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Outsourcing is a game-changer for financial advisors in Australia: increased efficiency, cost savings, and more time to focus on core competencies. However, concerns about data security, quality, and reliability often hold firms back from pursuing outsourcing as an option. Our team at H Connect International has a proven track record in addressing these concerns and delivering exceptional value. Here’s why financial advisors across Australia trust us as their outsourcing partner: You get the same talent, if not better, for a fraction of the price you’d pay onshore. Additionally, we take a multi-pronged approach to security which includes data encryption, password protocols, role-based access controls, user activity monitoring, and regular risk assessments. Rest assured; all your information is safe with us. With us, the show will always go on.

What Are the Key Tax Changes in Australia? How Will These Changes Affect Businesses? These tax changes will have significant implications for business operations, cash flow, and profitability. Businesses will need to: Helping your clients implement these tax changes can be challenging and time-consuming, especially if you have limited resources. Partnering with us can help you seamlessly navigate these new reforms and implement tailored solutions for your clients. How can H-Connect International support your firm? H Connect International provides specialized finance and accounting talent to accounting firms in Australia. We are a CPA-recognized employer partner and a well-established partner to numerous accounting firms in Australia including AFR’s top 100 firms. With a deep understanding of Australian taxation through years of experience, our team of qualified tax professionals seamlessly integrates into your business operations. We can help with: We also have departments that support accounting firms with paraplanning, SMSFs, business services, and digital marketing, positioning H Connect International as a true composite service provider for finance and accounting firms in Australia. We become an extension of your organization and ensure that we operate based on your values and goals. Here’s why partnering with us can be a game-changer: Contact us today and experience the difference of our tax outsourcing solutions. Build your team in Sri Lanka, with us. Reach out today!

The CPA Breakfast forum gathered to explore the influence of digitalisation and artificial intelligence (AI) on the accounting and finance profession. The event served as a platform to honour CPA members in Sri Lanka while also spotlighting a critical discussion. Here are our key takeaways: Accountants: From Number Crunchers to Strategic Partners The discussion emphasised that accountants are far from obsolete. The automation of routine tasks is not a threat, but enables the re-positioning of accountants as trusted business partners exercising professional judgement on corporate ethics, strategic analysis, predictive reporting, and business adviosry. In this way Accountants are to be critical to the effective growth of companies and the economy. Navigating the AI Hype Cycle: The Path to Real Value As with every new wave of technology, there’s a heightened, inflated expectation surrounding AI implementation, with promises of transformative change at every turn. And while the power of AI is undeniable, businesses must approach implementation with a balanced perspective to appropriately leverage this power. This means: In essence, AI is a long-term investment that requires patience and strategic planning. Expecting immediate transformative results can lead to disappointment. To fully capitalise on AI, accountants must commit to a learning process and embrace experimentation. Workforce Readiness We were reminded throughout the discussion that AI is not a new concept. It’s been integrated into our daily lives for years, powering tools like Google Maps, predictive text, and chatbots. What has dramatically changed is its accessibility. It’s now open to anyone with an internet connection, and we have control over what we do with it. The impact of AI is now determined by the people who design, implement, and utilise it. And therefore, the success of AI initiatives depend on the ability of companies to effectively prepare their teams. Building a culture of trust, open dialogue, and psychological safety is essential in creating a positive and productive environment for AI adoption.  Here is how companies can achieve workforce readiness: Open AI literally means it is open for experimentation. Accountants can use it however they see fit, and its effective use will result in a significantly higher position of importance. It’s a level up. Through effective communication and training, we can build an industry of people at all levels who feel safe and ready to express themselves, take risks, and work together. This will enable us to find the best solutions to further finance and accounting as a discipline entirely. The Path Forward True transformation requires all players of the economy moving together with purpose. This is the only way to embrace change fully and effectively. Here are some key considerations: This point in the conversation offered a macro perspective on AI application. Through aligning efforts across sectors, we talked about how we can accelerate digital progress and build a future where technology benefits all of society. The dialogue concluded with an eye-opening message often lost in corporate white noise. AI is simply a tool. It is not the be-all and end-all of business.It’s important for us all to focus ourselves and our efforts on the overall goals of our businesses. What core problems are we trying to solve? Now we must use AI to help us solve these problems. And that is how we give it purpose.

A few representatives from H Connect International were invited to attend the Human Capital Summit at Temple Trees last week. The summit focused on, “Unlocking Sri Lanka’s Economic Potential by Building a Future-ready Global Talent Pool,” bringing together Leaders of governments worldwide, including those from Sri Lanka, as well as leaders from multinational organizations and the public sector. Here are our key takeaways: Educational Revolution Throughout the day, discussions were organized across 5 pillars of our economy: Tourism, Information Technology, Financial Services, Start-ups, and the Public Sector. But in each session, the panelists and experts kept returning to one key point: education. Here is a breakdown of what was discussed: By equipping students with well-rounded skillsets, Sri Lanka can prepare its workforce to not only navigate technical challenges but also excel in a dynamic, collaborative, and interconnected world. Corporate Climate Sri Lanka must create within itself a corporate environment that encourages and inspires professionals to contribute effectively and meaningfully to the nation’s economy. This means: By implementing these strategies, we can create an environment where skilled individuals feel valued and have opportunities to grow. This can turn “brain drain” into “brain rain”, enriching the nation with a constant flow of knowledge and innovation. Private Public Partnership “No economy nor country can succeed if its public sector doesn’t rise to the occasion” – Mr. Eran Wickremerathne. Sri Lanka has the educational infrastructure to create the greatest minds the world has seen (and in fact, already has). This talent deserves the best opportunities, and it is when the public and private sectors work together that this can truly be achieved. Here is how: This public-private partnership holds the key to unlocking Sri Lanka’s true economic potential. Resilience and Frugal Innovation Sri Lanka’s resilience has shone through numerous crises. Here is how the country and economy can continue to prepare for both the known and unknown: Through the implementation of these practices, we can ensure that the nation’s resilience remains its greatest asset. As the Human Capital Summit came to a close, we had a fresh perspective on the new direction Sri Lanka needs to take: A strong and sustainable talent-focused economy with a future-ready global workforce driving it. It all comes down to the same message, echoed in every discussion we had throughout the summit: Sri Lanka’s greatest strength lies in its people and our future depends on how we empower them.

Even though I had little idea of what accounting was, as a child, it always fascinated me because I was pretty good with numbers. So, I grew up with a firm determination to be an accountant, even if I didn’t know the full extent of it. During my teen years, a few other career options caught my interest, and I went down multiple paths but kept coming back to accounting. So, I made up my mind- I was going to be an accountant. Through the years, I’ve worked hard toward this dream, and it brought me all the way to H Connect International. Last year, when I joined HCI, I was still completing my Bachelor’s in Business & Management while pursuing ACCA simultaneously. During this short period, much has happened in terms of professional growth, from completing my degree to finishing the first two levels of ACCA. The past year has been hectic, to say the least, but it helps to surround yourself with understanding folks, especially in your workplace. My immediate team and the leadership team go above and beyond to make sure I have the resources and support I need to juggle academics and work and excel at both. It has never been about a fixed number of hours, as long as I do my part and get the job done, I have the flexibility of working from home. Because of cross-training and backup within the team, taking time off to focus on my studies is never an issue. This flexibility is what I consider to be one of the best advantages of working at HCI. And the perks just got even better. Recently, HCI was certified as an ACCA Recognized Employer. This is amazing news for team members pursuing ACCA like me because working for an ACCA-accredited company has multiple plus points. I work with three different clients simultaneously and this kind of exposure is much more than typically available in a role like mine. I am so thankful for the opportunities provided here. There’s still much left to do before I can be a proud ACCA member but working for a company that is an Approved ACCA Employer makes my journey ahead so much easier for me. Amidst work, my degree, and completing ACCA, it has been important for me to find a sense of balance. To make sure I don’t feel burnt out I take time for myself. Through small everyday things like meditation and alone time or dinner with friends, I make sure to maintain a balance. The friends I’ve made here, the support I’ve received, and the flexibility I enjoy have all been instrumental in my journey. It’s been an eventful year amidst all this and I’m excited to see where my HCI journey will take me.  Here’s to everything to come.

The international accounting community has seen a push recently to recognize accounting as a STEM (Science, Technology, Engineering, and Mathematics) field. This move holds significant advantages for Sri Lankan accountants, who are already well-positioned to capitalize on this emerging trend. Here’s the why, the how, and everything in between. Why Accounting Belongs in STEM Sri Lanka’s Advantage: Over 85,000 Sri Lankan graduates enter the finance and accounting field annually, thanks to a network of state and private universities offering specialized programs. The presence of globally recognized institutions including the American Institute of Certified Public Accountants (AICPA) & Chartered Institute of Management Accountants (CIMA), Chartered Accountants (CA) Sri Lanka and the Association of Chartered Certified Accountants (ACCA) Sri Lanka supports this pipeline by providing a well-established framework for professional qualifications. Sri Lanka’s impressive literacy rate (93%) and computer literacy rate (71%) provide a strong foundation, ensuring a workforce well-equipped for the demands of modern accounting practices. This comprehensive expertise, coupled with the STEM designation for accounting, creates exciting new opportunities: Such home-grown talent, combined with the international recognition of accounting as STEM, elevates the qualifications of Sri Lankan accountants on the global stage. Sri Lankan accountants are renowned for their broad skill sets, often possessing multiple certifications like CPA, ACCA, and CIMA and coveted Bachelor’s and Master’s programs offered through a combination of state and private universities. These private universities are affiliated with prestigious bodies in the UK, US, and Australia including Monash University Australia, Deakin University Australia, Staffordshire University UK, and John Hopkins University US. Add a STEM background to this mix, and you have a powerful combination highly sought after by international employers. Such seasoned accountants can not only handle complex financial matters but also grasp the technical aspects of financial technology – a true asset in today’s data-driven world. The H Connect International Advantage Through exposure to advanced technology integration within our workflows, our accountants gain practical experience alongside their certifications in CPA, CIMA, ACCA, and more. This powerful combination of in-depth accounting knowledge and real-world tech expertise keeps our team ahead of the curve. We are an example of the intersection of diverse accounting certifications and a STEM background that Sri Lankan professionals leverage for a distinct advantage in the global market. As companies increasingly seek individuals who bridge the gap between financial expertise and technical proficiency, our STEM accountants are perfectly positioned to meet this rising demand. The Future is Bright The inclusion of accounting in STEM represents a significant shift for the profession. For Sri Lankan accountants, leveraging our technical skills, data-driven approach, and existing qualifications, positions us to excel internationally. We are poised to become a global hub for “STEM Accountants,” leading the way in a world where finance and technology are seamlessly intertwined.

Siri could browse the web and gather information on this topic for you. ChatGPT could generate this very article for you. Quillbot could paraphrase it for you. That’s Artificial Intelligence, as we know it today. What we all assume to be a new wave of technology taking over the world was already in its primitive form as early as 1951, in a dorm room at the University of Manchester, England- an AI bot developed by Christopher Strachey that could complete a game of checkers within a few minutes. What does this decades-old, yet seemingly novel technology mean for Business Process Outsourcing Companies? This article covers the pros and cons of AI in the outsourcing industry- so you can make an informed choice before denouncing AI completely or joining the AI wave head-on. Benefits of AI In Outsourcing 1. No downtime No coffee breaks. No Christmas holidays. No 3 pm slumps. As soon as you turn the power on, your AI algorithms will run 24 hours a day, 7 days a week, 365 days a year. Using AI algorithms can be used to replace repetitive tasks like customer service operations, data entry, document processing, report generation, invoice processing among many more. Not only can these tasks be automated through AI algorithms to run constantly, but it is also consistent. This means the same task will be repeated at the same standard much faster, with no downtime or human errors leading to both increased turnaround times and overall efficiency. All big pros for outsourcing companies. 2.     AI-Driven Decision Making For decades, human judgment has been the central processor of decision-making. But we can now move from experience and gut instinct, subject to cognitive biases ingrained in us from years of evolution to something more objective: AI-driven decision-making. Every single micro and macro-business event is recorded and fed into dashboards, analytics, and spreadsheets. Unfathomable volumes of data are broken down into tiny chunks for us to understand. This is the current approach called “data-driven decision making” where the human mind is still the central processor. AI takes it a step further, completely eliminating the need for human processing. AI algorithms can be programmed to process huge volumes of data, identify patterns, perform calculations, and reach decisions. Outsourcing companies are better off delegating routine decisions that only rely on structured data to AI, freeing up human intellect for more complex, creative, and strategic decisions. 3.     Cost Savings and Scalability In the outsourcing industry, onboarding contracts for clients can differ from 6 months, 1 year, 5 years, or indefinitely. Does hiring an entire team specifically for a client of 6 months make sense in terms of labor costs? AI can automate tasks that can significantly reduce such labor costs because AI systems can easily scale up or down to meet fluctuating client demands and offer flexibility to outsourcing companies. 4.     Job Reconfiguration There’s a lot of noise of AI replacing jobs due to automation, but there’s also another side to that story. A flood of opportunities opening up for AI-related positions. A 2022 McKinsey report shows a clear shift in market demographics toward AI-supported positions- 39% of companies hired data engineers and 39% hired software engineers for AI-related roles. Challenges of AI in Outsourcing 1.     Cost of Implementation The cost of implementing AI solutions requires careful planning and investment. You need to consider the initial setup cost, the potential return on investment, and how long it will take for you to break even. Here are the questions you should be asking: 2.     Data Security and Privacy Data security is non-negotiable in outsourcing. AI algorithms may require access to vast amounts of data to function effectively, increasing the risk of exposure if not handled securely. Vulnerabilities in AI systems themselves could be exploited to gain access to sensitive data. Furthermore, when data is transferred for AI processing, it might be stored in different locations with varying data protection regulations. Losing control over data storage and access creates security risks. Here’s how to work around it: Thoroughly vet the AI tool you will be using to identify any security concerns. Establish clear contracts with outsourcing partners outlining data security protocols, access controls, and data destruction procedures after processing. Share only the minimum amount of data necessary for AI tasks to be performed and encrypt data both at rest and in transit to reduce the risk of data breaches. 3.     Transparency Outsourcing depends completely on trust and transparency. The inner workings of some AI models can be complex, making it difficult to understand how they arrive at decisions. This lack of transparency raises concerns about accountability and fairness, especially for clients who may be unaware of potential biases within the AI used for their outsourced services. Have regular awareness sessions and consultations with AI experts to enhance client understanding of the use of AI in different processes. Explore using explainable AI models instead, that provide insights into decision-making processes. This transparency helps identify potential biases and data privacy issues. 4.     AI Risks Related to Algorithm Bias and Model Accuracy Algorithm Bias: AI algorithms can continue biases present in the data they’re trained on. This can lead to unfair or discriminatory outcomes in hiring decisions or risk assessments. Therefore, the AI training data set should always be diverse and representative. Model Accuracy: The accuracy of AI models also depends on the quality of the data they’re trained on. Inaccurate models used for outsourced tasks can lead to poor decision-making, flawed predictions, and ultimately, dissatisfied clients. Again, ensuring the AI training data set is accurate and reliable solves this issue. AI Hallucination: AI models, particularly large language models, can sometimes generate factual information that looks accurate but is entirely fabricated. This “hallucination” can lead to misleading results or recommendations in tasks like content creation, market research analysis, or legal document reviews. AI hallucination and algorithm bias can be avoided by simply adding a little human touch. A human review process towards the end can easily identify potential inaccuracies, flawed

According to IBM, in an average data breach, an organization loses $1.3 million. Factor in legal fees, regulatory fines, operational disruption, and reputational damage, and an organization would spend $1.58 million to detect and escalate a data breach. What does this tell you? Simply that, data security should be at the top of your list of priorities. Even more so in the BPO industry, because you are entrusting data to a third party and that requires absolute confidence. At H Connect International, we understand this critical responsibility. That’s why we’ve built a robust information security framework that prioritizes your data security above all else. Here’s how we’ve built years of mutual trust with our clients. 1. Adherence to Regulatory Guidelines General Data Protection Regulation (GDPR): This globally respected framework enforced by the European Union regulates how companies collect, store, use, and dispose of personal information. By complying with GDPR, we ensure your data is handled according to these strict standards, even if you operate outside the EU. Data Protection Acts (DPA): DPAs differ around the world, and we follow the specific Data Processing Agreement that applies to each client’s location and needs. It governs data collection, use, and security within a specific jurisdiction. Adherence to such regulatory guidelines ensures three things: Transparency, accountability, and security. We uphold absolute transparency of how client data is used, we are accountable for its safety and we have robust security measures in place to do so. 2. ISO/IEC 27001:2022 Compliance It strengthens data protection, builds client trust, and reduces the risk of costly breaches. Additionally, streamlining security processes can even lead to operational efficiencies. 3. Best Practices We Follow Regular audits and risk assessments: Multi-layered protection: Access Controls: User Activity Monitoring: Work-From-Office/Home: Client Server Priority: 4. Going the Extra Mile We go above and beyond baseline security measures: One size doesn’t fit all, we know. Our security team meticulously analyzes each client contract to understand specific data security needs and compliance requirements. This lets us tailor data security protocols to effectively address your unique concerns. We dissect the nuances of your business, the type of data you handle, and any potential vulnerabilities unique to your industry. This in-depth analysis allows us to create a customized security blueprint specifically designed to address your unique concerns. We’ll walk you through them step-by-step, ensuring everyone on the team is aligned with the plan and understands their role in data security. We’re not reactive – we’re proactive. We employ advanced scanning tools like vulnerability scanners and penetration testing to identify and eliminate weaknesses in our security measures. Our team continuously monitors systems and networks for suspicious activity with monitoring tools that provide real-time alerts, allowing us to take swift action and mitigate potential threats before they escalate. Data breaches can happen, but what’s important is how effectively we respond. In the event of an incident, we have a comprehensive data security incident management policy outlining a fast and decisive response plan to minimize damage and ensure transparency throughout. Here’s a simplified outline of the basic steps: Security is a team effort. Mandatory information security training is a core part of our employee onboarding program, followed by continuous training to keep our staff updated on the latest security threats and best practices. In a world driven by data, trust is important. Which is why we are committed to compliance, rigorous security practices, and a proactive approach to threat mitigation. For us, information security and data protection is an ongoing, continuous process. Rest assured; your data is in the safest hands possible.

According to Forbes Advisor, as of 2023, 12.7% of full-time employees work from home, while 28.2% work hybrid, a clear ongoing shift towards virtual models. Separated geographically yet digitally interconnected, these virtual teams are the pulse of today’s workforce. But building virtual teams is only the first step; building high-performing virtual teams that actually thrive requires a more nuanced approach. This article dives into the key aspects of building efficient and high-performing virtual teams. Cultural Understanding Cross-cultural virtual teams are a diverse mix of personalities, so ensuring everyone feels valued requires extra effort. It’s fun and builds understanding! Prioritize Well-being The flexibility of virtual work comes at a cost: the mental and physical burnout from sitting behind a screen for 8 hours. Here’s what you can do: Building Culture and Relationships What does your typical workweek look like? Meetings broken up by a hello when walking past someone’s desk, quick chats over coffee, or going for a walk with a colleague who’s having a bad day? All these minute interactions are what create relationships and internal culture. How do we recreate all these small yet significant moments virtually? These virtual daily pats on the back can go a long way. In the long run, it’s the small things your team will remember. Get to know the vibrant personalities behind those email signatures! Virtual Crisis Management The iconic line: “Houston, we have a problem” during the Apollo 13 space mission is history’s first-ever virtual problem-solving scenario. If three men stranded in space running out of oxygen can collaborate with a team 200,000 miles away to manage a crisis effectively, your virtual team definitely can! The golden rule to follow which works for both physical and virtual teams is: Minimize before, Manage during, and Mend After Proactively identify challenges that could potentially occur with input from the entire team. Develop a thorough Crisis Management Plan outlining roles, responsibilities, and communication protocols in case of a virtual crisis. Equip team members with conflict resolution skills through online training or workshops. e.g.: How to navigate disagreements constructively in virtual space. When a problem arises, activate the strategic plans for crisis management that your team has agreed on. Communication during this time is key, especially interactive communication for everyone to contribute, participate, and ask for help. Once the problem has passed, have a session to review strengths, what went well, what didn’t, and what to improve. Time Management and Planning Virtual teams bring unique strengths, but managing time and staying productive across distances can be tricky. Here’s how to conquer your team’s virtual workday with effective planning and the right tools. Remote work that was once seen as a perk is quickly becoming the norm. Therefore, it’s necessary that we move with the tide and refine methods to create a virtual work environment where everyone thrives, not just survives. The future of work is virtual, and this is how you create the future. One successful step at a time.