Do you still need an accountant now that AI can answer almost anything? Ben McEachen puts that question to Pete Burrows, an accountant with Lower Russell Farr in Penrith. Pete's quick answer: AI is okay, but sometimes you need actual intelligence. He shares when a simple tax return is fine to do yourself, the red flags of a dodgy accountant, and why a phone call before a big purchase beats fixing a costly mistake. Plus, a client who went all in on crypto, and a super tip many couples miss.

 

Key Takeaways
Actual Intelligence Over Artificial: AI can process your numbers, but an accountant interprets them and helps you act on them.
Complexity Is the Trigger: Simple PAYG returns may not need an accountant. Investments, capital gains, negative gearing, a new business or an SMSF usually do.
Ask Before You Act: A quick call or email costs far less than fixing a big financial mistake after the fact.
Honesty Is Non-Negotiable: A good accountant won't help you hide income or stretch deductions. One who will is a red flag.
Welcome the Pushback: Much of the value in advice comes from someone testing your ideas and naming the risks before you commit.
Conversations Uncover Opportunities: Face-to-face discussions surface tax and super strategies, such as spouse contributions, that you may not think to ask about.

Notable Quotes
"Artificial intelligence is okay. I think occasionally you will need actual intelligence." — Pete Burrows
"A phone call to us is cheaper than a big bad mistake that you're going to make if you don't." — Pete Burrows
"Doesn't always mean they're going to like the answer, but you need to work with the truth." — Pete Burrows
"If I went to an accountant and they were supportive of my dodginess, I should really, at that point be walking out the door." — Ben McEachen
"The advice you gave at the time was right for the time. But circumstances and life is dynamic and does change." — Pete Burrows

 

 

Do you still need an accountant now that AI can answer almost anything? Ben McEachen puts that question to Pete Burrows, an accountant with Lower Russell Farr in Penrith. Pete's quick answer: AI is okay, but sometimes you need actual intelligence. He shares when a simple tax return is fine to do yourself, the red flags of a dodgy accountant, and why a phone call before a big purchase beats fixing a costly mistake. Plus, a client who went all in on crypto, and a super tip many couples miss.
&nbsp;
Key Takeaways
<ul>
<li>Actual Intelligence Over Artificial: AI can process your numbers, but an accountant interprets them and helps you act on them.</li>
<li>Complexity Is the Trigger: Simple PAYG returns may not need an accountant. Investments, capital gains, negative gearing, a new business or an SMSF usually do.</li>
<li>Ask Before You Act: A quick call or email costs far less than fixing a big financial mistake after the fact.</li>
<li>Honesty Is Non-Negotiable: A good accountant won't help you hide income or stretch deductions. One who will is a red flag.</li>
<li>Welcome the Pushback: Much of the value in advice comes from someone testing your ideas and naming the risks before you commit.</li>
<li>Conversations Uncover Opportunities: Face-to-face discussions surface tax and super strategies, such as spouse contributions, that you may not think to ask about.</li>
</ul>
Notable Quotes
<ol>
<li>"Artificial intelligence is okay. I think occasionally you will need actual intelligence." &mdash; Pete Burrows</li>
<li>"A phone call to us is cheaper than a big bad mistake that you're going to make if you don't." &mdash; Pete Burrows</li>
<li>"Doesn't always mean they're going to like the answer, but you need to work with the truth." &mdash; Pete Burrows</li>
<li>"If I went to an accountant and they were supportive of my dodginess, I should really, at that point be walking out the door." &mdash; Ben McEachen</li>
<li>"The advice you gave at the time was right for the time. But circumstances and life is dynamic and does change." &mdash; Pete Burrows</li>
</ol>
&nbsp;
&nbsp;

Money: Faith & Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money?

Welcome to the profit, loss and real balance sheet of wherever money intersects with you.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Money: Faith &amp; Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money? Welcome to the profit, loss and real balance sheet of wherever money intersects with you.
Pete Burrows is an accountant for small business and individuals with <a href="https://www.lrf.com.au/">Lower Russell and Farr</a> in Penrith, Western Sydney, Australia. Ben McEachen hosts <a href="https://hope1032.com.au/programs/hope-mornings/">Hope Mornings on Hope 103.2FM</a> in Sydney, Australia.

Money: Faith & Finance

Listen to more from our Hope Podcasts collection at hopepodcasts.com.au. And send the team a message via Hope 103.2’s app, Facebook or Instagram.

This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.

Listen to more from our Hope Podcasts collection at <a href="http://www.hopepodcasts.com.au/">hopepodcasts.com.au</a>. And send the team a message via <a href="https://hope1032.com.au/listen/#apps">Hope 103.2’s app</a>, <a href="https://www.facebook.com/Hope103.2">Facebook</a> or <a href="https://www.instagram.com/sydneyshope1032/">Instagram</a>. This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.

Why You Still Need an Accountant in the Age of AI

https://api.omny.fm/orgs/258d2f07-1164-48e4-970c-accc0047a4ed/clips/d0a4e51a-60d5-4ae2-91a6-b4d40019779f/transcript