Industry News
Everything you need to grow yourself and your firm in the public accounting sector.
LATEST ARTICLES
Where do you do your best work? (And why is that so?)
Have you ever stopped to ponder this question? Two things have prompted me to do so: The obvious impact of COVID which has found people working in different physical spaces to where they might normally work; and Renovations at home mean I am temporarily out of my much...
Bang for buck process automation for accounting practices: 3 business processes you can automate with little effort and big returns
When was the last time you stepped back and critically reviewed your key business processes? Is your current way of working still the best way for your team and your clients? With client needs, and team capabilities constantly changing, we recommend you pause and...
3 smart cost savings opportunities afforded by the right IT
Running a company isn’t cheap. And though staying financially healthy may require effort, that doesn’t mean you have to go extremes. Before you start curtailing staff or reducing their benefits, try a more tech-focused approach. Strategically investing in technology...
Ransomware – Are you the Next Target?
In 2021, many Australians fell victim to ransomware attacks and the accounting industry was in the top three industry sectors to notify data breaches. The Office of the Australian Information Commissioner (OAIC) reported an increase of 24% in ransomware incidents from...
Diversifying Accountancy Services – Why?
Diversifying Accountancy Services – Why? The survey undertaken by Accounting Market Pulse in May 2021 indicated that only 5% of the accounting firms that were surveyed reported that they “will not be diversifying services in the next few years”. This is exciting news...
Can’t get to the office? Three tips to help your team manage ATO correspondence remotely
We’ve had to get used to working remotely, often at very short notice, and while no doubt your practice has been able to adapt to the changing work environment over the past year, what hasn’t changed is the myriad of channels you and your clients receive important ATO...
The State of Tax Audits in Australia – Post Pandemic
On Wednesday, 4 August 2021, AuditCover hosted The State of Tax Audits in Australia [Part 1] to explore the ATO’s renewed focus on debt recovery and its vast data reach and capabilities. The event covered; ATO’s Data ingestion capacity and what it means for...
Is it time to have “special projects leave”?
As an accounting firm coach, consultant and mentor I am privy to many shareholder agreements. Some incorporate a form of long service or sabbatical leave for owners on some sort of a cycle. Good idea. I’ve recently had a client try the idea of what they ended up...
Revisiting independence with audits – Have accounting firms really addressed the problem?
On 1st July 2021, the ATO launched new SMSF Audit independence standards that included in-depth clarification on the complexities surrounding the provision of audit services alongside non-assurance services. In the new standards, ATO guidance confirms that even where...
Predicted ATO audit activity trends for 2021 & 2022
Be on the front foot with our ATO audit activity trend predictions and how to reduce the impact when they come in. Despite the temporary slowing in 2020 of the Australian Taxation Office (ATO) and other State & Federal government revenue authorities’ audit...
You think it’s too hard…think again. That’s because we listen, learn and take action.
Register for our upcoming webinar on the 19th August 2021, 12.00pm AEST As an accountant you know your clients need your trust and expertise when it comes to their mortgages, but you also know this is a highly regulated industry full of wonderful compliance and lender...
Relevance of outsourcing in a Pandemic stirred setting
It is hard to think of an industry not affected by the COVID-19 pandemic across the world. Industries including services related industries have felt the squeeze or have been affected by organisational and financial challenges. Businesses are also exploring and...
Desktop reference: Cyber safe to-dos (and when to do them)
Cyber threats are everywhere – and they’re only getting worse. Having a dedicated cyber hygiene routine is the most effective way to stay protected. Download this desktop background as your quick reference guide for security best practices. Brad Lynch...
If You Don’t Help Your Clients With Their Businesses – They Might Go Broke!
This was a response that Andrew Geddes, Australian Accounting Industry Mentor and Coach and 10 year Chair of Green Cross Ltd (that was a Top 200 ASX company) gave to a question that was asked in the webinar that launched the ESS BIZTOOLS’ Business Advisory Services...
You think it’s too hard…think again. That’s because we listen, learn and take action.
Register for our upcoming webinar on the 19th August 2021, 12.00pm AEST As an accountant you know your clients need your trust and expertise when it comes to their mortgages, but you also know this is a highly regulated industry full of wonderful compliance and lender...
The importance of engagements in guarding against scope creep
Are you currently undertaking additional grant work? Are your scope and engagements up to date to mitigate your practice’s risk of scope creep? Written by Rebecca Mihalic Properly managing your scope and engagements through crisis can mitigate your risk. As NSW enters...
ATO puts businesses and individuals on notice with tax returns
With tax time here, the ATO is using the mainstream media and accounting forums to put businesses and individuals on notice that this year is going to be very different to last. The implication is clear. With the economy on the mend and things settling into a “new...
Five priorities for the start of FY22
With a new financial year kicked off in Australia it is not too late to plan for the year ahead if you’ve not done so already. Here are my suggestions to make FY22 a great year. (Re)articulate your values Get clear on your mission Get clear on your vision Have a...
Audit Client Engagement – What’s Changed?
Managing client relationships effectively can be challenging when the primary focus is on getting the work done efficiently and professionally. Engagement documents are the best way to ensure both engagement scope and fee for service are clearly understood. They also...
Business Advisory Services Implementation Training Launched
The Business Advisory Services Implementation Training series of webinars commenced on 7th July 2021 and continues on a weekly basis until 31st August 2021. During each weekly webinar a presentation will be made on a key product/service that is included within the ESS...
PRACTICE MANAGEMENT
Audit Client Engagement – What’s Changed?
Managing client relationships effectively can be challenging when the primary focus is on getting the work done efficiently and professionally. Engagement documents are the best way to ensure both engagement scope and fee for service are clearly understood. They also...
Generalist or Specialist – Who Owns the Future?
What sort of accounting firm do you think will own the future? One that provides a broad range of...
The ATO is on the precipice of change – are you ready?
The ATO has confirmed its consultative approach for the transition to digital client communication...
High performance culture and the ideal team player
Recently I participated in an interactive webinar with Patrick Lencioni who is a well known author...
TECHNOLOGY
Lost, stolen or hacked: Preventing the worst of the worst
Our devices house our entire lives. From finances to family photos they're the keepers of our past, present and future. Even the thought of someone gaining unauthorised access is enough to set off alarm bells. Follow these seven steps to curb some of that device...
Cybersecurity preparedness in 2021: Threats + trends to know
You can't plan for everything. (See: global pandemic.) Yet so much of running a successful...
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...
FINANCIAL SERVICES
Where do you do your best work? (And why is that so?)
Have you ever stopped to ponder this question? Two things have prompted me to do so: The obvious impact of COVID which has found people working in different physical spaces to where they might normally work; and Renovations at home mean I am temporarily out of my much...
Bang for buck process automation for accounting practices: 3 business processes you can automate with little effort and big returns
When was the last time you stepped back and critically reviewed your key business processes? Is...
Ransomware – Are you the Next Target?
In 2021, many Australians fell victim to ransomware attacks and the accounting industry was in the...
Diversifying Accountancy Services – Why?
Diversifying Accountancy Services – Why? The survey undertaken by Accounting Market Pulse in May...
