MENU

HB Tech Space – Microsoft 365 Copilot

Why Microsoft Copilot Technology Will Change How We Work | ITPro Today: IT News, How-Tos, Trends ...

Microsoft 365 Copilot is an AI-powered productivity tool introduced in March 2023 by Microsoft. It aims to transform the way people work by leveraging large language models (LLMs) and integrating them with Microsoft 365. Here are some key points about Microsoft 365 Copilot:

Purpose: Microsoft 365 Copilot is designed to help individuals and organizations unleash creativity, unlock productivity, and uplevel their skills by using AI to streamline various work-related tasks.

Integration: Copilot is integrated into various Microsoft 365 apps, including Word, Excel, PowerPoint, Outlook, Teams, and more. It works alongside users to assist them in various tasks within these applications.

Creativity and Productivity: Copilot assists in creative tasks like generating initial drafts, adding relevant content to presentations, and creating data visualisations in Excel. It also helps in boosting productivity by summarizing emails, drafting suggested replies, and providing real-time meeting summaries in Teams.

Security and Privacy: Microsoft emphasises security, compliance, and privacy in the design of Copilot. It is built on Microsoft’s comprehensive approach to security and privacy, ensuring data protection and compliance with policies.

Learning and Expansion: Copilot is designed to learn new skills and improve its capabilities over time. It can already perform a range of tasks but is expected to become more sophisticated as it learns new domains and processes.

Responsible AI: Microsoft is committed to responsible AI practices, and Copilot undergoes reviews for potential harms and mitigations. Efforts are made to reduce biases and ensure transparency in decision-making.Availability: Microsoft plans to roll out Copilot across a range of productivity apps, including Word, Excel, PowerPoint, Outlook, Teams, Viva, Power Platform, and more. Pricing and licensing details will be provided in the future.

Important Tax Dates

21 October 2023

  • September monthly activity statements – final date for lodgement and payment
  • Quarter 1 (July – September) PAYG instalment activity statement for head companies of consolidated group

28 October 2023

  • Lodge and pay quarter 1, 2023–24 activity statement if electing to receive and lodge by paper and not an active STP reporter. Pay quarter 1, 2023–24 instalment notice (form R, S, or T). Lodge the notice only if you vary the instalment amount.

31 October 2023

  • Lodge and pay quarter 1, 2023–24 activity statement if electing to receive and lodge by paper and not an active STP reporter. Pay quarter 1, 2023–24 instalment notice (form R, S, or T). Lodge the notice only if you vary the instalment amount.
  • Lodge tax returns for all entities if one or more prior year returns were outstanding as at 30 June 2023.

11 November 2023

  • Quarter 1 (July–September) activity statements lodged electronically – final date for lodgment and payment

Change Success Diagnostic

Research tells us there is only a 30% probability your change initiative will succeed. This is because most business people adopt a ‘trial and error’ approach to change incurring a high cost in terms of lost time, reduced confidence, wasted money and poor resource utilisation. But you can improve this probability of change success.

Developed by Mindshop founder, Dr Chris Mason following an 8-year PhD on the subject, the change success model will identify the following outcomes:

  • your change potential percentage (an ideal success score being a minimum of 78%); and
  • which one of the ten change success factors has the biggest gap between where you are NOW and the maximum WHERE score.

You can then from this report determine strategies you can implement to boost your potential for change success by lifting the scores in your largest gap areas.

By undertaking this diagnostic you agree to the Privacy Policy and Terms of Use.

ATO Crackdown On Outstanding Debts And Lodgments

With collectable tax debt now at $44.8 billion, the ATO is starting to take firmer action.

The concessions during the pandemic including a very soft approach to compliance with debt and lodgement is now coming to an end.

The Tax Office started 476 wind-up proceedings in the first seven months of 2023, compared with just 14 in the same period last year.

This is however at the extreme, and provided that businesses and taxpayers engage with the ATO, they are willing to accept payment arrangements and engage to get compliance up to date.

For small businesses with turnover of less than $10 million, there is currently a lodgement amnesty in place for any penalties for unlodged income tax returns, fringe benefits tax returns or business activity statements.

The ATO General Interest Charge is currently 10.90%, the highest level in 11 years, and remissions are getting more difficult to negotiate.

Brentnalls Affiliation – Proudly Supporting Good Shepherd

Harris Black is a proud member of the Brentnalls Affiliation, independent firms working together to help each other be better.  We are thrilled to announce that the Brentnalls Affiliation has raised an inspiring $6,014 to support women in need. Through a combination of individual firm initiatives and an Affiliation-wide raffle featuring two exclusive Jasmine Mansbridge Prints donated by the artist herself, we’ve joined forces to make a meaningful contribution to Good Shepherd.

Our commitment to empowering women finds a perfect match in Good Sheppard’s mission. The funds raised will directly support their programs, providing assistance to women facing family violence, education, employment, and pathways out of homelessness.

We extend our heartfelt gratitude to all participating member firms for showcasing the power of collective generosity. Together, we’re proving that unity can drive positive change and create brighter futures.

For more information on the member firms of the Brentnalls Affiliation’s initiatives, visit www.brentnalls.com.au.

Learn more about Good Shepherd’s impactful work at www.goodsheperd.org.au.

Harris Black Staff Day 2023

Each year we host an offsite Staff Day, and the entire Harris Black team returned to the same venue as last year, Ronald McDonald House on 21 July 2023.  We take a full day to spend time together revisiting the previous financial year and look at all areas of the practice to try and identify improvements and challenge the way we work and interact with each other and clients.

Some of the accountants presented on the uses of ChatGPT and Artificial Intelligence, and the impacts that are expected on our industry. We each had to create a document using AI, with some pretty interesting results.

We then broke into smaller groups and were given a particular area of the practice to conduct a Waste Audit on.  A Waste Audit is a tool to examine processes, interactions, or methods of work with a view to trying to identify how it can be done better, or if some of the tasks can be reduced or eliminated.  The areas are broken down into:

  • Overproduction
  • Waiting
  • Transport
  • Inappropriate Processing
  • Inventory
  • Motion
  • Defects

With each area of waste identified you try and estimate the $$ impact and the ease of implementing the change.

Renee then presented on the Client Experience.  Each of us had to identify a change that would improve the Client Experience at Harris Black, and we each had to take turns trying to “sell” someone else’s idea to another staff member.  Each idea was scored with the top changes becoming apparent.  Some fantastic ideas floated to the top, many of them very simple yet effective.

We then broke for lunch and enjoyed some time out on the upper deck of Ronald McDonald House in the winter sun, with cracker views over South Bank and the City.

The afternoon session was hosted by Character Builders.  Character Builders work with a huge array of corporates, schools, and leadership groups.  The founder Damon Joseph had an outstanding ability to remember people’s names, engage quickly with people and draw out the best from even the shyest of us all.  The interactions were very genuine, and the end of their session included each of us giving a “Big Up” to someone at Harris Black that we don’t necessarily deal with on a daily basis, ensuring  we all ended the day on a high. We all walked through South Bank with a pit stop at the Plough Inn before dinner at Chu the Phat. Brilliant food and a few drinks were a great way to end the 2023 HB Staff Day.

How can we help you?

Today’s financial environment demands a regular review of strategy and a focus on execution.