Retail Ecosystem

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‘The future of retail relies on the shifting sands of consumer technologies, keeping up with the trends will dictate any retailer’s success.’- Simon Banks (Director of Merchant Service, Paypal Australia).

At the moment, Xero offers the opportunity to spend less time working on the books and more time on growing your retail business. Xero integrates with 48 different ‘add-ons’. Those ecosystem add-ons focus on three aspects:

• Point of Sale – automatically sync your sales data into Xero
• Inventory – make managing inventory and orders easy in real-time
• eCommerce – spend more time growing your online store and less time managing your finances.

Do you want to find out more about Xero ecosystems? CMS Strategic invites you to attend our seminar (20th October 16:00 pm @ Level 4, 190 Flinders Street, Adelaide) which helps you to find out how your business can streamline processes and increase productivity leading to time savings, cost savings and improved accessibility and functionality.

Topics covered:
– Xero ecosystems
– Cloud software
– Streamlining your bookkeeping
– Introduction to Class Super

Please register your attendance for free at:
www.cmscloudlaunch.eventbrite.com.au

If you can’t attend our seminar, the following Xero video – ‘A Day in the Life of a Retail Business’ is using a day in the life scenario. You’ll see the workflow of a store and how one business owner addressed pressing needs through Vend and Deputy. These solutions start with seamless, synced data across applications – which delivers time savings in Xero.

https://www.xero.com/us/training/small-business/going-further/xero-ecosystem–a-day-in-the-life-of-a-retail-business/

Revolution of Accounting

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The accounting revolution is in full swing with a tsunami of technology bringing productivity efficiencies and gains and allowing business to have real time data to make real time decisions anywhere, anytime.

So what does the accounting journey look like: Let us share with you some highlights

• The stone age – stones were exchanged for goods and people kept track of their expenses by counting their
stones
• Egyptian times – we moved to the wonderful device called the Abacus to help us count (it would be used a
children’s toy now)
• In 1883 the first cash register was patented – revolutionary to it’s core and helped businesses track
sales
• We jump to the 1960’s where the first electronic calculator was born (and still used today and carried
with us every day through our smart phones). Together with the calculator, cashbooks, ledgers and
receipts were used prevalently in the mid to late 1900’s to account for sales and expenses
• The 1990’s and beyond saw desktop based computer software takeover and with it a huge lift in the in the
sophistication of businesses to be able them to prepare their own financial reports & BAS (with the help
of a bookkeeper or accountant of course)
• Which leads us from the year 2000 to now where a tsunami of technological change has brought us CLOUD
accounting technologies where businesses can use a cloud platform such as Xero (Beautiful Accounting
Software) and then ‘Add on’ to customise the full suite for their business including point of sale,
inventory, HR, receipts, management reporting, CRM and the list goes on.

Businesses are now able to create their own CLOUD ECOSYSTEMS to run their business efficiently and productively. These technologies enable:
1. Seamless integration so items are processed only once improving reliability
2. Automation removing the bulk of processing saving time
3. Cost efficiencies as you are only paying for what you need via a monthly subscription with little to no
hardware costs
4. Accessibility benefits as you can access your data anywhere, anytime in REAL TIME to enable you to make
real time DECISIONS.

What a revolution! Is your business keeping up with the technological changes? At CMS Strategic | Cloud Solutions we can help you. Why don’t you call us today.

Evolution of Memory Storage

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Isn’t it interesting to see the evolution of Memory Storage. As the decades have gone by the size of the memory storage device has decreased and the size of the memory storage has drastically increased.

• It all started with Inventor, S. Korsakov first creating the Punch Card in the 1830’s
• 120 years later and we moved to Magnetic Tape in the mid 1900’s
• It took another 70 years to progress to the creation of the Floppy Disc in the 1970’s
• Some 20 years later and the 1990’s brought us the Compact Disc (CD) – how revolutionary!
• We then moved quickly with a big jump in technology advancement to the invention of the USB & SD card in
the very early 2000’s (that stands for Universal Serial Bus and Secure Digital cards – don’t worry, we
didn’t know what they stood for either!).
• Now, in the year 2016, we have well and truly leaped into the world of Cloud storage (the next evolution
of the internet)

The cloud is where you put all your data, all your files and even your software so you can access it all from any computer or device, anywhere, anytime. Whether you know it or not you are already using the cloud through email, online banking, social media, Netflix, Youtube and the list goes on.

The rapid improvement of storage devices through reduction in size and increase in volume coupled with decreased cost and increased accessibility has picked up pace very quickly. Most of our children wouldn’t know what a Floppy Disk was! What will be next???

Technology advancements have now become mainstream and expected and technology moves quickly. It is quite easy to be using outdated technology in your business that you may have implemented a few years ago, but if you don’t keep up with the digital disruption then you will be left behind and we can assure you that your competitors are keeping up to try to find a competitive advantage.

CMS Strategic | Cloud Solutions is well versed on current technologies that can help your business. Why not contact us today to find out more so you don’t get left behind!

Class Super

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We are moving out of the Industrial Age and Information Age to the Participation Age “The Cloud Age” and administration of the Self-Managed Superannuation Fund is no exception.

Superannuation was never a great conversation starter but at some point we need to start that conversation with others to get them genuinely interested in the idea that retirement is not something at the end of your life, but rather it could represent a quarter of your life and you have a choice how to spend it. When it comes to super, the first thing trustees tend to focus on is the amount of work involved, legislative requirements, economic conditions and outgoings (i.e. accounting, audit and other annual fees). To simplify administration of SMSFs for the trustee and their accountants, Class Super introduced the first cloud based solution in 2009.

In the span of 7 years, class managed to acquire significant market share due to its superior functionality, innovation, evolving technology and efficiency.

Planning and management of SMSFs is extremely important and without having up to date information on hands it is nearly impossible to plan future strategies in the current economic environment. Class Super is not only assisting accountants, administrators, financial advisers and auditors but it also assists trustees of the fund to keep track of their fund investment positions, performance, asset allocation,  contribution caps, pension limits.  It also helps them make informed decisions on how to increase retirement savings as most people bucket lists don’t come cheaply.

Why Class Super stands out from other software providers, to name few:

  • Automated daily transaction data feeds from banks, brokers and wrap accounts
  • Daily ASX share prices and managed fund unit prices
  • Property valuation
  • Real time online client portfolio reports via class super fund web
  • Client messaging – a simple and secure centralised point of communication between trustees and their accountants. It’s a text messaging program with the filtering capabilities of email.
  • Client view – allows trustees and investors to view their up to date investment and SMSF data. It helps clients to quickly view their investment income, performance, valuation, asset allocation and more from their laptop, tablet or mobile phone. This can be a great tool for formalising future strategy for the fund. Also, as from 1 July 2017, the government will lower the annual non concessional contribution cap to $100,000 with a three year bring forward ($300,000) for those under 65 and Class can assist the trustee to keep track of their contribution caps and their $1.6 million eligibility threshold by using client view. (Budget 2016, Superannuation Fact Sheet 04, Superannuation Reforms).

If you would like to know more about class its functionalities and how it can help you manage your SMSF, please talk to us.

Connect with Muhammad via:

LinkedIn: linkedin.com/Muhammadbaig

How Much Money Do I Need To Retire On?

The usual rhetorical response to this question is “how long is a piece of string?” For those of us that don’t plan for our retirement this could well be the answer. You may also be forgiven for thinking “my retirement is years away yet, why bother myself worrying about it now?” Well, whilst we can’t predict the future, we know that with some careful planning we can at least give ourselves the best opportunity of fulfilling our retirement dreams.

Administrator Pendite Lite

Ian McFarlane has experience in acting as Administrator Pendite Lite. This is a name for a court appointment to begin probate proceedings during a lawsuit that challenges the will. The estate will be granted Letters of Administration to allow the administrator to collect the assets of the estate until the last binding will of the deceased is approved by the court.