In the age of FAKE NEWS, brave souls are needed to fight through the noise and give accountants in practice the support and information they deserve. David Boyar and Paul Meissner share a passion for the role Accountants play in the Australian economy. As the engine room of the economy, small - medium businesses rely on their accountant for technical knowledge, business acumen and professional (and often personal) support. As the way accountants work (through technology) and service (through new services like Virtual CFOs) changes, we have to ask If accountants are helping their client’s, who is helping Accountants? If you read the Accounting Industry news and listen to the industry leaders then the Accounting industry is at war. It’s a war against technology, the ATO and even UBER (apparently). The problem is that most of the leaders have never worked in practice. They are subject matter experts but can't offer the perspective of someone who had to actually have conversations with clients about implementing technology, actually moved to value pricing, actually compared technology features and how an entire team may be impacted by them. Each week in this podcast, 2 plucky Chartered Accountants will bring you the real stories ‘from the trenches’. This no holes barred, feisty, yet humorous take on the Accounting landscape will be entertaining while sending a message to the scaremongers, that the FAKE NEWS must end. By following a simple podcast formula, David and Paul will deliver rapid value straight to your earphones. With segments like ‘best and worst of the week’, ‘Fake News exposed’ and a the rapid format ‘5 questions in 5 minutes’ special guest interviews, what more could you want. This podcast won’t be for the faint hearted. https://www.fromthetrenches.com.au/
8. Want 8x ROI? Invest in Mental Health for Staff
14:01David chats to ICB CEO Amanda Linton and Beyond Blue Deputy Chair Kate Carnell about why we should view investment in Mental Health training the same way we view investment in technology. Register for their Summit Session https://summit.fromthetrenches.com.au/talks/mental-health-session/ Sign up to the New Access Program https://www.beyondblue.org.au/get-support/newaccess See omnystudio.com/listener for privacy information.
7. What Happened To Receipt Bank?
22:55What happened? It was Orange, it was loved, now it's Dext, it's three things not one and got dealt a savage hand by pockets of the social media world. But the strategy makes sense if you dig in to it. Listen to David Boyar ask Paul Lodder - Product Domain Expert (and a seriously accomplished accountant), What happened to Receipt Bank? Want more? Register for Paul's session at Trenches Summit " https://summit.fromthetrenches.com.au/talks/dext-keynote/ See omnystudio.com/listener for privacy information.
6. Trenches Summit: 54 Speakers / 5 Industry Bodies/1 Government Agency/19 partners
16:4954 Speakers 5 Industry Bodies 19 Event Partners 2 Plucky Hosts 1 Awards session Stupid amounts of CPD September 13 and 14 2021 https://summit.fromthetrenches.com.au/ See omnystudio.com/listener for privacy information.
3. Worst On Ground: Virtual Summits - We'll fix them.
36:26Get your early bird tickets to the Trenches Summit right now to keep up to date with a summit that has the best of the best without any of the worst. https://summit.fromthetrenches.com.au/coming-soon/ Best on Ground Paul Speed Dating with your work hat off helps you compare apples with apples when considering tech solutions. David Learning has genuine value – it's the only way to improve anything that is keeping you down. Trent McLaren (Divi Pay) The side events, it feels like a 5 day music festival – Accountingpalooza Jack Kay (ChangeGPS) The best ones are when expectation meets reality. Content is focused without marketing spin Worst on Ground Paul When tech delivers content outside the core problem the tech solves (wait for the stoush with Trent over why). David Too many speaking slots in narrow talent pool. The slots are becuase vendors paid even if they don’t have quality content to deliver. Trent With a Vendor Hat on it’s clear the pay to play model make ROI didn’t correlate . Events who used to charge 20k for an inperson event shouldn’t charge 20k for a virtual one. Content programs are commercially led and commercial outcomes can conflict with attendee priorities See omnystudio.com/listener for privacy information.
2. Compliance is..................not perfect.
25:30Compliance is not dead, but it's not perfect so David Boyar interviews Paul Meissner to get the state of compliance revenue. The biggest problem is how revenue is generated. Some tech companies try to solve this by assuming revenue from compliance is a dying source but no one in practice really believes it's going anywhere. In this episode David Boyar interviews Paul Meissner to find the three problems with how revenue is generated from compliance services. It's too easy to discount Too many services are bundled into the annual fix fee Don't do the annual price increase "just because you can" Some of these points may be relevant to you, some may bolster your confidence in what you are currently doing and some, well they might make you mad. See omnystudio.com/listener for privacy information.
1. It's Back-ish: Trading Trusts and Cotchy Vs Xero
34:13A linked in post titled Cotchy Vs Xero shows how well the accountant, Pat Mannix from Paris Financial, understood his clients (startups) and how different they were to the needs of his traditional 70 staff practice in Melbourne. Like most accountants Pat is passionate about what matters to his business, and his clients. Listen to hear why:- Client’s by because of the service they get not the tech the accountants use Discretionary (Family) Trusts are still an excellent tool for saving tax Accountants know more about SMSF’s than most other professionals yet still can’t advise on the them properly. Agree? Disagree? Think more info is needed? JOIN THE CHAT on www.fromthetrenches.com.au Read the responses first! Response: Rebecca Mihalic FCA - When a family trust is not right for a trading entity Response: Grant Abbott - How To: Use Deeds to Overcome Trading Trust Issues See omnystudio.com/listener for privacy information.
120. Lazy Accountants? Real Leaders, Excels Dynamic Arrays
34:45Best on Ground Paul Meissner A fact sheet released by the corporate regulator highlighted it would cost members $13,900 to operate a self-managed super fund, as well as a 100-hours-a-year time commitment. The ATO has refined these figures, showing operating expenses are closer to $3,923 a year. https://www.smsfadviser.com/news/18950-ato-figures-throw-light-on-asic-s-financial-fact-sheet Great content by the ATO. Content from May 2016, can’t say I have seen it before. https://www.ato.gov.au/General/Trusts/In-detail/Trust-tax-time-toolkit/Resolutions-checklist/#_Does_a_resolution David Boyar Twitter is more often a dangerous place than a supportive one but this is #taxtwitter at its best https://twitter.com/kjb_cpa/status/1274905696052502528 Could this trigger a construction sector clean up? https://www.afr.com/politics/federal/directors-to-get-id-number-for-life-to-thwart-phoenixing-20200612-p55218 Is receipt banks' strategy to win on data quality? https://www.accountantsdaily.com.au/technology/14498-receipt-bank-acquires-xero-app-partner Dynamic Arrays are a new excel feature worth taking the time to learn https://www.youtube.com/watch?v=2USJsIyIzvo David Dahm is a proper leader https://www.abc.net.au/news/2020-06-16/coronavirus-leaves-medical-practices-on-verge-of-collapse/12359282 Worst on Ground Paul Meissner “The Lazy Accountant” - Is it just another software seller telling us how we are underperforming? https://www.linkedin.com/posts/davidboyar_tax-activity-6681346758121017344-cYYp Deloitte will cut 7 per cent of its workforce, or at least 700 professionals, despite the firm growing annual revenue by 10 per cent to $2.5 billion amid the COVID-19 downturn. Partners were told on Monday that the firm was on track to deliver revenue growth of about 14 per cent over the first three quarters of the firm's financial year but that growth had collapsed in the final quarter due to the pandemic. https://www.afr.com/companies/professional-services/deloitte-to-cut-at-least-700-roles-across-the-firm-20200622-p554we See omnystudio.com/listener for privacy information.
23. Social Sycophants & Ideas That Aren't Worth Spreading
21:57The rant episode years in the making. Online lives are fake for both business and personal. This is spoken about often in our personal lives but when people are big noting themselves in business platforms, we're worried about the impact on our business lives. Anyone can post any view or opinion they have now as fact. Facts no longer matter. Science is irrelevant and research is more often shared when it's commissioned by marketers who need data to sell their product. People are then emboldened by social sycophants that just agree with them. And when that happens, an idea that isn't worth spreading gets spread. Anyone who tries a counter argument is labelled a troll or grumpy and risks damage to the professional reputation. Facts don’t matter anymore, there is always a group that will feed you back your views, a comfortable confirmation bias is met. And if enough likes and clicks are made all of a sudden that person is considered a "thought leader". When all they did was share a self service opinion. I often hear people pass off likes, supportive comments etc as proof that anyone holding a different view is irrelevant. But we embrace the differing view. We like the friction and the debate. See omnystudio.com/listener for privacy information.
45. Digital Signing Booms, Returning From Home & 2 Self WOGs
40:22The Weekly Challenge The feds are handing out support cash industry group by special interest group. It seems the squeaky wheel is getting the oil as industry leaders claim mass extinction if they don’t get aid:- $1b. For construction Money for the arts Grants for renovations My challenge, is to develop a strategic funding arrangement that set us up for the next century and not whittle away the 60b left from JK! Best on Ground David Boyar This just became the third most loved tweet of all time - the sheer power of words to reach millions blows me away and makes me think of the reach and influence of accountants. https://twitter.com/andymilonakis/status/1266821069823975430 Business Depot have come up with another new way to engage with clients - ultra low cost and wide reach. If a client on the edge saw this, would they wonder why http://offers.businessdepot.com.au/rebound-2020 Xero Document Packs have made digital doc signing the hottest tech stack piece of the month https://www.xero.com/au/features-and-tools/practice-tools/tax/document-packs/?escape=true Paul Meissner Grant Thornton: The main reasons people enjoyed working from home were the reduced commute time, having the flexibility to manage their own hours, reduced expenses, and having more time for exercise and family. The survey also showed 45 per cent of respondents had some discomfort about returning to the office. More than 60 per cent wanted to work both at home and in the office after reopening and only 9 per cent wanted to exclusively work in the office. https://www.afr.com/companies/professional-services/grant-thornton-kearney-reimagine-the-post-pandemic-office-20200601-p54yc8?utm_medium=social&utm_campaign=nc&utm_source=Facebook#Echobox=1591149136 Ask our competitors sales people to SHOW you each of these features in their software. Not TELL you their software has a feature, BUT actually SHOW you the feature and HOW the feature works in their software. https://www.bglcorp.com/2020/05/25/not-all-corporate-compliance-and-smsf-admin-software-is-the-same/ Leading in a work-from-home environment, Accountants are exactly the right kind of workers to thrive in a work-from-home environment. Good summary of the 4 challenges https://www.accountingtoday.com/list/leading-accountants-in-a-work-from-home-environment?utm_source=twitter&utm_campaign=accountingtoday-tw&utm_medium=social&utm_content=socialflow Worst on Ground David Boyar Doe’s Paul’s latest Linked In “give the masses what they want” post actually hit the mark? https://www.linkedin.com/feed/update/urn:li:activity:6673610747613978624/?commentUrn=urn%3Ali%3Acomment%3A(activity%3A6673526621976317953%2C6673610640814432256) Paul Meissner The Australian Comfort Group, which owns the SleepMaker and Dunlop Foams brands, delayed issuing invoices and the processing of customer orders in April, according to a source and documents seen by The Australian Financial Review. https://www.afr.com/politics/federal/ato-to-investigate-11m-jobkeeper-claim-20200531-p54y16? “Finance Futurist and Podcast King” https://twitter.com/icmispeakers/status/1267365360145227776?s=20 See omnystudio.com/listener for privacy information.
21. Accountants are the Real Heroes & The S in COSBOA
40:50NEW SEGMENT!!! With so much change afoot we're challenging our institutions and leaders to actually have the back of the small businesses they keep saying are the backbone of the economy. Paul Meissner: I’ve long been critical of Cosboa, far too friendly with the medium end of SME, Their conference excluded small and micro business. My challenge - don’t screw this up. I’m ready to celebrate the success of this. https://www.cosboa.org.au/post/small-businesses-set-for-boost-with-spend-local-campaign David Boyar:IR reform - We need actual representation of small business at the table so it's unions v big corporates https://www.theguardian.com/australia-news/2020/may/28/morrison-government-will-push-on-with-ir-reform-even-if-unions-and-employers-cant-agree Best on Ground Paul Meissner Staying in touch with staff remotely is super important and this is a great quiz. Good example of responding. https://www.smartcompany.com.au/coronavirus/atlassian-employee-survey-open-source/ Taking the mickey out of your boss isn’t grounds for dismissal apparently. BP dragged this out for 2 years and took it to the federal court. Just for offending management. https://www.news.com.au/national/courts-law/worker-wins-twoyear-battle-to-take-the-piss-out-of-bosses-with-hitler-meme/news-story/3df34d53f3ceb09886adf0a619d5cb8c A lot will be written about the future of work and the office. Online booking seems to be an obvious change. Not sure hotdesking dies in the end. Large commercial offices face a bigger test I feel. https://www.itnews.com.au/news/nab-nixes-hotdesking-in-favour-of-app-bookable-desks-548390 Trust the data, what do you need a human to check it for. There are never errors… Political fighting here is interesting. Treasury is separate to government, staffed with the same people (largely) irrespective to who’s in government. Government always blamed. https://www.afr.com/policy/tax-and-super/later-60b-jobkeeper-error-discovered-20200522-p54vkm David Boyar Accountants are the real heroes https://twitter.com/JosephCarrozzi/status/1263968097389514756 Peter the Great graces accountants https://us02web.zoom.us/webinar/register/6815904703351/WN_42ybOi-pT6mkRw1II7eBHg Would David be this aggressive in app marketing? Or is it just something BGL can get away with? https://www.bglcorp.com/2020/05/25/not-all-corporate-compliance-and-smsf-admin-software-is-the-same/ Worst on Ground Paul Meissner Payroll is complex, errors bound to be made. Fair work found for the employee but hard to not see this go higher up the courts. https://www.afr.com/work-and-careers/workplace/qantas-dealt-blow-over-jobkeeper-payments-20200524-p54vve https://www.afr.com/companies/professional-services/we-want-you-back-in-the-office-law-firm-tells-partners-20200524-p54vv6 End of year BS tax articles by people who don’t know their stuff. https://www.westpac.com.au/news/money-matters/2020/04/making-sense-of-wfh-tax-tweak/ David Boyar Advocacy: Too Little too late? https://www.accountantsdaily.com.au/tax-compliance/14412-practitioners-potentially-misled-by-ato-s-jobkeeper-turnover-guidance Does anyone know what EY is talking about? https://twitter.com/BrandDNA/status/1265280824141701121/photo/1 AI/ML Universities and job ready candidates https://twitter.com/filippie509/status/1265356259621912576 See omnystudio.com/listener for privacy information.