Blockchain DLT option to replace CHESS

David CarterGeneral

In the press last week was more about the changes about to affect the CHESS System. As reported, the Australian Securities Exchange (ASX) has moved further down the track in developing a post-trade settlement system that will eventually replace the incumbent CHESS (Clearing House Electronic Sub-register System), and a blockchain-based system remains the front-runner.  We’ve certainly been mentioning the disruptive … Read More

NPP Disruption in real time payments coming this year…

David CarterGeneral

Well this is the year when the NPP is due to be launched. Hailed as a game changer in the banking system that has the potential to transform how you pay for everything. Certainly this is a much needed system. Australians have certainly embraced electronic payments, but the payments systems behind electronic payments is certainly dated. The new piece of … Read More

Philippines – A race to the bottom for “per seat” costs

David CarterGeneral

We recently saw a Philippines labour service provider advertise for a “seat fee” of sub Aus$200.  This is certainly setting the scene for a race to the bottom for “per seat” costs. The current race is reminiscent of any overcrowded market. People smell cash, and a lot of new entrants come into the market. Prices are forced down to early … Read More

Will Australia’s minimum wage force more work offshore?

David CarterGeneral

Quick Question: In what country is it permissible under law to pay a minimum wage of US$2.13 per hour plus tips, or US$4.25 an hour for the first 90 calendar days of employment if under 20? Ok so yes, we agree the US$7.25 minimum wage in the US is probably a more reflective figure. But it’s still remarkably lower than the … Read More

Chatbots make a move on bookkeeping work

David CarterGeneral

Bots and automation is a current theme in our blogs with recent posts discussing whether bots will beat offshoring and robotic process automation. Automation is an ongoing issue facing Australian accountants and we thought it time to look further into current market offerings from a couple of familiar Australian accounting software houses – Xero and Sage. Last week Xero announced … Read More

Clients won’t queue … Lessons for Australian Accountants from Australia’s Restaurant scene …

David CarterGeneral

In a news article last month, Sydney diners were increasingly unwilling to stand in line waiting for their dinner. With more options for dining out and online booking at people’s fingertips, fewer diners were willing to queue for restaurants. As the article notes, people are becoming less and less patient. And “People don’t even want to wait for their coffee in … Read More

Bring the jobs home… Australian compliance heads for a wild ride…

David CarterGeneral

It’s been an interesting year. First we had the surprise of Brexit, then the surprise of the US elections and now there are rumblings in the Australian market. Whilst it will be interesting to see whether jobs will be brought back to America, there is likely to be some fallout in Australia. More recently there have been headlines in Australian news: … Read More

The bots take on the offshore army

David CarterGeneral

There has been a lot of online angst recently at the inability to purchase tickets to various events. Consumer Outrage! Reads one heading, and consumers requesting controls to prevent bots from purchasing tickets before people have the chance. So, it seems bots can move faster than humans in an online area. Bots aren’t anything new. We’ve all long been aware … Read More

Robotic Process Automation – now automating near you!

David CarterGeneral

This week we’re looking at RPA, Robotic Process Automation, which at first glance might seem to have nothing to do with Accounting and compliance. Ok, so let’s start with the humorous end. Announced recently, a man hacks Alexa by hooking it up to a singing fish robot, resulting in a very clever fish. For those not familiar with Alexa, Amazon’s … Read More

The Third Screen and its impact on Accountants

David CarterGeneral

If you start the count with accepting that movie screens and televisions are the first screens, with personal computers being the second screens, then there has been a lot of marketing documentation released recently about “the Third Screen”. The first screen, television, was a one way medium, for which there could be little real knowledge of the consumer. Marketers took … Read More