Why it’s important to audit your tech before tax time

It might be the last thing on your mind right before tax time, however auditing your technology around 30 June can be advantageous. As automation continues to replace manual number crunching, accountants need to review their technology, to appropriately plan for the coming year.

Additionally, understanding your available technology will also help you to understand your capabilities.

Conducting a technology audit is easy with these three simple steps.


1. Review your business processes

Begin with the people who work with your business processes every day (perhaps they even developed them) – your employees. Speak to your team to understand where the gaps in technology lie.

Each employee may have a preferred set of tools and technology which will provide insight into what technology you need and what you don’t.


2. Understand your information assets

Look at the information assets that your business has stored, both in the cloud and onsite, and ask yourself… Is it secure? And is it backed up?

From a legal perspective, accountants are governed by many laws and legislation, from IT  and data storing to lodgements and general paperwork. Technology can play a major role in ensuring your business is up to date with your current legal requirements.

Xero is legally compliant, and provides easy set-up for mandatory single touch payroll.


3. Stay up to date

Last but not least, is a commitment to stay up to date with the latest technology and make sure your existing technology is the latest version – all year round. While EOFY may have triggered this audit, this review should be done on a quarterly basis to plug the technology holes as and when they appear.


But what do you do with the results?

The results should present areas or processes within your business that can be streamlined.

Integrating technology can save you time and eliminate the need to enter data twice.

Technologies such as Xero and Receipt Bank offer a number of integrations to save you time and stress this tax period.


Need help streamlining your business technology?

Speak to us today!

We’ll take care of it.

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