Industry News
Everything you need to grow yourself and your firm in the public accounting sector.
LATEST ARTICLES
6 areas to tweak to build an effective Team
Good food is as good as the ingredients and a company is as good as its people. The process is as efficient as a team’s typical work week. An effective team is one with fundamental foundations effectively set towards achieving a common goal. Without a unified body of...
It’s Time to Implement!
Many accountancy firms around Australia have obviously resolved to significantly diversify their business activities and to be very proactive relative to the introduction of Business Advisory Services to their firms. The CommBank Accounting Market Pulse Report issued...
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 – is your practice ready? The ATO are working directly with digital service providers to support the move to digital-only communication; Accounting practices should...
Your guide to eliminating debtors this EOFY
Average debtor days for Australian accounting firms sits at 77. Learn how to eliminate your debtors and pay no transaction fees on client payments this EOFY. Research has shown that the average debtor days for Australian accounting firms is 53. In addition, average...
The 6 things small businesses need to know about security
Entrepreneurs and SMBs can do a lot to build strong shields and mitigate the risk of breaches, in addition to minimising the damage if a breach occurs. To help your company develop a stronger cybersecurity posture, six security professionals provided some of their...
SMSF Auditor Independence Guidelines -What should you do now?
Time is running out for accounting firms to critically review the arrangement they have with the auditors of the SMSF funds for whom they prepare financial accounts. Firms have until 30th June 2021 to make necessary arrangements to engage independent SMSF auditors. If...
Hiring post-COVID: the tools it takes to recruit top talent
COVID hit the workforce hard. As we inch toward economic recovery, more companies are dusting off the interview questions as they prepare to expand their teams. Many are also finding that the hiring process has changed, much like everything else. In some ways,...
Accountants Retire at 65 or Best Sell Their Practice by 65 ?
I don’t think anyone really retires, in the sense, they do 'nothing' going forward, but, when / how do Accountants calculate it's time? I know a lot of us at, peak times / busy times, would like to retire, right then, during those moments or would love the COVID...
Are you engaging your clients in a compliant way?
When was the last time you updated your engagement letter? The Tax Practitioners Board recommends engaging your clients annually, at a minimum. We know you don’t have time to formally engage your clients every year, despite the recommendation from the Tax...
High performance culture and the ideal team player
Recently I participated in an interactive webinar with Patrick Lencioni who is a well known author and speaker on management and leadership topics. His view is that the goals of a leader are to make the organisation smart and to make it healthy. Lencioni also holds...
Transitioning clients to GPFS – 5 key questions to consider now
New reporting standards to improve transparency, comparability and consistency of financial statements will apply from the 2022 financial year. From 1st July 2021, certain for-profit private sector entities will no longer be able to prepare Special Purpose Financial...
Business Advisory Services Identified As Top Growth Opportunity!
“Business Advisory Services” has been identified by accountants surveyed by CommBank Accounting Market Pulse as the “highest rating product that they are planning to offer, or significantly grow, in the next 12 – 18 months” in the May 2021 report. In the survey 81% of...
Why it can be hard to attract and work with referral partners
As a mortgage aggregator who specialises in building in-house mortgage broker divisions for Accounting firms and also generates quality referral partnerships, I am often asked how we manage to attract so many and then get traction on those we link with our partners....
Free Valuation – know your worth and know the market
Jadeja Partners are happy to include, as part of the ‘Hello Campaign’, a Free Market Appraisal. Probably the most common questions asked are, “How many ‘cents in the dollar’ is my business worth”’ , “What is the [EBIT] multiple used?” , “Are the bank valuations the...
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...
Tax planning talking points: Have you added these changes to your tax planning checklists yet?
As we approach the end of the financial year you might be feeling under the pump – lodgement deadlines are approaching, the budget is only weeks away, and you could be snowed under with last minute compliance activities. Of course, we don’t need to tell you how...
7 Easy tips to improve Accounting Productivity
Productivity is not raking in more hours on the job, its rather managing your time efficiently. There are only so many hours in a day. With the EOFY just around the corner, what if you could make the most of your time? Here are 7 easy yet effective tips to improve...
JobKeeper ends but ATO audit activity on the program set to continue
Despite the conclusion of the JobKeeper wage subsidy program, the ATO is set to continue keeping a close eye on those that received the program for at least the next 12 months. The ATO will use all of their data matching technology to review those that took advantage...
Let’s talk about your firm’s use of technology in 2021
The Good Bad Ugly Insight Poll on technology is now open and we invite you to take part - it should take you less than 10 minutes to complete! As technology continues to evolve and impact Australian accounting firms, the industry is wondering... What is the most...
FYI and ATOmate announcement
Cloud based and still spending hours managing ATO documents? Industry innovators team up to help you make light work of tax correspondence. ATOmate announces latest integration partnership with cloud-based document management platform FYI ahead of key lodgment...
PRACTICE MANAGEMENT
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 – is your practice ready? The ATO are working directly with digital service providers to support the move to digital-only communication; Accounting practices should...
High performance culture and the ideal team player
Recently I participated in an interactive webinar with Patrick Lencioni who is a well known author...
12 Steps to “Planning a Research and Development Project”
Step 1 – a great “idea!” Step 2 – preliminary investigations into the “great idea”. Step 3 – check...
How Your Admin Team Can Increase Capacity And Improve Leverage
It’s easy to understand why capacity and leverage are so important, but more difficult to...
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
6 areas to tweak to build an effective Team
Good food is as good as the ingredients and a company is as good as its people. The process is as efficient as a team’s typical work week. An effective team is one with fundamental foundations effectively set towards achieving a common goal. Without a unified body of...
It’s Time to Implement!
Many accountancy firms around Australia have obviously resolved to significantly diversify their...
Your guide to eliminating debtors this EOFY
Average debtor days for Australian accounting firms sits at 77. Learn how to eliminate your...
The 6 things small businesses need to know about security
Entrepreneurs and SMBs can do a lot to build strong shields and mitigate the risk of breaches, in...