INPRACTICE

For accountants in public practice

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In the last five years, Alan FitzGerald has seen a change in the relationship between the accountant and the client because of the technology gap.

01 May 2020 INPRACTICE

Accounting technology: Closing the client gap

Technology has the distinction of being both the greatest business challenge and the greatest source of opportunity for public practitioners. Here are the keys to success.

Over the next five years, data analytics and AI are expected to have a growing impact on public practices.

How technology for accountants is transforming modern practices

Technology is now the lifeblood of almost every professional organisation. Three public practitioners talk about the forward planning they are doing, their plans to use technology and how clients will benefit.

01 Mar 2020 INPRACTICE Technology

Financial abuse is a hidden and subtle form of family violence that often has dire consequences for its victims.

The accountant's role in stamping out financial abuse

It's concealed, insidious, has the power to destroy lives and is always intentional. How do accountants recognise financial abuse, and when they do, what can be done?

01 Feb 2020 Accounting INPRACTICE

Paul Luczak CPA’s decision to launch The Gild Group stems from his two passions – music and numbers. Photo: Jarrod Barnes.

Musical numbers: inside The Gild Group's dual passions

The Gild Group specialises in a number of sectors, including the creative, sporting and hospitality industries, and founder Paul Luczak CPA says clients value having an accountant who really understands their business.

01 Feb 2020 INPRACTICE Careers

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Businesses merely amplify the ordinary challenges of relationships, and those issues become more obvious.

Power couples: Top tips on working with your spouse

01 Nov 2020

Working with your partner can be extremely rewarding. However, without proper planning and careful handling, things can easily end in tears. How do you make it work as a couple in business?

PwC estimates that Australian workers are underpaid by A$1.35 billion in entitlements each year, and that 13 per cent of the workforce is affected by the underpayments annually.

Staff underpayment: How to get payroll right

01 Oct 2020

PwC estimates that Australian workers are underpaid by A$1.35 billion in entitlements each year, and that 13 per cent of the workforce is affected by the underpayments annually.

Will specialisation ensure your business's success?

01 Oct 2020

To specialise or not to specialise? That is the question. These public practitioners say the answer is specialisation, but not necessarily at the cost of multi-domain expertise.

Digital transformation: Top tips from finance professionals

01 Sep 2020

If you want to put technology to better use in your work life, these early adopters have practical tips for successful digital transformation.

An area of significant concern for small business owners is the uncertainty of future consumer behaviour following the easing of restrictions, and how quickly and confidently consumers start returning to previous spending habits.

The role of accountants in providing loan advice to SMEs

01 Sep 2020

Now more than ever, professional accountants in public practice are well positioned to leverage their relationships with funding bodies to help deliver the best outcomes for clients.

The need for reliable information has increased and it is up to finance professionals to ensure that not only are statutory obligations met but also that maximum transparency is provided.

Roadmap for annual reporting in the COVID-19 era

31 Aug 2020

CPA Australia, in co-operation with the Australian Institute of Company Directors and Chartered Accountants Australia and New Zealand, has published Impacts of COVID-19 on Annual Report Disclosures: A Guide for Directors, Preparers and Auditors.

COVID-related scenarios can rapidly change, so organisations need to ensure their plan is relevant and addresses all factors.

Untangling COVID-19 workplace requirements

25 Aug 2020

The coronavirus pandemic has increased the complexity of workplace laws. It gets more confusing if your business is based in multiple states.

Because Hot Toast’s business model is centred on offering outsourced CFO services, Sarah Lawrance has been able to develop deeper relationships with her clients.

Thriving accounting practice credits close client relationships

01 Aug 2020

Sarah Lawrance CPA credits leaning into challenges and having close relationships with clients to not just surviving, but thriving through difficult times.

As tax agents have begun meeting with their clients, many are checking income received from the stimulus measures as part of income tax return discussions.

Tax time 2020: Economic stimulus and tax whistleblowers

22 Jul 2020

COVID-19 economic stimulus measures provided many businesses with much-needed support. However, accountants may come across clients who have rearranged their affairs in concerning ways to get access to these measures. Here are options for CPAs who encounter these situations and the protections afforded by the tax whistleblower laws introduced last year.

Accounting technology: Closing the client gap

01 May 2020

Technology has the distinction of being both the greatest business challenge and the greatest source of opportunity for public practitioners. Here are the keys to success.

HELPFUL LINKS

Best accounting software: measuring the pros and cons

Is you accounting software the right fir for you?

PRACTICE MANAGEMENT: Practical advice and tips for running a practice

Accountant Brent Szalay FCPA uses the quiet January period to run planning sessions for the year ahead with Seiva’s management team.

Accountants share their 2019 business tips

16 Jan 2019

Finding it hard to pick up the pace after the year-end break? Three CPAs share their tips and tricks for taking on the new year strategically and reflect on the economic outlook for accountants and their practices in 2019.

The most important step for accounting practitioners is to be able to provide the professional indemnity insurer with a very detailed roadmap of the type of business they operate and its exposure to risk.

Practitioners grapple with skyrocketing PI costs

15 Jan 2019

With insurers increasingly averse to risk, accounting firms are having to pick up the tab.

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.

Best accounting software: measuring the pros and cons of online programs

06 Jan 2020

Small businesses face an overwhelming selection when it comes to choosing an accounting program.

Michael Kennedy FCPA and Justin Enright FCPA. Photo: Anthony Geernaert.

How to get the most out of the mentee-mentor relationship

01 Oct 2019

What happens when a mentee-mentor relationship continues throughout two careers and results in the mentee becoming the employer and the mentor becoming the employee? Two CPAs share their experiences.

'About a third of employees are distracted by financial issues while at work, with almost half spending three hours a week or more on handling personal financial issues while on the clock.

How financially fit are your firm's employees?

01 Sep 2019

Darren Smith CPA explains how encouraging staff to get on top of their financial health early can benefit your public practice.

TAKING YOUR SKILLS, AND YOUR PRACTICE, TO THE NEXT LEVEL

A new model of learning, known as micro-credentialing, has emerged to fulfil the urgent need for upskilling and retraining in the digital economy.

It's a small world: skilling up with micro-credentials

01 Feb 2020

Micro-credentials - chunks of certified learning offered in short courses - are a way for workers to update skills without enrolling in a postgraduate degree.

To influence outcomes, CPAs need to position themselves as consultants.

How to build lasting relationships with your accounting clients

01 Jun 2019

To become a trustworthy adviser to clients or other business units, accountants need to be as good at persuasion and marketing as they are at managing the finances. The key? Building trust with clients.

It is important to manage client expectations, including the time it will take and the cost to provide considered written advice.

HOW TO: PRACTICAL OR TECHNICAL TIPS FOR YOUR PRACTICE

Whaling scams are often hard to detect because the emails usually do not have an attachment or URL link.

6 tips to foil a whaling scam

12 Feb 2019

Accounting firms are vulnerable to whaling scams, where cybercriminals impersonate a senior executive.

TPB has been working closely with the ATO to examine data which shows about 5 per cent of tax practitioners have late lodgments with the ATO.

Late lodgments with the ATO: Time ticks down to pay the piper

14 Jan 2019

Australian accountants lagging in their various tax obligations are being put on notice.

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.

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.

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.

It’s vital that all smaller public practices and many of their SME clients have in place a current incident response plan for data breaches.

Data breach response plans are no longer optional for public practices. Here’s what yours needs.

04 Oct 2018

Now that many small businesses are required to report and respond to a data breach – and do so within 30 days – it pays to have a response plan in place to protect client confidence and avoid reputational damage. All public practices must now pre-plan for if the worst happens.

CASE STORIES: LEARN FROM OTHER PUBLIC PRACTITIONERS

Accountants share their 2019 business tips

16 Jan 2019

Before you can start properly building up an accounting practice, it’s essential to have strong foundations.

Building an accounting practice from the ground up

30 Aug 2018

When you hear the terms “start-up” or “entrepreneur” do you think, “That’s not me”? If you’re launching your own public practice, you’re an entrepreneur! Setting up a practice takes planning, commitment and know-how – but also a solid dose of entrepreneurial spirit, as Saurav Wadhwa CPA learned.

Peter Knights is a pivotal part of the St Arnaud sporting community.

Giving back to rural Victoria: Peter Knights FCPA

01 Aug 2018

Public practitioner Peter Knights FCPA finds his accounting skills in high demand in rural Victoria.