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For Accountants

Locality: Gordon

Phone: +61 1300 872 792

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25.01.2022 No ambiguity Chinese walls are out! The recently released APES 110 Code of Ethics for Professional Accountants including Independence Standards makes it clear that Chinese walls do not proffer acceptable independence for SMSF audits. With the ATO systematically reviewing audit arrangements and independence, now is the time to take heed of the APES Code and take action.

25.01.2022 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 generally cease. This document summarises the ATO guidance.

24.01.2022 FuseWorks, a Brisbane based software company was founded in 2015 by Chartered Accountant Melissa Voss and Software Developer Scott Barber. After creating a tool to be used in house by the accounting firm Melissa and Scott both worked at (O’Connells OBM) they then realised the potential that this solution and way of thinking could have to help the industry be brought up to speed to the technology available to them.

24.01.2022 Over $3,360,000 have been lost since the outbreak of COVID-19 (Scamwatch, 2020). The ‘new normal’ brought many challenges with it, and scammers and cyber criminals took full advantage of this new state of living. Here are the most common scams we have seen in the past 6 months:

24.01.2022 With June 30 now behind us, it’s important to take time to look at your own business to get a better understanding of your client-base and how you can improve your cashflow and workload alike. Accountants and bookkeepers are presented with a unique opportunity each year in the form of client re-engagements. To some, this is a necessary evil and a pain to go through, whereas others see this process as an opportunity to take a look at each of their clients and figure out if they are happy with the relationship over the past 12 months.

23.01.2022 While 2020 has certainly thrown us a bit of a curve ball, now that Spring has sprung it’s a matter of weeks until you get a well-deserved break (hopefully!). However, just because the end of the year is in sight, doesn’t mean you should take your foot off the peddle; in fact the lead up to Christmas closure is often a great time to prioritise projects and allocate resources to getting your team set up for success in the new year.

23.01.2022 Having your own in-house Mortgage Broker division is not just about providing your clients with the right debt solutions, it is about positioning your business for serious growth, AND client retention. You see an in-house Mortgage Broker is much more than just a one-trick pony. They are a marketing resource (BDM) that can attract new clients to your business and also be at the forefront of helping you to retain your current clients.

23.01.2022 A strategic alliance is a mutually beneficial arrangement between two businesses that do not directly compete with one another. It’s a model that is about pursuing partners not only because they provide value to you, but also because they can benefit from your company’s products, services, or brand recognition. The purpose of the alliance is to help each side reach their joint outcomes. It is ultimately an act of leveraging costs versus return. Let’s look at 5 common types of strategic partnership agreements:

20.01.2022 When I first started my Accounting Practice it was growing around an average of 30% per year simply from word of mouth only and soon I was working over 100 hours per week. This was burning me out. I also realised how it is not sustainable in the short term let alone the next 30 years as I was only in my early thirties. I was at a crossroads because this business that I had built that was supposed to give me life was taking the life from me. I didn’t see my family, I was missing out on watching my children grow up, I barely saw my closest friends and I had no time to do the things I enjoyed. What was the answer?

19.01.2022 The current climate is rapidly forcing difficult changes that have left us increasingly dependent on technology, especially in the business world. Which is why 73% of IT managers are planning to accelerate digital transformation initiatives during this time. Learn more about the process in our ebook:

19.01.2022 Interestingly, coincidingly, we are seeing ‘tree change’ conversations increasing.

19.01.2022 Growthwise were looking to automate what they do to give their clients more time and more advice. By using Receipt Bank, they managed to reduce processing time by 75%. Download our case study where we talk with Beau Gaudron on how Growthwise moved from being just accountants to being business advisors.

19.01.2022 The Good Bad Ugly Insight Poll: 2021 Rates, Pricing & Outlook, was designed specifically around learning more about the next 12 months for the Australian accounting profession will be largely positive based on the results of the latest Good Bad Ugly Insight pollHere are some of the key insights from the latest report:

18.01.2022 Pre Covid deals are being completed now and up to September overall, averaging a 4 month delay that may blowout to 6 months Most Accountants in March 2020 were perplexed by the situation followed by an overwhelmed experience becoming the Centrelink for the Business Community. Practice that found their routine and cashflow was maintainable after two months have had good traction and regained confidence.

17.01.2022 If you’ve ever tried to implement a new project, system, or process, you’ve no doubt felt some level of frustration when your colleagues haven’t shown the same level of enthusiasm for the initiative as you, or when you come up against resistance for the new approach. It’s important not to take it personally change is hard for people, and organisational change can be particularly difficult to enact successfully because it is so often treated purely as the implementation of a new process.

16.01.2022 JobKeeper to be extended to 28 March 2021 On 21 July 2020, the Government announced that due to the ongoing COVID-19 crisis, the JobKeeper Payment scheme will be extended by six months until 28 March 2021, from the original end date of 27 September 2020. The period of the extended scheme comprises 13 fortnights i.e. the proposed extension doubles the length of the original scheme.

15.01.2022 Looking forward, IT will play a pivotal role as a major catalyst for the creative development and utilisation of knowledge, which will ultimately contribute to the improvement and innovation beyond COVID-19. IT directly influences knowledge management and, in turn, effectively channels how knowledge management influences innovation. Forwardly-thinking, IT has a positive effect on innovation by channelling the knowledge management of a company and its employees by implementing proactive business strategy and continuity.

15.01.2022 I see a lot of Accounting firms have diversified into Financial Planning which is an absolute logical next step, and a requirement if you are to keep giving your clients the level of advice they deserve. What I have not seen enough of is Accounting firms moving into the finance space Residential and Commercial Mortgages (Along with Asset and Equipment Finance)

12.01.2022 No one ever said that running a business was easy, whether small or large. There are just so many different things you need to be thinking about at any given time. When you are a small business you may not have the resources to do it all yourself. Whether you are producing products or services, you still need to do a lot of background work that can be tedious and take up a lot of time. This is where outsourcing services can be a huge advantage to small businesses.

12.01.2022 Covid 19 was first confirmed in late January 2020. Subsequently on 20 March 2020 restrictions such as the closing of our borders and social distancing were introduced. Since these restrictions were introduced, I have read and listened to webinars regarding the importance of cashflow for a business and household during and coming out of the pandemic. OK but what about emotional cashflow? What is your current level of emotional cashflow? Why is it important for small to medium enterprises (SME’s) and households?

10.01.2022 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 accountants can now process, check, and distribute ATO documentation from tax office to client in a matter of minutes.

09.01.2022 As a result of the Royal Commission report, FASEA has introduced a Code of Ethics for financial planners that includes extra record-keeping obligations. However, the chances are you’re already struggling to deal with all the day-to-day administration, consultations and reporting. Adding the burden of yet more documentation to meet compliance may seem like just too much.

09.01.2022 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, clients are turning to their accountants for ongoing advice.

08.01.2022 Never miss a manual billing again with Practice Ignition’s Client Billing Schedule! The latest product update from Practice Ignition allows for better visibility into your client billings! The new Client Billing Schedule will help you provide an exceptional client experience by allowing you to see all future (and past) client billings, invoices and payments in one place no matter which proposal they come from.

04.01.2022 A Virtual CFO is a person or a firm that that takes on the role of CFO for a client on a contract basis. Thanks to cloud accounting systems, they can work largely remotely to monitor finances and advise on key business decisions. Their investment in the development of digital solutions and data analytics is affordable because it can be spread across many clients.

04.01.2022 Which productivity improvement project will you implement next? Your accounting practice has weathered the Working From Home (WFH) storm and you’ve no doubt started to think about what the new world looks like as and when your team start to return to your office base. If working remote prompted you to experiment with doing things differently, don’t stop now! Here are our top five tools to help you maintain the momentum so your team can be as productive as possible, from anywhere. Which productivity improvement project will you implement next?

04.01.2022 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.

03.01.2022 The title of this article was the title of a webinar recently hosted by CAANZ, in which father and son Richard and Daniel Susskind shared some insights from their research on the future of the professions and more recently, the impact that COVID-19 is having. Concurrently, CAANZ released a paper called The 21st Century Profession, which draws on some research it initiated. Both the webinar and paper are worth a look and you can find a link to them at the bottom of this article.

03.01.2022 In an audit environment challenged by recent external reviews, COVID-19 has created another layer of complexity that is having a profound effect on the way auditors engage with their clients. It has also created challenges in the way we work with our teams to ensure that workflow is managed effectively, financial targets are achieved and quality control is upheld In this article, we have outlined a number of ways in which the National Audits Group is addressing these challenges and creating new opportunities for growth in the 2021 financial year.

03.01.2022 The success of your financial advice practice hinges on its efficiency. The more clients you can assist to achieve their financial goals, the greater the cash flow to your business. Like many specialties in complex regulated industries, financial advisers have traditionally been hampered by inefficient administrative and compliance processes.

01.01.2022 Many people’s expectations that Business Advisory Services would emerge as a prime business offering for accountants to supply to clients has been confirmed by the June 2020 CommBank Accounting Market Pulse report which indicated that the survey participants had identified that the practice area expected to be in most demand for the next 6 to 12 months would be Business Advisory Services with a scoring of 70%.