INPRACTICE

For accountants in public practice

Public swamps ATO tip-off line on black economy behaviour

16 Jan 2020

The Australian Taxation Office is continuing its crackdown on the black economy, with increasing help from the public.

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.

The challenges in the audit of less complex entities

20 Dec 2019

There is an enormous opportunity in solving the challenge of how to design simpler standards for the audit of less complex entities.

While insolvency might be the ultimate solution for a failing company, expert advice can help a business recover from insolvency, keep trading and save jobs.

The dangers of trading while insolvent

06 Dec 2019

Insolvencies are rising in some sectors and accountants need to warn clients of the dangers of trading while insolvent – and of the resources available to help when a company is in financial trouble.

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The Black Economy Taskforce estimated the black economy could be worth as much as 3 per cent of national GDP, or about A$50 billion a year.

Public swamps ATO tip-off line on black economy behaviour

16 Jan 2020

The Australian Taxation Office is continuing its crackdown on the black economy, with increasing help from the public.

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.

The challenges in the audit of less complex entities

20 Dec 2019

There is an enormous opportunity in solving the challenge of how to design simpler standards for the audit of less complex entities.

10 inspiring accountants who volunteer

10 Dec 2019

While their finance and analytical skills are highly valued, the interviewees in this INTHEBLACK eBook say volunteering has challenged them to think in new ways and draw on strengths they didn’t know they had.

The dangers of trading while insolvent

06 Dec 2019

According to figures provided by the AAT, last year about 30 per cent of people who took a tax dispute to the Tribunal were represented by their accountant/tax agent.

AAT a potential minefield for tax disputes

01 Nov 2019

Blurred lines and controversial decisions mean that going to the Administrative Appeals Tribunal can be a risky proposition.

ATO Commissioner Jordan on incorrect tax claims on rental income

18 Oct 2019

Tax Commissioner Chris Jordan says the Australian Taxation Office (ATO) is focusing on rental income as it pays more attention to “individuals not in business”.

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.

The spotlight on underpayment has prompted many organisations to perform audits, which often reveal payroll errors that can add up to a significant underpayment bill across a large workforce.

7 mistakes that lead to staff underpayments

01 Oct 2019

Nearly every week, news breaks of yet another employer in Australia underpaying employees. The penalties are high and the public shaming bad for business. How can employers ensure they comply with the law?

'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.

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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.

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.

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.

PROFESSIONAL DEVELOPMENT: TAKING YOUR SKILLS, OR YOUR PRACTICE, TO THE NEXT LEVEL

Practices offering virtual CFO services tend to develop closer relationships with clients.

The rise and rise of the virtual CFO

07 Feb 2019

Practitioners performing the role of a virtual CFO are not only widening their client base and growing revenue but riding a wave of increasing demand.

What sets franchises apart from other SMEs is the legal relationship between franchisee and franchisor.

Servicing franchises is a savvy business opportunity for accountants

18 Jan 2019

Australia’s large franchise sector is a lucrative market for accounting firms. Two experienced practitioners discuss the opportunities and challenges that come with working in the franchise sector, and what makes franchisees different to other small business clients.

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.

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.

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INPRACTICE

For accountants in public practice

TOP STORIES

ALL INPRACTICE ARTICLES

HELPFUL LINKS

Best accounting software: measuring the pros and cons

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PRACTICE MANAGEMENT: Practical advice and tips for running a practice

PROFESSIONAL DEVELOPMENT: TAKING YOUR SKILLS, OR YOUR PRACTICE, TO THE NEXT LEVEL

HOW TO: PRACTICAL OR TECHNICAL TIPS FOR YOUR PRACTICE

CASE STORIES: LEARN FROM OTHER PUBLIC PRACTITIONERS