#47 What's the Best Office for a Small Firm?

‘From The Trenches’ – Real Life in the Accounting Industry presented by Paul Meissner and David Boyar.

Episode 47.png

Loving the Winter Olympics. 2 big scoops in 5 in 5. Office space pros and cons.

‘From The Trenches’ - Real Life in the Accounting Industry presented by Paul Meissner and David Boyar.

 

Show Notes

 

Snippets/Audio Grabs:

·      FTT podcasting partner for Accounting Business Expo in Sydney in March 2020.

·      Check out our new Twitter feed.

 

01:16 Best on Ground:

Paul

ATO Seasonal payment arrangement

You pick the months and payment amounts.

 

David

Into NAB

https://www.businessinsider.com.au/mark-cuban-liberal-arts-is-the-future-2017-2?utm_content=buffer3dfae&utm_medium=social&utm_source=linkedin.com&utm_campaign=buffer&r=US&IR=T

D-day for 6,000 NAB finance jobs. More disruption in big corporate finance than SME space.

 

08:51 Worst on Ground:

Paul

Avon pulling out of Australia

22,000 consultants out of work. Mostly stay at home mum's. Sad.

 

David

Paul’s LinkedIn rant slammed

https://www.linkedin.com/feed/update/urn:li:activity:6371455122433761280/

Do marketers and business coaches for accountants practice what they preach about growth?

 

AD ATO Article

https://www.accountantsdaily.com.au/tax-compliance/11344-5000-tax-agents-linked-to-key-ato-compliance-target/amp?utm_source=whatsapp&__twitter_impression=true

Click bait article blames agents for SMSF clients who won’t lodge.

 

22:44 5 in 5 Summary:

Olwyn Connolly is the Chair of World Congress of Accountants Committee (WCOAC). The largest event for accounting profession in the world.

·      November 5-8: 6,000+ accountants from 130+ countries coming to Sydney Convention Centre. 40+ sessions. 100+ speakers. Practical insights and solutions for everybody.

·      Conference experience: In-app simultaneous translation services for delegates. Entire program to facilitate professional networking.

·      Scoop #1: Keynote speakers:

o   Chris Jordan from ATO plus a panel will discuss impact of tax and tax policy-setting.

o   Tony Jones from ABC’s Q&A to host a special Q&A session.

o   Rachel Botsman – Global expert on trust in technology.

o   Shekhar Kapur – Accountant and director of films like Elizabeth. Has perfected the art of storytelling using AI and data.

·      Social events: Party on Darling Harbour. Exclusive use of Maritime Museum. Gala event will be an immersive experience using whole footprint of ICC to showcase Australian culture. Fireworks. Plus, the event will stop for the Melbourne Cup.

·      Sustainability focus: Event will have 15 trackable sustainability targets.

·      More info: www.wcoa2018.com Registration open. Early bird closes 30 June. Great prices, discounts and packages available. We want everyone to say, “We’ve been to the Olympics for accountants”.

·      Scoop #2: FTT will be the official podcast partner at the event. Like the Roy and HG for accountants.

 

35:55 In-Depth Topic: What is the best office for a small accounting firm (less than 5 people)?

 

Working from home/cafes/single sub-let office:

Pros:

·      Cost-effective

·      Tax-deductable

·      Work/life balance

Cons:

·      Distractions (with kids around)

·      Lonely

·      Hard to hold meetings

·      No referral networks

Co-working

Pros:

·      Profitable. Work won from co-workers covered rental cost

·      Idea development

·      Networking/referrals

·      Getting out of the house

·      Meeting spaces

Cons:

·      Need to understand inclusions

·      Storage

·      Privacy – documents and conversations

·      Can be unproductive even in a private office. Too much talking!

Shared office

Pros:

·      Enough space

·      Win for the main tenant having sub-tenants

·      Offering related services

Cons:

·      Hard to create customised space for staff and clients

·      Privacy and storage may be issues

Own office

Pros:

·      Branded fit-outs/own environment

·      Great client experiences

Cons:

·      Too big for 1-2 people

·      No network