Industry News
Everything you need to grow yourself and your firm in the public accounting sector.
LATEST ARTICLES
How can Client Segmentation Help Your Firm?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a client service administrator in public practice, to consider what types of client segmentation their firm undertakes and whether this results in new service opportunities? Learner...
What can You do Encourage the Team to be more Proactive in Dealing with Clients?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a client service administrator in public practice, to consider what needs to happen to change the way the firm deals with clients? Learner Reflection The first potential roadblock that...
What Software Do You Use to Deliver Business Advisory Reports?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a partner in public practice, to review the use of software used to provide business advisory reports. What can the firm do to improve internal capability? Learner Reflection We use 3...
Navigating New Shores: The Role of Auditors in Australia’s Climate Reporting Landscape
In January 2024, the Australian Government unveiled a landmark policy statement introducing mandatory climate-related financial disclosures for certain entities under the Corporations Act 2001. The Government is committed to improving the quality of climate-related...
Preparing to deliver advisory services
Preparation is important The ‘Tradie Charge Out Rate Calculator’ available within ESS BIZTOOLS addresses a common issue faced by small and medium-sized accountancy firms working with Tradie business operators. The challenge revolves around determining appropriate...
Secure Document Hosting: Why ATO Smartdocs Chooses Azure and Office 365
In an era where cyber threats are increasingly sophisticated, the security of sensitive financial documents, such as those handled by the Australian Taxation Office (ATO), is paramount. ATO Smartdocs, a service provider for hosting and managing ATO documents, has...
What can You Do to Stay Focused on Urgent and Important Actions?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, an experienced bookkeeper, to consider what they could do better to manage their task list and stay focused on client priorities. Learner Reflection I rarely look at the goals between...
How can a Young Accountant Help the Firm Manage Client Expectations?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a graduate accountant in public practice, to consider what they could do, as a young accountant, to help the firm manage client expectations in relation to engagement, communication and...
Simplifying 4 Common Challenges for Accounting Firms
The accounting landscape has to overcome various challenges, from technology integration to cybersecurity, accounting businesses must remain agile to thrive. However, many hurdles have simpler solutions than might appear at first glance. Here’s a breakdown of four...
Maximizing Efficiency and Security: The Importance of Managing ATO Correspondence
In today's fast-paced business environment, effective management of Australian Taxation Office (ATO) correspondence is crucial for accounting firms. With the increasing volume of ATO documents and the need for timely and secure communication, traditional methods of...
What Challenges do You Face in Keeping Business Advisory Client Relationships Fresh?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a partner in public practice, to identify 3 challenges that they have faced in keeping client relationships fresh in relation to business advisory services. What could they do...
How Can I Better Manage Scope of Work to Reduce Write-offs?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a partner in public practice, to review the 10-step process for managing scope of work outlined in the Client Manager course. Identify specific actions that you can take now to better...
New Ignition and MYOB Integration Fuels Efficiency and Profitability For ANZ Businesses
Ignition now integrates with MYOB, expanding its suite of integrations to help practices power through EOFY. March 5th, 2024, Sydney — Ignition, the leading revenue generation platform for accounting and professional services businesses, today launched a new...
Switching Gears: Critical Considerations When Changing Your Business’s External Auditor
In the evolving landscape of corporate governance and financial reporting, the role of the external auditor has never been more critical. Recent concerns regarding the independence of auditing firms, especially in relation to the provision of auditing versus...
The Importance of Checking ATO Documents and the Benefits of Automation
In the realm of accounting and tax preparation, the accuracy and integrity of Australian Taxation Office (ATO) documents are paramount. Ensuring that your clients' ATO documents are accurate and up to date is crucial for maintaining compliance and avoiding potential...
How can I Deal Better with Difficult Clients?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a partner in public practice, to identify 2 difficult clients where they feel they could improve the professional relationship. Outline what you can do, proactively to address the issue...
Observations about succession in accounting firms
Succession could be defined as the process by which the current owner/s of a firm transition and handover ownership to new owner/s. When I say handover I don’t mean for free! The usual situation will be a sale of equity to new owners. Those owners could be inside the...
What can I do to Better Explain Terms of Engagement with New Clients?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a manager in public practice, to critically review the firm’s engagement documents and consider what could be changed to turn these documents into service agreements. Learner Reflection...
Ensuring the Security of ATO Document Delivery: The Crucial Role of 2FA/MFA for Australian Accounting Firms
In the digital age, the protection of sensitive financial documents is paramount for Australian Accounting firms. The delivery of Australian Taxation Office (ATO) documents is a critical process that requires stringent security measures. These documents contain...
How can I Improve the Throughput of Accounting Work?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a senior manager in public practice, to consider what they could do differently to better manage their workflow, especially in relation to throughput. Learner Reflection As I mentioned...
PRACTICE MANAGEMENT
How can Client Segmentation Help Your Firm?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a client service administrator in public practice, to consider what types of client segmentation their firm undertakes and whether this results in new service opportunities? Learner...
What can You do Encourage the Team to be more Proactive in Dealing with Clients?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a client...
What Software Do You Use to Deliver Business Advisory Reports?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a partner in...
What can You Do to Stay Focused on Urgent and Important Actions?
In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, an experienced...
TECHNOLOGY
ATO’s Privacy Breach: $557 million filed in false claims
No company is safe – not even the ATO! Cybercriminals have filed over $550 million in false claims over the past two years, finding a glitch in the ATO’s digital identity system. Bogus myGov accounts were created by the hackers linking them to real taxpayers’ ATO...
Is your firm at risk of a data breach?
Discover what you can do right now to protect your firm from a data breach In recent times,...
What you need to know: The Federal Budget’s focus on Cyber Security
On Tuesday evening, 9 May 2023, and after more than a decade, the federal Labor government...
Tough Reforms Coming To Australia’s Privacy Act: Business Owners Be Prepared
There’s no ignoring the media’s latest coverage of the calculated cyberattacks targeting Optus,...
FINANCIAL SERVICES
Audit Shield claims activity across Australia
1 July to 31 December 2023 The intricacies of the Australian Taxation Office (ATO) and other government revenue authorities’ audit activities are ever evolving. They demand constant vigilance from businesses, self-managed superannuation funds (SMSFs), individuals and...
How outsourcing led to a 30% boost in growth for this financial services provider
How outsourcing led to a 30% boost in growth for this financial services provider Located in NSW,...
ASIC releases first integrated financial reporting and audit surveillance report
ASIC has released its inaugural integrated financial reporting and audit surveillance report,...
Embracing Digital Disruption: How Auditors harness the power of technology for financial reporting
Financial reporting is a crucial process which provides valuable information about a company's...
