Mike describes the “dream ledger”, working with all of the other online accounting providers, that you’re building a report score into it. That’s really cool. Work papers. Yes, CCH have work papers. Why don’t we put all of these things together, again? Because they should be in one place, so they become part of your ledger, sitting there.
To me, the ultimate ledger system for an accountant – where you can add value; actually has other value-add modules built into it – so benchmarking, cash flow budgeting, business analysis, and valuations, he says.
He talks about the ageing ‘Baby Boomers’ and asks, “Wouldn’t it be great if, when you produced a set of accounts, your compliance accounts with it, just imagine this. But we haven’t completed all of this. (1:53:47). Just imagine that you could give someone a set of accounts that had with it a benchmarking report on how they compare to their peers and a cash flow budget, showing that you better watch how you manage your money over the next 12 months, going forward, because that’s got tax payments and other things locked into it. Some business analysis, saying that if you want to make more money, here’s the kind of decisions you need to make, and how to do it. And then a valuation report on what that business is worth, when it looks across the (1:54:10) code and the range and the area for the business. Wouldn’t that be amazing? It’d just be fantastic.”