Massive episode for the boys given what’s happened in the past week. Join Dave and Paul as they run through the best and worst on grounds, covering compliance, culture and collaboration.
They’re joined by Sarah Lawrence to talk about her adventures in the virtual CFO world and the in-depth topic this week is none other than the Fairfax and Four Corner’s attack on the ATO. Not to be missed!

From The Trenches’ - Real Life in the Accounting Industry presented by Paul Meissner and David Boyar.
https://www.fromthetrenches.com.au/

Show Notes

0:45 Best on Ground

Paul

10 Errors to Avoid when Collaborating with an Accountant
http://magazine.riskinfo.com.au/34/ten-errors-to-avoid-when-collaborating-with-an-accountant/
‘Absolutely spot on’

Wealthy Clients Headaches Driving Business for Accountants, Research Finds
https://www.accountantsdaily.com.au/tax-compliance/11516-wealthy-clients-headaches-driving-business-for-accountants-research-finds
A great piece on a pertinent issue.

David

MYOB’s Culture
Dave got a tour of the MYOB office earlier this week and was ‘blown away’ by what he saw.

8:42 Worst on Ground

Paul

Planners Lobby Claims: Accountants Hold Unfair Advantages
https://www.accountantsdaily.com.au/professional-development/11506-planners-lobby-claims-accountants-hold-unfair-advantages
After years of criticising accountants, this comes as a shock.

CA Issues in the AFR this Week
‘Where were CA? They need to have a voice’

David

We’ve Created the Accounting Bubble, Now We’re All Trapped Inside
https://www.linkedin.com/pulse/weve-created-accounting-bubble-now-were-all-trapped-inside-mclaren/
‘This piece is why the show exists’

13:47 5 in 5 Summary:

The boys are joined by Sarah Lawrence at the Accounting Business Expo, sharing a bit about her background, insights and comments on the virtual CFO world.

• Sarah believes branding is a key mechanism to present viewpoints to the industry and grow your follower base
• She engaged a marketing expert and believes it’s been a great return on investment
• She feels acting as trusted advisors and adding value is key to client longevity

17:41 In-Depth Topic:

This week, the ATO were investigated by a Fairfax Four Corners duo that put them under the microscope. The boys broke down the key issues:

• R&D grant experts were on a commission based scheme – sounds a lot like the banking royal commission?
• Mark Leibler was misrepresented and the stories where relatable “Aussie battlers” have captured the attention of the nation
• No tax agents utilised by Four Corners on the show – which reveals a lack of understanding of tax administration in Australia whereby the tax agent is the conduit to soften the blow.
• If we are going to look at their heavy collection practices we need to consider their loose lending ones.