INPRACTICE

For accountants in public practice

Year end: a time for client and staff engagement

09 Nov 2018

The year-end offers good opportunities to build relationships. Here's how accounting firms can make the most of the time and improve their client and staff engagement.

Public practitioners should allow three to five years to “get their house in order” before selling a business.

Getting your public practice ready for succession or sale

15 Oct 2018

Selling your public practice outright or passing it on to a family member aren’t the only paths available when it comes time to start planning for succession. Here are some of the many options.

56 per cent of SMPs have difficulty attracting next-generation talent, with 66 per cent of these firms citing a lack of candidates with the right skills as the main challenge they face.

Technology, talent and advisory: findings from the 2018 IFAC Global SMP Survey

08 Nov 2018

Evolving technology, finding and retaining the right talent, and providing better advisory services to clients present the greatest challenges – and opportunities – for small- and medium-sized practitioners (SMPs), heard attendees at the World Congress of Accountants (WCOA).

Don’t be fooled into thinking people are data-driven – they’re just fishing for data to support the decision they have already made.

How behavioural economics can transform accountant/client relationships

07 Nov 2018

The role of the accountant is changing, with technical skills needing to be supplemented by strong interpersonal relationships and the ability to influence clients. These soft skills are crucial in protecting the future value and authority of industries like accounting, where much of the work can be delivered by an algorithm, attendees at the World Congress of Accountants (WCOA) heard on the second day of the event.

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When people know their employer values and trusts them, they will put themselves out when the workload is heavy or a colleague needs help.

Come together: staff engagement strategies for smaller accounting firms

01 Dec 2018

All work and no play make Jack, Jane and everyone in-between not only dull, but unproductive. Here’s why staff engagement is critical to the success of your smaller accounting firm.

Business owners are spoiled for choice when it comes to online accounting software. Here's a look at the key global and Australian players.

The latest in online accounting software in Australia

01 Dec 2018

Accounting software companies are developing products at a breakneck pace for small business and accountants. Here are the pros and cons of Xero, MYOB, Sage and more.

Data analytics is unlocking new assurance opportunities for auditors who can show a deeper understanding and different view of clients’ businesses.

Audit and the machine: how client demand is changing audit and assurance

16 Nov 2018

Clients are demanding more from auditors because they know machine processes are available to provide greater insights, the World Congress of Accountants (WCOA) learned.

Podcasts can allow an accounting firm to showcase its expertise.

Should your accounting firm have a podcast?

14 Nov 2018

Podcasts can reach virtually anyone, anywhere, anytime, but for an accounting firm, launching a podcast is not a decision to be made lightly. Here's what to think about before you decide.

The end of the year is a good time to take stock, and to take steps to improve your accounting firm's staff engagement.

Year end: a time for client and staff engagement

09 Nov 2018

The year-end offers good opportunities to build relationships. Here's how accounting firms can make the most of the time and improve their client and staff engagement.

Technology, talent and advisory: findings from the 2018 IFAC Global SMP Survey

08 Nov 2018

To remain relevant, accountants will need to focus on becoming 'strategists with a future perspective'

Soft skills or technical skills? How accountants stay relevant in a changing world.

06 Nov 2018

Teaching staff about empathy and how to communicate with clients: a panel discussion at the World Congress of Accountants (WCOA) argued that these “soft skills” are just as important to the modern accounting firm as technical skills.

There is an ever-growing band of accountants who is advising and/or investing in start-up or early-stage businesses that may have a great business idea, but little or no financial smarts.

How accounting firms are connecting with start-ups

01 Nov 2018

Savvy accounting firms are using their relationships with start-up tech entrepreneurs to deliver internal efficiencies and create exciting new lines of business.

One of the best ways accounting firms can protect their information from cybercrime is with an integrated IT security system.

Proven strategies to protect your accounting firm against cybercrime

01 Nov 2018

Something phishy about an email your business received? That's only the beginning. Here's why adopting the right strategies to prevent cybercrime is crucial for your accounting firm.

Many firms undergoing transformation overlook including their clients in the process, and ultimately end up imposing their changes without external consultation.

Include clients in your transformation journey: ATO

18 Oct 2018

Transforming organisations should actively involve all stakeholders in the journey, ATO deputy commissioner James O’Halloran tells CPA Congress in Melbourne. And that includes clients.

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Many firms do not regularly reach out to their clients to get insights that will help deliver greater value.

Use data analytics to deliver distinctive experiences to your accounting clients

03 Aug 2018

The accounting profession is well-placed to take advantage of the emerging data analytics revolution but it will require a redesign for many firms, as well as a major change of mindset.

Playing a pivotal role in their clients’ professional lives allows accounting firms to move away from simply crunching numbers and transition to a business advisory role.

4 strategies to help your accounting clients grow their business

01 Aug 2018

Growing every client’s business is the ultimate goal for modern accounting practitioners and their firms. Here are four ways to help you do it.

The jobs market has changed. These days many applicants are seeking out accounting roles that, beyond just a competitive salary, are in accounting practices that offer them a range of other benefits.

How to employ the right staff for your accounting practice

26 Jul 2018

Attracting and retaining the best accounting talent is often a challenge for small- to medium-sized practices (SMPs), and in the current jobs environment it has become even more difficult. Here’s what accounting practices need to know.

The way a firm is structured makes a difference when it wants to bring in new people, retain them or plan for succession.

Alternative ways to structure your accounting practice

21 Jun 2018

As the case for an alternative business model for accounting firms becomes more compelling, traditional partnership arrangements in public practices are being challenged.

For practitioners, justifying the reasons for a fee rise is paramount because if you can’t, some clients will jump straight to competitors.

How to communicate a fee increase (without losing clients)

25 May 2018

In the current economic climate, many practitioners might find it hard to justify increasing their fees, but with a little care it is possible.

Practitioners need to stay on top of any tax changes in order to correctly advise their clients.

The top 8 issues facing accounting practices today

18 Apr 2018

Constant changes to the tax system, hiring and retaining staff, and understanding the impact of technology on your practice – these are all challenges for the modern accounting firm. Here are eight of the top issues for public practitioners.