What does The Internet of Things iOT have to do with the accounting
According to the Gartner Forecast: The Internet of Things, Worldwide, 2013, by 2020, the Internet of Things will include 26 billion connected devices, including an estimated 7.3 billion smartphones, tablets and PCs – that’ll be one for every person on the planet. IoT product and service suppliers will generate incremental revenue exceeding US$300 billion, mostly in services. It will result in US$1.9 trillion in global economic value-add through sales into diverse end markets.
The deepening of the connectivity can be seen in the simplest of examples: At 6am your smartphone receives an email saying it's raining - do you want to cancel your golf game! You say to "Siri" yes and you are removed from the card at golf and an email is sent to the people you are playing with!
The impact of the IoT on accounting
Their are many SME focused online accounting packages and tools and now it’s not even just about cloud anymore as the IoT takes over.
Banks and payroll are feeding data directly into the system,
salespeople are creating invoices directly from their iPhones
Invoices are being inputed directly from iPhones by people purchasing goods
and the likes of Xero are outputting amazingly accurate accounts with no input from the accountant!
The SMEs are now demanding advice that doesn't just mark compliance time but helps them shape their business for the future.
SMEs should now have access proactive, sophisticated advice - putting them on a level playing field as their larger counterparts.
The accountants need to step up and offer proactive advice USiNG this data drive profitable growth for their clients and therefore drive increased value for their practice.
Accountants, and providers in all professions need to find new ways to be part of the new service-driven world.
A world that is connected, fuelled by intelligent systems and empowering.
This article was inspired by an article in the 2015 CPA Australia In Practice Magazine