The Connected Practice

5th February, 2016

The Connected Practice.

It’s a term you’ll hear a lot from now on. It’s a concept we explored in detail at MYOB INCITE. It’s driving everything we do here at MYOB this year and beyond. It’ll be all over this very blog.

So what is it?

Leveraging automation

The Connected Practice is the coming together of three critical functions within a practice: transaction processing, compliance, and business advisory. Importantly, it’s leveraging the power of automation tools in transaction processing and compliance to enable new income streams for practices in business advice.

And who is at the intersection of these three accounting functions? It’s you, the accountant.

In the past, practices have focused closely on the first two functions. However the advent and popularity of cloud computing (and online accounting solutions in particular) has meant changes to earning potential for compliance-focused practices.

Nowadays with automation (bank feeds, for example) becoming more and more common, practices must reconsider their business model – in particular how they bill, what services they offer, and (most importantly) what value they can provide to their clients.

The concept of Connected Practice seeks to leverage the time savings that automation brings to transaction processing and compliance. In particular it is focussed on bringing new income streams to the practice through business advisory services.

What you do today defines tomorrow

The key takeout from MYOB INCITE was that what you do today defines your tomorrow. It’s a call-to-arms to discover new opportunities that help you to continue running a profitable practice with satisfied clients in a highly automated future.

Get ready to become a Connected Practice in 2016 and beyond.

READ: Fashioning the connected practice