Financial IT solutions not one-size-fits-all

By Lene Tuiatua - November 20, 2018

With most accountancy firms relying more and more on IT solutions to best service their clients, it’s becoming increasingly important for clients to be more discerning and not accept a one-size-fits-all solution for their business.

Pitcher Partners’ Lene Tuiatua says they see this kind of blanket approach to IT solutions all the time.

“We have clients come to us who have had an IT accounting solution recommended to them by a previous accountancy which doesn’t suit the size or purpose of their business,” he said.

Mr Tuiatua, a Brisbane-based Director with the firm, says businesses should be looking at solutions which support their core capabilities. 

“Some time ago, certain generic software was being recommended to every client, regardless of whether it was a good fit for their business,” he said.

Mr Tuiatua said his approach at Pitcher Partners was to look at every client on their merits, and consider how IT solutions could add to their business.

“We look more at how our clients work, what drives them and what they want to achieve,”

“We look at their finance systems, payroll, HR and accounting software and look to see how we can provide integrated solutions.”

While building software was not the role of an accountancy firm, they should be looking to build bridges between different operating systems to optimise outcomes.

“We really want to be the glue that binds different systems together, not reinvent systems every time,” he said.

Another area that businesses need to interrogate with their accountant is the risk of data breach.

Pitcher Partners ran a workshop on data breach in Brisbane recently to promote to their own clients what they should be looking at, and what measures they should have in place.

“We invite our clients to specific workshops, such as the one we recently held on data breaches, to let them know what their obligations are and to reinforce that financial data security is an integral part of their business,” Mr Tuiatua.

“Then we let them know what our role is, as their financial partner.”

Looking forward, Mr Tuiatua said businesses should be asking their accountant what value they can get out of the data they capture in their day-to-day business ­– an important consideration, given the time, effort and expense that goes in to obtaining that information.

“Intelligent businesses are looking at what else they can do with the data they have,” he said.

“We have had the opportunity to hold some workshops around data capture and the value of this with some of our larger clients, but it’s an exercise we will be looking to do with any of our interested clients.”

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