Industry News
Everything you need to grow yourself and your firm in the public accounting sector.
LATEST ARTICLES
The Future of Special Purpose Reporting
General Purpose and Special Purpose financial reports have been a part of Australia’s financial reporting framework for over 25 years. Changes are now afoot. New reporting standards to improve transparency, comparability and consistency of financial statements are...
To Outsource or Not to Outsource
Performance, efficiency and productivity take the spotlight of any open thought or brainstorming session in pursuit of growth. Especially so during times faced with challenges from new and unfamiliar effects (yes, like the boring grim pandemic we can’t wait to get it...
Single Touch Payroll changes from 1 July 2021
The ATO has recently published a number of fact sheets in relation to Single Touch Payroll (STP) changes which will take effect on 1 July 2021. Small employers will commence to report for closely held payees, and the quarterly exemption for micro employers will...
Using Research and Development to Add Value to Companies!
Research and development is an area that many accountants have very little experience in but it is an area that many small business and medium-sized clients are interested in having a clear understanding of what they can claim in their income tax returns and what...
Five ways to grow your accounting firm
As an accounting firm coach, consultant and mentor I am regularly asked to assist accounting firm owners to grow their firm. In this article I summarise five ways to do that. Interestingly, what I find is that the emphasis is often on growing revenue, and profit is...
Good Bad Ugly 2020 Report
The Good Bad Ugly 2020 Benchmarking Report is now available. CLICK HERE TO DOWNLOAD THE EXECUTIVE SUMMARY Some key statistics: The total revenue per partner is $1,072,065. An average staff salary is $77,893. Debtors are at 50 days. The average client group fee is...
Innovative Australian tech company teams up with industry heavyweight to transform key accounting compliance process
ATOmate and Virtual Cabinet announce comprehensive integration to streamline ATO document processing and administration. It’s a process that requires meticulous care and can take hours away from your administrative and accounting teams each day, but thanks to ATOmate...
Offering advisory services? Why your first engagement needs to be a scoping session
Before engaging your clients with new services, there are two crucial steps you can’t miss. Now more than ever, clients are looking to you as their trusted advisors to support them through challenging times. Rather than simply calling on you for compliance lodgments,...
Tree Change – In the Accountancy Profession
Current world circumstances have definitely made one rethink one’s values. Interestingly, coincidingly, we are seeing ‘tree change’ conversations increasing. There is this Practitioner (name removed for privacy reasons, but you know who you are) that of late, has left...
The Future of the Financial Reporting Function
Accounting firms are essential to businesses and not-for-profit organisations, particularly when managing one or more components of an entity’s financial operations. Most accounting firms, however, don’t have the skills to prepare statutory financial statements or the...
Setting Strategies – Peripheral Activities Are Important!
Accountants who are responding to the challenge of proactively supplying a range of Business Advisory Services to clients should include on their list of duties a number of activities which may be referred to as “peripheral activities” but which, in many businesses,...
Free eBook: How to get buy-in from the C-suite
eBook: Pitching for success with IT projects Your new IT project is brilliant – you know it will improve efficiency and transform the working lives of those who use it. Even so, if the CEO and CFO can’t see the investment’s outstanding business advantages, your...
WHAT’S BEEN ‘APPENING: NEW BUSINESS AND ACCOUNTING APPS FOR YOU AND YOUR CLIENTS
The world is constantly changing around us and so are the new and innovative apps and software available for SMEs and the accounting industry. ‘Change’ means improvement and 2020 delivered some apps that will booster your overall productivity in 2021. However, the...
What to look for when engaging a mortgage broker to help your clients
It’s a question I am often asked….how do we find the right mortgage broker for our business? It’s a question that invariably produces many more questions and points us back to the very first question - What are we looking to get out of having a relationship with a...
How to compare SMSF Auditors
Choosing the best auditor for your firm Evaluating different SMSF auditors is not as simple as comparing apples with apples! With the deadline for ATO enforcement of the new Independence Code only months away, many Accounting firms are hastily reorganising their audit...
2021 a Year That Could Be Both “Daunting and Positive”!
Now is the time for business operators, medium-size and small, to be planning their business activities as best they can for 2021. Many of your clients are going to need assistance in setting their strategies for this year which hopefully will be different to 2020....
21 for 21
Our pick of tech, tips, and tidbits to help you make the most of 2021 It’s not surprising that the second month of the year is already on our doorstep. Time flies when you’re having fun they say – and if you’re not careful, we’ll be staring down 2022 wondering where...
New year – new opportunities to increase your productivity
A new year is a great time to plan out priorities – and ticking off big ticket goals and projects is all the easier when you can ramp up your productivity, cut through the clutter, and get in the flow. In our noisy world, that is easier said than done, which is why...
Bills status – January 2021
With most tax professionals now returning to work after the holiday break, this is the ideal time to do a stocktake of the status of recent tax, superannuation and related Bills which may affect tax practitioners and their clients in 2021. This article summarises the...
Cybersecurity preparedness in 2021: Threats + trends to know
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...
PRACTICE MANAGEMENT
Good Bad Ugly 2020 Report
The Good Bad Ugly 2020 Benchmarking Report is now available. CLICK HERE TO DOWNLOAD THE EXECUTIVE SUMMARY Some key statistics: The total revenue per partner is $1,072,065. An average staff salary is $77,893. Debtors are at 50 days. The average client group fee is...
Offering advisory services? Why your first engagement needs to be a scoping session
Before engaging your clients with new services, there are two crucial steps you can’t miss. Now...
Tree Change – In the Accountancy Profession
Current world circumstances have definitely made one rethink one’s values. Interestingly,...
The Future of the Financial Reporting Function
Accounting firms are essential to businesses and not-for-profit organisations, particularly when...
TECHNOLOGY
Cybersecurity preparedness in 2021: Threats + trends to know
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...
Develop your 2021 security checklist + Driving unprecendented growth
Tenacious tech: what CEOs need to drive unprecedented growth CEOs have a distinct vantage point....
Tenacious tech: what CEOs need to drive unprecedented growth
CEOs have a distinct vantage point. Even under the most challenging circumstances, they're often...
Making the switch back again: working in the office after COVID
So, what’s next now that the traditional workplace is behind us? As COVID-19...
FINANCIAL SERVICES
To Outsource or Not to Outsource
Performance, efficiency and productivity take the spotlight of any open thought or brainstorming session in pursuit of growth. Especially so during times faced with challenges from new and unfamiliar effects (yes, like the boring grim pandemic we can’t wait to get it...
Single Touch Payroll changes from 1 July 2021
The ATO has recently published a number of fact sheets in relation to Single Touch Payroll (STP)...
Using Research and Development to Add Value to Companies!
Research and development is an area that many accountants have very little experience in but it is...
Five ways to grow your accounting firm
As an accounting firm coach, consultant and mentor I am regularly asked to assist accounting firm...