou, cloud based accounting platforms like Xero are the future. Hou thinks that some graduates and even some trained accountants will be left stranded when cloud accounting becomes the norm.
“The skills that have been relevant for the past few decades will quickly become redundant. A lot of accountants will be forced to adapt to a new system they know nothing about, very quickly. A lot of accountants are going to struggle,” Coco Hou said.
“One of the biggest pieces of feedback from businesses about accounting graduates is their lack of software training. What’s the point of spending all that time studying accounting at university, if when you graduate, you don’t know the most basic thing about accounting?
“Australia is looking at an accounting crisis if we don’t embrace cloud based methods. Generations of accountants will have cloud accounting sprung upon them without much notice. A lot of accountants with years of experience don’t know how to use cloud based accounting. If you’re an accountant and you’re not retiring tomorrow, you need to go teach yourself cloud accounting. Be prepared, because it is the future.”
Developed by online accounting software provider Xero, Xero Learn is an online training service that teaches students real-life processes of cloud accounting. Only launched last year, Xero Learn has already trained 10,000 students and has partnered with top Australian Universities including Swinburne University of Technology, Auckland University of Technology and Macquarie University.
Renowned Australian accounting training firm Platinum Professional Training has recently announced their new position as a certified training partner of Xero Learn in order to train their students the necessary skills in online cloud based platforms.
“We are training over 1,000 students at a time and we are providing all of them with the ability to undertake accounting work using Xero,” Coco Hou added.
“This combined with dummy ABNs and TFNs that the ATO provides to us for training purposes means that our students are not only learning the practical aspects of accounting but are walking out into the workforce with hands-on knowledge of how to undertake their role using one of the most important accounting tools in the industry — cloud based accounting systems.
“All accounting students need to enter into the workforce with a high degree of experience in cloud based platforms like Xero. We make sure our students are trained in Xero. This ensures they are job ready when they complete their training,” Coco Hou said.
Coco Hou is the Managing Director of Platinum Professional Training. Platinum is one of Australia’s largest accounting training and internship providers with offices across all major Australian cities. Coco Hou is also a CPA qualified accountant and Managing Director of Platinum Accounting.