We all know the age old adage – “If it isn’t broken, don’t try and fix it”. This applies to so many things in life but sometimes the unintended consequences of change in business can be instability, doubt, and confusion. These all need to be taken into account and assessed before a change should be initiated.
Innovation is an excellent thing in business. It is what drives new ideas and elevates your business above the rest but there is a clear difference between something that is new and something that is superior.
Change for the sake of change can be a dangerous thing. Change for the sake of change has nothing to do with true innovation and fostering creativity. Small changes in the way that a business operates can have a dramatic flow on effect to other areas of the business. This is especially important when looking from the perspective of an accounting firm. Your clients are heavily reliant on you as advisors to support their business, SMSF or individual taxation needs. Consistency in your delivery leads to the perception of reliability and stability.
Changing something with a view of “we can always go back” brings with it its own detrimental disruption which then reverting back may not be able to fix. As important as audit insurance is to an accounting firm, we all appreciate that it only represents a small segment of an accounting firm’s business. If the audit insurance solution isn’t broken, the firm should spend their valuable time focussing on areas where they can make bigger impacts on their business and their client service. Leave the improvement changes in audit insurance to us to evolve and introduce.
To better support our clients, the Accountancy Insurance team have some exciting developments coming up which will further streamline the audit insurance renewal process and also make our Audit Shield solution more functional for accountants when they are out on the road, visiting clients.
We read daily that the ATO is ramping up audits. STP is in full effect and the crackdown on the black economy is not slowing. Your clients want to be certain that in a time where data matching is now better than ever that they are protected with the best possible solution to avoid them needing to pay additional fees as a result of an audit. Varying the offer they receive can create additional anxiety and questioning around the change. Audit Shield is the solution that is tried and tested. It has been around for over 15 years and provides comprehensive coverage. However it provides more than that, it delivers a message to clients that your firm sticks with a solution that is proven to work. A solution that will protect your clients against additional if they are audited. The last thing that your client wants in a stressful situation is instability, doubt, and confusion – all for the sake of “trying something new”. If it isn’t broken, don’t try and fix it.
Audit Shield is the solution that accountants choose when they don’t want to take a risk on something new. It is the no net cost/no loss option. You know with Audit Shield you’ll never lose. It will ensure your professional fees will be covered in the event of ATO and other government revenue agency initiated client audit activity. It also means that you can avoid the awkward conversation concerning additional fees incurred when dealing with audit activity with your client.
To find out more about Audit Shield visit the Accountancy Insurance website or call our team on 1300 650 758.
Director, Accountancy Insurance
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