As an accounting practice, you have a responsibility to manage your clients’ Tax File Numbers (TFN) properly to ensure compliance with the law. Failure to do so can result in investigations and penalties. In this article, we look at the best practices for managing...
Client Management
All aspects of managing client relationships including systems and communication
Cybersecurity preparedness in 2021: Threats + trends to know
by Brad Geelan | Jan 13, 2021 | Client Management, Featured Articles, Financial Services, Technology, Technology Support
You can't plan for everything. (See: global pandemic.) Yet so much of running a successful business is about proper forecasting. While that certainly includes being an early adopter of key trends, they’re only half the battle when it comes to cybersecurity. The rest...
230 Tax Agents have mis-used SANs in the latest count
by David Saul | Jan 11, 2021 | Client Management, Featured Articles, Financial Services, Practice Management
The ATO is continuing its program to weed out the mis-use of SMSF Auditor Numbers (SAN) where tax agents are in effect masquerading as auditors. The ATO mailed the 2018 annual returns to registered SMSF auditors requesting a SAN confirmation check and this resulted in...
Special Purpose Financial Statements – New Financial Reporting Regime
by Steven Watson | Dec 2, 2020 | Business Services, Client Management, Featured Articles, Financial Services
For many years, directors of most for-profit private entities have enjoyed the liberty of determining the type of financial statements they will prepare for an entity. The discretion to prepare an often much less detailed set of Special Purpose Financial Statements...
Product Mix and Mark-ups Affect A Retailer’s Profitability
by Peter Towers | Dec 2, 2020 | Business Services, Client Management, Featured Articles, Financial Services
A fairly common problem that I’m sure retailers have discussed with you, as their accountant, is “Why, if we’re selling so much product, aren’t we making a profit?” Sound familiar? My suggestion on your response to your client is as follows: To answer this question we...
What does 2021 have in store for ATO audit activity?
by For Accountants | Nov 26, 2020 | Business Services, Client Management, Financial Services, Workflow Management
Much of the world has experienced some sort of shutdown this year, with governments implementing financial support strategies to keep their economies from slipping into a recession amid the COVID-19 pandemic. Australia was no exception, with support packages such as...
Why your Auditor can’t be in your pocket!
by David Saul | Nov 25, 2020 | Business Services, Client Management, Financial Services, Practice Management, Workflow Management
The new APES 110 Code of Ethics for Professional Accountants has many ramifications for SMSF trustees... and Accountants have an obligation to notify clients of changes that may affect their audits. Under the new code, accounting firms providing administration for...