97. ATO Scandal: Part 3

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Indepth: ATO Scandal Part 3

Following the ATO’s scandal last year a parliamentary committee has made 37 recommendations for changes into the ATO handling of disputes.

See linked episodes:

The recommendations have some good and some bad, so in true FTT style, David and Paul try to work out which ones will work and which won't.

Check our our interview with Debt Commissioner Robert Ravanello here.

You can check the full list of recommendations here: https://www.aph.gov.au/Parliamentary_Business/Committees/House/Tax_and_Revenue/2016-17AnnualReport/Report/section?id=committees/reportrep/024240/26793&_lrsc=396f93d4-9f23-423f-8f1e-61c0bcc004de&trk=elevate_li

96. Accountants - You're on Notice

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Indepth: Accountants - You're on Notice.

We live in an anti-establishment world and accountants are perhaps the thread that ties the establishment together, so we need to be aware. With Royal Commissions into banking, aged care, mental health and pay day lenders, as well as parliamentary inquiries into franchising and even the ATO facing a Parliamentary committee, we have to be on alert.

Is our behaviour and action truly inline with our regulatory obligation and being the trusted advisor we think we are?

In the wake of these commissions and inquiries, many of which slammed the practices of sales and cash collection cultures, our industry is peppered with consultants telling us to grow, sell, use value pricing which charges clients different fees for the same work and sometimes same outcome.

We need to focus on being who we are and being great at it, because an inquiry into our conduct is not a far bow to pull.

95. Special: News Week

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David

Paul:

Worst on Ground

Paul:

David:

Interview: Jason Andrew Author of Stark Naked Numbers

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Jason Andrew is no ordinary accountant. Whilst running his own firm he found a way to spend 18 months writing a book about accounting for entrepreneurs.

David caught up with Jason in Brisbane to find out:-

  • Why accountants lost out on being the cool business people

  • Why it's so hard to see what accountants do from the lens of clients

  • Why empathy matters for accountants

94. Quickbooks is Not in Competition with You

quickbooksisnotincompetitionwithyou

Best on Ground

It's great to see Accountants out in public entering the public conversation about business success Good on ya' Jason Robinson on Kochie and Jase Andrews on Your Money.

Go in the Draw to win a book https://sbo.financial/FTT

How good is Bruce Bardell's subtle tax tip on Linked In - ‘’Its never too late to lodge’’ https://www.linkedin.com/in/bruce-bardell-5074b69/

Tim Munro from Change GPS has an excellent template that shows you how to sack a client

Paul:

Good news, Accounting jobs are on the increase

https://www.theage.com.au/business/workplace/is-your-industry-growing-or-shrinking-find-out-the-future-of-your-profession-20190128-p50u2r.html

Worst on Ground

MYOB may have missed the pricing mark on their new corporate compliance fee structure

https://www.accountantsdaily.com.au/technology/12619-myob-targets-compliance-work-with-beta-launch?utm_source=Accountants+Daily&utm_campaign=07_02_19&utm_medium=email&utm_content=3&fbclid=IwAR0K3UCRs3JM4TFy4ldcn35BwZ5vI2fLeRAuS0lG607QeNwOBpBZ4Z_alig

How come so many veteran consultants are advising banks to put customers first? Shouldn't this have been obvious?

https://www.afr.com/business/accounting/banking-royal-commission-put-customers-first-or-else-consultants-warn-20190204-h1at9s

One of the all time great reasons to not lodge a tax return

https://www.theage.com.au/national/victoria/man-says-he-doesn-t-have-to-lodge-tax-returns-because-he-s-not-a-person-20190207-p50wbt.html

Indepth

Quickbooks have advertised a test to actually do the bookkeeping for small and micro businesses at a very low price point upsetting a lot of their fans. But we don't think it's such a big deal. Do you really want THOSE clients? At THAT price point? Doing THAT kind of work?

2017 Quickbooks Firm of the Future winner Lielette Calleja joins us to discuss the response from the Aussie bookkeeping community (almost nothing) and we ask if the fearful response is just a giant beat up.

Check out the news on this

https://www.intuitiveaccountant.com/general-ledger/is-intuit-building-the-h-and-r-block-of-bookkeeping/?#.XGHnfKTZWEc

And the well researched (if not fear mongering headlined) article from Blake Oliver

https://www.blakeoliver.com/blog/bookkeeping-is-dead

93. Handed Down: The Banking Royal Commission

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Best on Ground

Forget co-working, take your office to the beach

https://workandco.co.za/nova/

Public accounting will make you fat miserable and diabetic, or will it?

http://entirethoughts.com/2018/02/02/avoid-public-accounting/

If client’s don’t care about the tech you use but rather what you do for them, then spotlight white labelling is a good option

https://twitter.com/spotlightrep/status/1089976962095988736?s=19

Will single solution tech ultimate let you down as the big players include their features.

https://www.google.com.au/amp/s/amp.ft.com/content/c91a5136-1fa3-11e9-b126-46fc3ad87c65

Congratulations to Tanya Titman a true leader of the industry

https://www.linkedin.com/pulse/new-horizons-consolid8-acceler8-tanya-titman/

Great to see a new support business to promote the great women in accounting. Well done to Lielette Calleja, Kylie Parker and Kelly Chard on launching Accountek Global

https://www.linkedin.com/pulse/empowering-women-finance-kylie-parker/


Worst on Ground

The big 4 fail in the SME space, again.

https://www.accountingweb.co.uk/practice/general-practice/kpmg-shutters-small-business-accounting-unit

Crypto Lock out

https://www.marketwatch.com/story/crypto-exchange-customers-cant-access-190-million-after-ceo-dies-with-sole-password-2019-02-04

Indepth

Check in the show for our discussion about why the Royal Commission couldn’t have been good because the banks share prices went UP! We also discuss how mortgage brokers are responding and why the lawyers always win.


92. When a Client Sacks You

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Best on Ground

Both David and Paul struggled to embrace slack (and didn’t eventually) but loved this use example of a firm that uses slack for customer service

https://www.firmofthefuture.com/content/seth-davids-top-tips-on-using-slack-with-your-clients/

Great tips on how accountants can improve their presentation skills - from an accountant https://www.linkedin.com/feed/update/urn:li:ugcPost:6492996181021589504 

CFA earned great press as the most brutal exam in the world, this creates the allure of their brand for future candidates, why doesn't CA promote how hard it is? https://www.businessinsider.com.au/cfa-exam-questions-2018-4?utm_content=buffer5f6b4&utm_medium=social&utm_source=linkedin.com&utm_campaign=BI-linkedin&r=US&IR=T

Anthony Pratt’s twitter account is the best billionaire twitter account because he seemingly does it himself -https:/twitter.com/anthonyjpratt2/status/1085599580710785024

Check out the UK's funniest Tax excuses: https://www.accountingweb.co.uk/tax/hmrc-policy/witchs-curse-spells-tax-return-trouble

Alex Malley has lost his Life Membership to CPA

The ATO's engagement with agents on Twitter is hilarious!

Worst on Ground

Xero wants to change the dictionary meaning of ''Accountant''. Is it just a gimmick?

https://www.change.org/p/oxford-english-dictionary-change-oxford-english-dictionary-s-archaic-definition-of-an-accountant?utm_source=twitter&utm_medium=social&utm_campaign=change_oed

More bad reviews for crypto currency by a hyper trusted group, this time JP Morgan https://www.businessinsider.com.au/jpmorgan-says-crypto-is-a-unique-hedge-for-those-expecting-dystopia-2019-1

Mark Wickersham’s blog post - yet more claims accountants will become extinct: https://www.wickersham.co.uk/blog/why-cloud-accounting-means-you-have-to-change-the-way-you-price

We still don't quite get startup valuations -

https://www.afr.com/business/retail/marley-spoon-secures-more-than -30m-in-funds-to-support-meal-kit-growth-20190129-h1als5

Indepth

When client's sack you here's what you may want to consider:-

Did the clients expectations match the way you run your firm?

Engage your staff, it's rarely their fault.

Make sure you communicate the way you work with clients.

Respond with strength, hit the business development track, find more leads, close the open ones. Get back into it!


91. 6 Tech Tips You Didn't Expect

6 Tech Tips you didn't expect for accountants

Best on Ground

Are Finance People full of themselves when talking about the value they create in new CFO roles?

https://www.linkedin.com/pulse/finances-current-image-problem-delusions-grandeur-brad-eisenhuth

New Bank Update: Xinja is crowd funding is new way to engage investors

https://www.smartcompany.com.au/startupsmart/news-analysis/neobank-xinja-equity-crowdfunding/ 

https://www.linkedin.com/feed/update/urn:li:activity:6488907600434987008/

Here's a great visual way to see what Zapier can do for your firm.

https://www.linkedin.com/feed/update/urn:li:activity:6488907600434987008/

FTT Special: If you like what Paul stands for check out the webinar he is running with Wayne Schmidt on how to achieve Freedom from your firm. Don't worry if you miss the live webinar, you can register and get it sent to you https://zoom.us/webinar/register/8615458913074/WN_-_nfyaK3RhCixyBsk-ixSA

Worst on Ground

Falling house prices/credit tightening/royal commission is bad for the Australian dream, as per our 2019 predictions, accountants need relationships with new lenders because home loan declines reached a whopping 40% https://www.mortgagebusiness.com.au/breaking-news/13042-home-loan-rejection-rate-hits-40

Paul Sold out and is now a thought leader http://sageadvicepodcast.com/meissner?tdest_id=282205

You are not a nothing burger https://www.accountingtoday.com/opinion/has-your-firm-become-a-nothing-burger

Not more nonsense about the robot uprising https://www.blackline.com/about

In depth

Here are 6 tech tips you didn't expect

  1. If your firm runs on Microsoft Office, even better 0365 (Microsoft's cloud version) then have a look at Teams for your chat and video call solution. It doesn't have all the bells and whistles of Slack but is built into your tech stack and you are likely already paying for it.

  2. Data Dear - firstly it not only proves excel isn't dead but that its the critical tool for month end and avoids the rubbish in rubbish out problem in off the shelf reporting tools with 2 way push and pull, month end journals

  3. Asana Email task creation is ado it yourself way to replicate Karbons great triage feature.

  4. Cloud HQ Gmail label sharing for team email searching

  5. XPM email my job

  6. Gmail subscription email filtering (label and mark as read)

  7. Xero URL bookmark lets you bookmark a report and it changes to what ever client you have open at the time.

90. Get a Mentor

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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/