Welcome to Season 1 - Episode 4 of Reality Cheque

Thanks to our Access Offshoring for their support of Reality Cheque.

Access are ‘The Offshore Accounting Recruitment Specialists’, if you're interested in learning more about hiring high quality accountants overseas, learn more here.

1.00 Nothing today is pure WOG or BOG, somewhere in the middle

1.20 Automation in Audit. 

Lots of clunky software still in place, huge reliance on repetitive grunt work done by humans instead of the tech. Resource stretching and boring work creates an environment of errors and rush through. 

There is a rolling AFR article tracking audit issues at the big4: https://www.afr.com/companies/professional-services/court-actions-against-deloitte-ey-kpmg-and-pwc-20190404-p51avg

Greater adoption of technology can help lift burden from humans and AI can be used to look for exceptions and detect anomalies. Good friend Sholto Macpherson wrote a great article in acuity: https://www.acuitymag.com/technology/automatic-audit 

Some of the tech that exists now includes: 

MindBridge - Explainable AI and Audit

Dext Precision: https://dext.com/au/products/precision

Xbert: https://www.xbert.io/

10.30 Conferences bringing people together

Shaye & Beccs womance began at XeroCon

Intuit Connect in Vegas is a known as the biggest and best conference in the accounting world

Xerocon

DreamForce

https://quickbooksconnect.com/ 

13:45 Having the freedom to choose family over work

Choosing between Tayah’s graduation and QuickBooks Connect (in Vegas no less) was a no brainer for Shaye.  No fear, complete safety, complete support from her boss and organisation.  

Shaye now feels safe enough to make these choices after years of working in an industry that made her feel frightened to prioritise family. 

Becc shares regrets over earlier choices and actions where work was chosen over family. 

This kind of inclusivity costs nothing - it's all about culture.  So why does our industry still stigmatise prioritisation of family?  Biiiiig miss for millennial parents…. Biiiiig miss for the sustainability of our industry.  Worst on Ground for the rehab required after leaving public practice ;)

DE&I at Intuit

23.50 Insolvency causing nightmares 

Beccs client going through insolvency is cause actual nightmares

Did she do enough?

Where is the education in our industry to help identify businesses in strife - haven't seen anything since the beginning of covid - but the issues are happening now?

How do the membership bodies decide what education to push out?

29:40 Imposter syndrome - something wrong with Becc

30:40 Xero & Intuit coming together to educate the masses on eInvoicing. 

The man, the legend, Simon Foster, suggests that Intuit and Xero demo together on an eInvoicing webinar with the CA ANZ, and earns Shaye’s undying love and respect hahaha

https://store.charteredaccountantsanz.com/Are-you-eInvoicing-Its-secure-and-efficient-but-is-it-for-everyone?quantity=1&custcol_lll_eventdate_opt=18&custcol_lll_eventyear_opt=7&Location=Online&custcol_lll_eventmonth_opt=8

Shaye & Becc shout out to Damien Greathead https://www.linkedin.com/in/damiengreathead/ for being a great human