Richard Carter chats about disruptive and increasingly efficient technology.
The pace of business and business change is beyond frantic these days. As an SME owner it can be daunting keeping up with basic technology. Let alone leveraging it to maximise output and minimise the resources required in your business.
Sometimes the saying, “don’t change what isn’t broken” is a catch cry for many big and small businesses when it comes to technology – until it is too late.
After all, where are all the Blockbuster video franchisees now? Even what seemed revolutionary a few years ago – getting DVDs from a kiosk or posted to your address is so outdated. And look at the shake-up Netflix is giving to the free-to-air TV stations and Foxtel. Without doubt, somebody out there is already planning to disrupt Netflix.
But the technology behind all this disruption is not all bad news for SMEs. It can open up opportunities to access major productivity improvements. Key technologies, such as, Application Programming Interfaces (APIs) and Robotic Process Automation (RPA) offer the chance to automate time-consuming tasks. Thus, greatly increasing efficiency.
A terrific example is provided by Australian innovator NowInfinity, a leader in the financial RPA and Fintech space. They burst onto the scene by providing a powerful document generation system serving the Self Managed Superannuation Fund (SMSF) industry.
Establishing an SMSF requires the accurate completion of detailed documentation. Plus the pursuance of transactions with government agencies and other pertinent entities.
Automating the SMSF establishment process starts by gathering client details from online accounting systems. Inserting these details into the appropriate SMSF documentation. And automatically conducting the required transactions with the computing facilities at the ATO, ASIC, banks and superannuation fund providers.
Legally binding signatures from the prospective SMSF trustees are also obtained online, by integrating the whole process with the DocuSign system.
NowInfinity’s SMSF service provides accountants and other financial professionals with a massive productivity boost. Traditional manual processes can require several days to correctly compile the SMSF documentation and up to 28 days to obtain an ABN or TFN. Let alone getting the various parties involved to physically sign the documentation.
Now the whole process can be completed online in a matter of minutes rather than weeks. Proving a much faster service to clients and saving considerable man-hours for the financial practitioners involved.
During the past 12 months alone, over 50,000 documents have been created and more than 10,000 companies registered via NowInfinity’s facilities. They recently received a prestigious award from SMSF Adviser magazine, reflecting the success of their innovation.
NowInfinity have also recently expanded their offerings with Corporate Messenger. This RPA service allows accountants and business administrators to carry out a wide range ASIC interactions online, once again offering those involved extensive productivity improvements compared with manual submissions.
For instance, suppose you need a new business structure. The new business details can be entered in Xero, MYOB or Reckon, then Corporate Messenger will start the work of establishing a company or trust.
ASIC will be notified, stamping by the Office of State Revenues arranged if required, an ABN and TFN obtained from the Australian Business Register and the ATO, a bank account set-up and the system can even secure your domain name!
All these items will be completed with digital signatures and moved to the cloud storage system of your choice.
Finally, details will be loaded back on to the accounting software platform, and this will be done automatically in less than an hour, compared to the weeks it currently takes without your friendly “robot”.
If you’re working in an SME, don’t just sit on the sidelines as disruption happens. Watch out for innovative offerings which can improve productivity in your business.
Consider which routine processes could be automated using an RPA. Find the right people; implement the automation. Then reap the productivity benefits before a competitor outmanoeuvres you.