18

Oct 2018

Rise of the machines

Australian Accounting Compliance workplace experience is needed to fight the rise of the machines!

By: Odyssey Automation
Tags: Australian compliance, industrialization, machines, offshore

We live in a dramatically different world that is different because of globalization and technology.  Outsource your work to a quality company like Odyssey, and get on with adopting new technology. Your future, and your children’s future, depends on it!

As we head into this New Wave of industrialization, there is a need to look at not only where the compliance workforce of the future will come from (domestic, offshore or automated), but what jobs our domestic workforce will undertake.

Taking a quick side step, there is increased communication between a large number of government and tax bodies, which means the ATO can almost immediately identify places where deductions are overdone, or income isn’t declared. We’re already seeing this. As recently noted, the ATO’s investment in advanced analytics is allowing them to closely scrutinise more returns than ever before, and make immediate adjustments where taxpayers (or tax agents) have made a mistake.

Australian tax agents need to continually lift the quality of their compliance work, and automation and outsourcing offshore will contribute to success in adoption of best future practices.

And more recently, Deloitte have acquired a niche tax software developer, Jet Financial, which is a company providing software services to help companies automate and manage their tax processes and reporting requirements. Forward thinking tax teams are looking to software and technology solutions to capture and manage their data for tax purposes, and to streamline their tax reporting and compliance requiements.

Certainly a failure to get in front of these upcoming changes are going to leave many struggling, if not left behind.

Moving into automation, machines can learn at a phenomenal rate, and they are busy learning and creating big data on many things such as Human behaviour, weather pattern, travel, data about what we do at work. We have a huge library on how humans do things. Replication is easy, free, and they can get better fast.

Jobs are being broken down into sub tasks, and part is now being done by computers. The other part is being done by Freelancers. But at the same time, the machines are watching and learning. Freelancers are effectively teaching machines how to replace them. Costs can be reduced by 50% in the first year, and 25% in the second year.

Pushing into new graduates, wages for new graduates are declining relative to the purchasing power that was seen decades ago. This translates to real world problems like an inability to get into the property market.

New graduates need real work workplace experience to fight the rise of the machines. The theory and the practical need to be done in tandem in our education facilities, so that we have the best and the brightest coming into the workforce, and yes that also includes for our compliance work!

Compliance won’t be the same in the future. It can’t be. We’re already seeing that. But it’s up to Australian compliance business owners to contribute to future generations through assisting with practical experience.

We live in a dramatically different world that is different because of globalization and technology.  Outsource your work to a quality company like Odyssey, and get on with adopting new technology. Your future, and your children’s future, depends on it!