Speaking at the Accountants' Technology Showcase Australia event in Melbourne this week Sam Allert, managing director – accountants division at Reckon said accountants are perfectly placed to take advantage of new big data capabilities and need to start doing so.
“Accountants actually have more data on their clients than any other industry,” he said.
“If you look at your practice, even if I just get you to do my tax return you know my age, my income, my dependants, my insurances – you know a lot more information than I’m sharing with friends that I meet at a barbecue on the weekend.”
“I think big data is huge, I think it’s always been a huge thing for accountants and I think technology is really catching up to enable the industry to leverage that data,” Mr Allert said.
At the same event Nicollete Maury, managing director for Intuit Australia, said that while big data is often thought of as something that only big corporations can utilise there is actually a big opportunity for accountants in this space.
“That’s one of the parts of big data that we really want to encourage, that is having small businesses and their advisers take better advantage of the insights they can create.”
“One of the things that we are most excited about is what we call ‘big data for the little guy’,” she said.
Ms Maury foreshadowed progress in this space in the future as accounting software providers continue to search for ways to add value for their customers.
“There are lots of ways that all of us can use big data more effectively and I’m really excited to see where we can take that,” said Mr Maury.
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