Then and now – the evolution of technology

Let’s go back to the 29th of June 2007, when the first-generation iPhone was unveiled. Not everybody believed it would succeed, in fact, there were many doubts. Former Microsoft CEO Steve Ballmer, practically laughed at the iPhone, claiming it wouldn’t gain significant market shares. Because back then, the Nokia and BlackBerry creators dominated the smartphone market. However, iPhone delivered a design that simply offers an interactive screen with a dynamic touch-friendly interface and a solitary physical button and later introduced the App Store. This was a huge surprise to the world. And we are so fortunate to have witnessed the history of the influential and remarkable technological revolution. 

Later came electric vehicles (and everything in-between of course). Tesla is the undisputed leader nowadays, but when the idea was initially launched, plenty of people didn’t believe it would challenge the old-school car manufacturer market. Even when Tesla debuted on the Nasdaq, its market value was only $17 a share, now, it’s up to $700 a share. Its stock market value is more than General Motors and Ford combined! As well as Volkswagen, the largest car manufacturer by volume. It simply exclaims a clean energy revolution and defines a new era for the global auto vehicle industry.

And now, it is no surprise that technology is changing the way we do accounting. Back in the day, we used journal books to record all transactions and manually reconcile everything to generate a set of financial statements. Then we had MYOB step in, which is a software designed to help accountants manage cash flow, send invoices, automate GST, and all that jargon. Years later, we switched to Xero for its simple navigation attribute that caters not just to accountants, but also to business owners themselves.

So, if anyone can use Xero and gather basic information from Google to better understand compliance requirements (e.g IRD website) – the question is, do we still need Accountants? 

Absolutely. It is our duty to continue to be proactive in our industry and support the revolution that’s coming. If we don’t, we will end up like Nokia. So, how do we add extra value and help evolve accounting services? 

We assist clients in business growth by:

• Understanding your business vision and learning your business story
• Setting up business plans
• Closely monitoring business performance
• Reviewing plans regularly
• Finding creative ways to solve problems
• Seeing beyond the numbers and data
• Sharing resources amongst the community to grow each other
• Maintaining and nurturing relationships

At Gilligan Sheppard, we are always proud to be different and think a step ahead of the market. We think no one understands your business better than you, and we want to be alongside your journey. We believe businesses are not just about money making, sometimes, it is about expressing yourself, building great things, and being proud of your innovations and successes.