100. 100 Episodes in 2 Years

Best on Ground

David

• Ignore the tech, focus on your business model first: https://hbr.org/2018/12/digital-growth-depends-more-on-business-models-than-technology?utm_source=twitter&utm_campaign=hbr&utm_medium=social

• Best use of management and cost accounting - Hollywood style: https://www.instagram.com/p/BvSsQzZh_rZ/?utm_source=ig_share_sheet&igshid=8w8o9yuh43pi

Paul:

• The profitability of Deliveroo. More great work by Jason Andrew: https://sbo.financial/should-my-restaurant-offer-ubereats/

• Paul’s old mate Gary V - “I’m scared for all the companies these days that are raising money … Many startups today aren’t actual businesses, they’re “financial arbitrage machines” built with the goal of raising the next round of financing.
  
  And what will happen when all that money dries up (like it eventually will)?
  
  We need to collectively begin celebrating that are actually making money over companies that are just "fundraising ' - really hope we start having this conversation more in the tech community.”
  

  We need more honesty in startups: https://www.linkedin.com/feed/update/urn:li:activity:6513433435393060864

Worst on Ground

• A marketing company preaching the need to be personal but not walking the talk: https://bomamarketing.com/2018/05/08/modern-business-owners-want-an-accountant-who-goes-beyond-the-numbers/amp/#click=https://t.co/oXboXlusiX

• Advice from a ‘’leader’’ in the industry is to drop prices to compete. Bad advice: https://www.autoentry.com/blog/how-to-compete-with-a-200-a-month-bookkeeping-service

• David Ixnay on the Swear Words - Mark Bouris’ millennial appeasing makeover doesn’t need profanity: https://www.linkedin.com/feed/update/urn:li:ugcPost:6514440049436745728/

In-depth

Celebrating 100 shows David and Paul discuss why they do this, Where to from here and what you can do to better our industry.

They also go off on 100 tangents.

100th show in 2 years

Why we still do what we do?

Paul - Support the industry, add a realistic/practical voice for the industry in a sea of marketing

Our challenges over the 2 years.

• Time - PM 2 days per week, plus travel to conferences, plus arranging interviews

• Sponsors (Acast)

• Events

Where to now

• Paul

  • Connect more with listeners. Want to include the voice of the people

  • Want to hear more about the UK and the US

• David

  • We so proud of what people have done based on the show

  • Now it’s time to stop talking and start leading

  • We want you to act on what we say

  • We want you to lead

  • What’s changed in two years? 2 years ago was awareness. I think that at least IPA and CA have listened and i think we need to start engaging and working with the industry.

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL. 

99. Accounting Business Expo

This week, David is coming straight to you from Accounting Business Expo. He's joined by the biggest and brightest leaders propelling our industry forward for an epic panel discussion.

We are joined by:

Andrew Van De Beek - 2018 Thought Leader of the Year

Lielette Calleja - 2017 Au Firm of the Future Winner and AAT Director

Heather Smith - Literally wrote the book on Xero, Cloud App master mentor and cloud newsletter author

Steph Hinds - One of the first 100% cloud accountants who rivals Paul Meissner for straight talking 

Ron Lesh - The founder of BGL, the tech company who has survived more change than most (and shares amazing insight as an exhibitor at ABE) 

And a special cameo appearance by Sam Rotberg - a recent social media superstar (listen to find out more)

NOTE: Paul couldn't get to Accounting Business Expo but don't worry, he comes up often in this episode!

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL. 

Interview with Joseph Healy, Co-founder at Judo Capital

Water Cooler Lunch Series - Request your seat to join David and Judo at one of our Melbourne lunches and learn about expanding your network of professionals to include CFO advisers (yes, Sequel CFO works with accountants) and new bank lenders. 

Interview with Joseph Healy

With so much attention on the banking sector both David and Paul are sure that new entrants are going to have an impact. One such entrant is Judo Capital who is going to be able to compete at similar debt pricing to traditional SME lending banks. 

David tracked down Judo Capital's co-founder and joint CEO Joseph Healy for a wide ranging interview. 

The highlight of course, is his envy that bankers don't have the trusted relationship us accountants have with clients.

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL. 

98. You don't HAVE to do advisory

Best on Ground 

• Philadelphia bans cashless stores 

• Anthony Pratt's best on social media

• Qantas CEO, Alan Joyce, responds to 10 year old boy's handwritten letter 

• Young kids starting businesses

• Resurrecting the Dead Horse Theory

Worst on Ground 

• Shoes of Prey went in to liquidation - when you listen to your customer, but your customer doesn't actually know what they want.

• Australia's Super funds legacy systems run on spare parts from eBay, 1950s programs

• 'Overnight success is a farce': Aussie founder sells startup last valued at $25.4m to American Express

• The battle for work/life balance is lost. The war for device/non-device balance has just begun. 

• Kmart employees forced to join industry super fund

• Select Committee into Fair Dinkum Power

• Challenger bank, Countingup, launches invoicing from their smartphone app

Indepth: You don't HAVE to do advisory.

Something grinds our gears. And that something is: 

Generic conversations about accountants having to do advisory, from people who've never done it. 

It comes from this idea that because advanced use of technology means that it takes a lower amount of time to do traditional compliance work. It stems from a line Xero used to tout, 'Compliance is dead, you have to do advisory'. 

What's wrong with the way advisory is being spoken about?

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL. 

Interview Panel: Why you should stick with MYOB.

Thanks to MYOB, David got to sit down with some awesome accountants who have kept their firms on MYOB amidst rapid industry change. Their stories are compelling and enthusiastic! 

We speak with:

• Shaun Borg and Vatche Medzoian from Mead Partners

• Tracy Brennan from BW Advisers

• Kyelie Baxter from IQ Accountants

97. ATO Scandal: Part 3

Best on Ground

• Head down to Accounting Business Expo to see David MCing the Business and Finance Theatre - Wednesday March 20 2019, ICC, Sydney - And if you are an FTT listener heading down, check out David's interview with ATO Assistant Commissioner of SMSF’s Dana Fleming and if you let us know beforehand, David will give you a shout out on stage! https://www.accountingbusiness.com.au/

• Following last week's videos to promote better business, Deloitte are producing a topic featuring their own female leaders to promote women entering the STEM areas (Science, Technology, Engineering Maths): https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/deloitte-ellaengineer-comic-book-collab-stem.html?id=us:2sm:3tw:4ellapr::6cons:20190226161100:&utm_source=tw&utm_campaign=ellapr&utm_content=cons&utm_medium=social&linkId=64080881

• Earn Qantas points when you pay your accounting fees with Deloitte: https://www2.deloitte.com/au/en/pages/deloitte-private/articles/qantas-business-rewards.html

• You never have all the right information to tell the full story: https://www.linkedin.com/feed/update/urn:li:activity:6507513599555096576

• It’s ok to have a ‘’work voice’’ says David as Elizabeth Holmes is busted for changing her voice to a baritone for business purposes: https://www.news.com.au/finance/work/leaders/theranos-founder-elizabeth-holmes-desperate-deceptions/news-story/c27d04362607d5a66f3fe2b61debe49a

• The Gamification of Tax Compliance! https://www.economist.com/finance-and-economics/2019/03/02/governments-use-receipt-lotteries-to-boost-tax-compliance

Worst on Ground

• ATO has put its hand up and enforced the super amnesty despite its botched process into legislation  https://www.theage.com.au/business/workplace/ato-set-to-waive-unpaid-superannuation-penalties-in-wake-of-botched-amnesty-20190305-p511yn.html

• Despite Paul’s initial claim, it turns out accountants can learn from tech startups: https://www.accountingtoday.com/opinion/5-lessons-accountants-can-learn-from-tech-startups

• Korda Mentha Acquire Learning was solvent, despite Acquire paying Korda’s bill late: https://www.theage.com.au/business/the-economy/boom-1-million-for-the-boys-acquire-eyed-success-ahead-of-fall-20190306-p5128m.html

• The law doesn't care about your buzzwords. Aldi replaced “Employer” with “Leader”: https://www.afr.com/news/policy/industrial-relations/aldi-enterprise-agreements-torpedoed-over-a-one-word-change-20190301-h1bvck?&utm_source=facebook&utm_medium=social&utm_campaign=nc&eid=socialn:fac-14omn0053-optim-nnn:nonpaid-25/06/2014-social_traffic-all-organicpost-nnn-afr-o&campaign_code=nocode&promote_channel=social_facebook 

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:

• ATO Scandal: Part 1

• ATO Scandal: Part 2

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

Best on Ground

• This interesting hiring technique reminds us of the tricks lawyers use to test the compliance of their graduates. https://www.theblaze.com/news/2016/02/22/charles-schwab-ceo-reveals-how-he-tests-job-candidates-by-taking-them-to-breakfast-having-restaurant-mess-up-their-order/amp

• Another accounting software uses the Intuit bookkeeper thing as ammunition to prove they love their clients more https://www.accountingsuite.com/partner-page/

• Xero is rolling out the same event strategy they used in Australia in Asia: https://www.linkedin.com/feed/update/urn:li:activity:6504165830408921088/

• How inclusive is your culture? This awesome video from Pixar shows us how oblivious we can be to our exclusiveness and how just one person can change it: https://www.fastcompany.com/90303807/pixars-new-short-purl-takes-on-toxic-workplace-bro-culture

• Will you stay small and true to your values or become a profit hungry competitive corporate? This charming add from Chipotle reminds us why we go into business: https://www.youtube_.com/watch?v=jGYhPheWS6g&feature=youtu.be

Worst on Ground

• Blockchain hacked!!! https://www.technologyreview.com/s/612974/once-hailed-as-unhackable-blockchains-are-now-getting-hacked/

• Pitcher Partners fined: http://www.pubacct.org.au/news/accounting-firm-ordered-pay-client-3-3m-costs

• The ethics of conflict of interest disclosure and PWCs epic partner exit package: https://www.afr.com/business/accounting/accounting-regulator-chairman-bill-edge-still-being-paid-by-pwc-20190225-h1bo3m

• Pre accounting won’t replace bookkeeping in the eyes of our clients: https://blog.receipt-bank.com/pre-accounting-why-small-businesses-cant-ignore-it?hs_amp=true&__twitter_impression=true

• Enough with the misleading robot advertisements https://theconversation.com/robots-star-in-ads-but-mislead-viewers-about-technology-111584

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

Best on Ground

David

• [02:00] We say farewell to Nicolette Maury who has stepped down from Country Manager at Intuit. CHECK OUT OUR INTERVIEW WITH NICOLETTE IN OUR INTUIT FROM THE GENERALS EPISODE

• [04:15] Practice Management software is the biggest let down in the cloud space - almost 5 years on and we’re not getting this wishlist prepared by Lisa Callaghan https://www.linkedin.com/pulse/20140817064002-150577399-the-future-of-accounting-practice-management-software/?trk=hp-feed-article-title-comment

Paul:

• [07:30] Congratulations to Deb Anderson on becoming a director of the Tax Practitioners Board

• [08:30] We all got excited when the story of Michael Cranston’s involvement in his son’s scam hit the press and now, he has been acquitted. https://www.afr.com/news/policy/tax/michael-cranston-acquittal-afp-loses-its-26-million-scalp-20190214-h1b9l9

• [11:55] We all have cognitive bias https://www.visualcapitalist.com/18-cognitive-bias-examples-mental-mistakes/

• [13:00] Xero Americas have respond to the Intuit bookkeeping service: https://www.xero.com/us/partner-programs/partners/commitment/

• [15:20] Check out this great business resource https://www.business.gov.au

Worst on Ground

Paul:

• [19:00] We discovered that app providers at the Xero roadshow were sharing email addresses. If you do this, please stop. As participants we don’t consent to it and it may be illegal.

• [30:08] Futrli continues to push their own agenda in content marketing. This line in particular is not helpful because it isn’t true ““#Accountancy is a profession continually divided on the best way to serve clients. “https://www.futrli.com/advisory/can-advisory-and-compliance-coexist-in-2019/

• [36:05] ASIC have a new logo design, it cost $40k, and it is exactly the same

• [38:00] MYOB advisor: https://twitter.com/shailanpatel/status/1097261665433804800?s=21

• [42:30] Emoji number plates in Queensland, what’s wrong with letters and numbers? https://twitter.com/7newsbrisbane/status/1097415619148795908?s=21

David:

• [22:28] Franchising in the bad books again, The Yoghurtland story, a franchise system developed by an accountant who sold stores to his clients is a case study in bad old school franchising. David recommends what should have happened (besides the obvious massive conflict of interest) https://www.smh.com.au/business/companies/cold-case-the-inside-story-of-yogurtland-australia-s-icy-franchise-dispute-20190216-p50yb1.html

• [43:40] ABC seems to have no idea what an accountant does in this deeply confusing article https://www.abc.net.au/news/2019-02-18/financial-planning-accountants-and-conflicted-remuneration/10820526

Interview: Jason Andrew Author of Stark Naked Numbers

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

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