90. Get a Mentor

Fttt linked IN (6).png

Best on Ground

David

A Vegan ETF proves capitalism and Vegan anti- Capitalists can co exist https://www.etf.com/sections/vegan-etf-filed?nopaging=1

McKinsey SLAMS Crypto - it’s so damning it makes the new game of thrones trailer look boring https://www.ccn.com/crypto-firms-speak-out-against-critical-mckinsey-report/

Receipt Bank has the most gamified partner program going around

https://receipt-bank.wistia.com/medias/zqf1qv2ikt

Paul

Nationalising Super could be a big big move. Could significantly reduce red tape and super compliance: https://www.afr.com/news/economy/will-the-morrison-government-nationalise-the-27trn-super-industry-20190115-h1a2oe

Robot trouble in Robot hotel: https://on.wsj.com/2D9SBcq

Chris Hooper on firm brands: https://www.linkedin.com/pulse/do-you-know-value-your-firms-earned-owned-media-chris-hooper

Worst on Ground

David

Karbon is no marketing to all businesses, is this bad for accountants? https://www.linkedin.com/pulse/meaningful-contribution-way-work-gets-done-stuart-mcleod/

Is this the first of many app startup failures?

https://www.glassdoor.com.au/Overview/Working-at-Asset-Guru-EI_IE1746167.11,21.htm

Paul

Should a start up firm ever consider paying someone for marketing? I say no: https://www.accountingtoday.com/opinion/7-biggest-mistakes-among-accounting-firm-startups

Are Xero removing email support? Let us know if you like the new changes.

In Depth

Why get a mentor

David has 3 mentors and rotates 2 of them according to where he is and where he wants to go - all three have different relationships.

  1. Spiritual Mentor - This helps with wellness and mindfulness

  2. Sales -Theres a big difference between talking and selling

  3. Marketing - David is obsessing over story telling now and Seth Godin is the king, with so much free content on line and a small investment in books he is a virtual mentor

Paul never formalised his mentors but always had people he followed and looked up to.

3 challenges Paul struggles with Mentoring

1. Time - to meet, organise, etc

2. High Cost - because the 1 on 1 model is expensive

3. It was only 1 view, and you never knew the bias’s.

Recently though Paul has gotten together with Wayne and Sally Schmidt and created Freedom Mentoring. They have re imagined the mentoring process with a mix of Q&A, self guided and practical content and a community of views. Check it out https://www.freedommentoring.com/


89. 2019 Planning

Fttt linked IN (4).png

Best on Ground

Paul appointed to Australian federal Govt Advisory group. With Kate Carnell and Peter Strong

https://www.minister.industry.gov.au/ministers/karenandrews/media-releases/empowering-small-and-family-businesses

New CA program pathways re opens debate on the value of professional membership https://www.linkedin.com/feed/update/urn:li:activity:6487091624361988096

BGL - 40 releases last year. When we talk about innovation we should be talking about this.

Voice Activated tech is all the rage at CES, will it take on for time sheets?

https://www.linkedin.com/feed/update/urn:li:ugcPost:6488469065940762624

Second tier lender transparency Ondeck and Banjo

https://www.banjoloans.com/capital-comparison/

https://www.ondeck.com.au/smartbox/

My Prosperity Client Persona’s https://www.myprosperity.com.au/blog/5-common-client-personas

Special for our Listeners

Buyer personas are the start of your marketing plans. Sequel CFO (David's business) uses personas to define the type of franchisees he wants to attract, you can check them out here https://www.sequelcfo.com/franchising

To plan out buyer personas for your firm you can use the template David used https://offers.hubspot.com/persona-templates


Worst on Ground

NAB’s attempt to engage staff with the royal commission is cringe worthy

https://www.linkedin.com/feed/update/urn:li:activity:6484170490406674432

With many law firms faking their ‘’new law’’ credentials, are there any accounting firms faking their innovation credentials?https://www.lawyersweekly.com.au/newlaw/24712-observations-on-newlaw-in-australia-in-2018

Virtual working doesn’t work hey? https://www.accountingweb.com/community/blogs/craig-smalley/why-the-virtual-office-doesnt-work-for-cpas

KPMG fines staff for not doing timesheets. https://www.accountingweb.co.uk/practice/general-practice/kpmg-employees-face-ps100-late-timesheets-fine

In Depth - 2019 Planning

David

  1. Don't think big. Stop thinking big for a 12 month plan

  2. Only have 2

  3. Don’t include financials: This is the accountant’s mistake. This is budgeting. You budget to support your goals.

Paul

  1. Design CEO (run by Cameron Schwab) agent of trust worksheet. For everything you want to do you need to focus on what to stop doing. Check it out here http://www.designceo.com.au/

  2. Where you want to be. “What does winning look like?” and plotting how to get there

  3. What to stop doing is more powerful than what to start doing. Simplify processes and stop wasted time.

88. Two things that will matter in 2019

David Boyar and Paul Meissner

We wouldn't have much integrity if we didn't asses our predictions for the year and whilst we are heavily biased into thinking we got it all 100% correct, we didn't.

So in this weeks in-depth we mark our predictions out of 10 Matt Paff style and make 2 big predictions for next year.

To our listeners, fans, and those who think we’re just a couple of loudmouths, we deeply deeply thank you for all the attention you gave the show this year. We love what we do and we love that so many accountants are getting back that ‘‘water cooler’’ chat through the show.

We also want to say a huge thanks to our mates at BGL Corporate Solution. This company has real soul (and a pretty awesome product you should check out) and we are thrilled they will be extending their support of the show to 2019!

Best on Ground

With Summer reading (And listening approaching) are audio-books better than actual reading? https://www.nytimes.com/2018/12/08/opinion/sunday/audiobooks-reading-cheating-listening.html

Ferrier Hodgson made a video about financial information for lawyers and most accountants could learn something from it https://www.linkedin.com/feed/update/urn:li:ugcPost:6475613477447831552

R&D ''Expert'' Consultants under fire, is the PWC claim denial the start of a crack down? We hope so. https://www.accountantsdaily.com.au/tax-compliance/12422-r-d-audits-to-see-businesses-forced-to-pay-back-millions

Did all this migration and skilled labour conversation confuse you? It didn't confuse Mel Meissner https://www.linkedin.com/feed/update/urn:li:activity:6476550858120269824

Worst on Ground

R&D experts should be allowed to earn their fee as the % of claim https://www.afr.com/business/accounting/pwc-slashes-rd-unit-after-being-targeted-in-rort-crackdown-20181209-h18whu

"Compliance is back in the conversation" say Receipt Bank, where did it go? The future? Hello? McFly?

https://blog.receipt-bank.com/top-5-accounting-trends-to-embrace-in-2019?hs_amp=true&__twitter_impression=true

Apparently there are 101 harsh truths accountants need to know about https://www.linkedin.com/pulse/101-harsh-truths-accountancy-firm-owners-need-face-james-ashford/


87. How To Stay Focused

86. Tech Adoption Vs. Tech Innovation

Tech Adoption vs Tech Innovation

David takes Paul to task on his Linked In (nearly viral) post where he boldly asserted that Tech Innovation has stalled. The response: Who cares, tech adoption is the challenge.

And we really want to hear from listeners in the UK about MTD and the real impact on your firm.

Best on Ground

Royal Commission into Banking Vs Management Speak '"It sounds so complicated when you say it, but you're a bank. Presumably your purpose is to be a bank. Is it?"'https://www.afr.com/brand/chanticleer/banking-royal-commission-nab-chief-andrew-thorburn-steps-through-haynes-pay-trap-20181126-h18cj2

ACCA's new emotional intelligence support program https://www.accaglobal.com/gb/en/professional-insights/pro-accountants-the-future/emotional-quotient-in-a-digital-age.html

Xero's new navigation changes https://www.xero.com/blog/2018/11/xeros-new-navigation-harnessing-power-change/

Lessons in marketing https://www.littlevillagecreative.com.au/blog/accountkit-xerocon-case-study

Worst on Ground

UK's House of Lords has won a battle against Making Tax Digital providing more evidence that Australia https://www.accountingweb.co.uk/tax/hmrc-policy/lords-slam-making-tax-digital-rollout

Australia isn't ready for a cashless society https://www.smartcompany.com.au/finance/economy/cash-dead-problems-digital-ecosystem/

Australia's Kodak Moment? Really?? http://www.pubacct.org.au/blog/accountants-embrace-change-will-flourish?utm_source=IPA&utm_campaign=IPA_Bulletin02_11_18&utm_medium=email

Interview: Christopher Arnold IFAC

Interview: Christopher Arnold IFAC

On the sidelines of the World Congress of Accountants WCOA conference, we had the honour of chatting with Christopher Arnold, who manages the IFAC Small - Medium Practice sector as well as heads up Research. The 2018 IFAC Global SMP Survey highlighted the latest challenges facing SMP Accountants around the world. Christopher breaks down the numbers and we look at how Australia compares to the rest of the world. Some really interesting numbers.

Read More

85. Get Involved in Our Industry!

With the calls of accountants dying a horrible slow death subsiding it's now time to take control back and be a part of a solution.

David and Paul share 3 ways each to get involved in the accounting industry.

Best On Ground

Why do so many accountants say they are busy, here is a better way to manage ‘‘being busy’’ https://www.bkindred.com/blogs/human-first-podcast/why-busy-bullshit-episode-8

Enjoy Accountants Daily surveys https://www.accountantsdaily.com.au/resources/polls/247-do-you-support-a-move-towards-standard-deductions-for-work-related-expenses

Labor’s plan, announced by Shadow Assistant Treasurer Andrew Leigh, would involve volunteers, students and practitioners providing advice to taxpayers and businesses. https://www.smartcompany.com.au/finance/tax/sme-free-tax-advice-labor-policy/

Worst on Ground

Who’se fault is it that businesses keep running out of cash? https://www.smartcompany.com.au/business-advice/reason-small-business-going-broke/

$99 tax advisory? no thanks https://techcrunch.com/2018/11/16/pitching-a-99-tax-advisory-service-for-the-masses-visor-has-raised-9-million/amp/#click=https://t.co/gNu2vxsi0d

Interview: Neil Olesen ATO 2nd Commissioner

Webp.net-resizeimage.jpg

On the eve of Neil finishing up with the ATO after 35+ years, From the Trenches had an exclusive interview to discuss tax administration had changed over the last 35 years. Rarely do accountants hear such a candid view from inside the ATO


We explore some of the immense changes the ATO have gone through, what Neil is most proud of, tax avoidance and the management of it has changed, as well as balancing ensuring compliance without undue burden.