A fun week in accounting media. Awesome articles to review and an in-depth that may need to be reviewed every 6 months.
‘From The Trenches’ - Real Life in the Accounting Industry presented by Paul Meissner and David Boyar.
Categories: Zoho ICICI Integration, Tax Office Targets WRE’s, Outsourcing
Tags: Zoho, Icici, Acca, Tax, Tax Commissioner, WRE’s, Nick Urry, Dexterous Group, Offshore Teams, Outsourcing
· Thanks to those who send in feedback. We’re loving it.
· We have launched From The Trenches Twitter account using snippets from the new blog. https://twitter.com/FTTcommunity
01:09 Best on Ground:
ACCA Opens Registration For Two New Exams
ACCA students can soon study Strategic Business Leader and Strategic Business Reporting. Great opportunity to address skills gap in this area.
How 1 Missing Comma Just Cost This Company $5 Million (but Did Make Its Employees $5 Million Richer)
Incorrect punctuation can be costly. Always dot your i’s, cross your t’s, and use your Oxford comma (like we just did).
Transparency in Lending
Hidden costs of secondary lending causes surprises. Comparing loans can be hard. We need something like a food labelling system.
11:23 Worst on Ground:
Accountant confronts clients in profanity-laced outburst
Can accountants not vent in public?
Zoho ties up with ICICI Bank for integrated platform
With the Royal Commission into conduct of banks, can we trust banks to do our accounting?
ATO defends position as ‘recklessness, fraud’ surface with popular deductions
Why is the tax commissioner publicly talking about the ATO targeting WRE's? Is it an issue or has he been misquoted?
21:17 5 in 5 Summary:
In Nick Urry co-founded Dexterous Group in Sydney in 2015. We wanted to challenge the traditional accounting model by blending cloud-based software, an onshore client management team, and an offshore operations team. Our UVP’s include:
· Charging an affordable fixed price.
· Manila-based team handles transaction, reporting, and analysis work. They are regularly trained and operate at a high skill level.
· Onshore team provide face time and client engagement.
· We’ve grown fast because we keep things simple.
· Strategic partnerships include virtual CFO’s, business coaches, and all those who see financials everyday but can’t get a good set of numbers.
· Our biggest challenge is finding the right people for our onshore team. Newest members have a range of specific skills that will help fill our needs.
· Process, people, and technology are your best friends.
28:10 In-Depth Topic: Outsourcing - The Good, The Bad And The Ugly
Using offshore teams to cope with growing needs.
Common issues: Easier to do it yourself than to show someone else, especially for small firms. Staff don’t have the time to train others. Offshore suppliers can have a high staff turnover rate. Time differences.
Making it work: Internal support and admin systems processes need to be sound. Treat them like they are your staff members and train them well.