XERO IS HEADING TO ACCOUNTEX AUSTRALIA 2023 – JOIN US THERE!

HAVE YOU HEARD THE NEWS? ACCOUNTEX – THE LEADING ACCOUNTING AND FINANCE EVENT IN THE UK AND EUROPE – IS HEADING DOWN UNDER NEXT MONTH FOR THE FIRST TIME EVER.

Between 15 to 16 March, advisors from across the country will descend on Sydney’s International Convention Centre (ICC) for two days of learning, collaboration and connection. And Xero will be right amongst the action!

We’re super excited to be a part of the inaugural Accountex Australia event. You’ll find us in the exhibitor hall under the big blue stand, and on stage where we’ll discuss industry trends, challenges and opportunities (more on this below). But above all, we’re most looking forward to catching up with our partner community in person. Keen to join us there? Read on to learn more about what you can expect from this worldclass event – you won’t want to miss it.

Benchmark

your

Practice And Uncover Growth Opportunities

Xero recently launched its new State of the industry report, offering a unique snapshot of Australia’s advisory world. In a special Accountex keynote, I’ll be presenting some key takeaways from the research, covering topics like digitalisation, the future of work and the skills shortage.

I’ll also be joined on stage by some special guests – Xero partners Sarah Lawrance of Hot Toast and Zac Hayes of the Business and Wealth Collective. Together, we’ll unpack the report findings and share stories and tips to help you build a stronger, more adaptable practice that moves with the times.

Catch this session on Wednesday 15 March at 12:40pm AEDT in the...

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BGL IS PROUD TO ANNOUNCE ITS BGL MASTERCLASS WILL RETURN AS A LIVE AND IN-PERSON EVENT IN MARCH 2023.

"We are excited to hit the road and catch up with our clients in Adelaide, Brisbane, Hobart, Perth and Sydney," said Ron Lesh, BGL's Managing Director. "The BGL Masterclass is a must-attend event for BGL CAS 360, Simple Fund 360 and Simple Invest 360 clients wanting to learn how to unlock the full potential of their software and boost their productivity".

Presented by BGL product experts Warren Renden,

Head of CAS 360, Jeevan Tohki, Head of Simple Fund 360 and Andrew Paszko, Simple Invest 360 Product Manager, the BGL Masterclass will cover topics including; new and key features and their benefits, best practice workflow and processes, essential BGL Suite integrations and time-saving tips, tricks, and shortcuts. Plus, attendees will get a sneak peek at BGL's product roadmaps.

For more information and to secure tickets, please visit www.bglcorp.com/bglmasterclass.

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By Sean Woods

THE WORLD OF ACCOUNTING IS PIVOTING WITH INCREASING GOVERNMENT REQUIREMENTS AND EVOLVING CLIENT NEEDS. IF YOU DON’T MANAGE CHANGE IN THE COMING YEARS, CHANGE COULD MANAGE YOU—LEADING TO A CAREER FOREVER ON THE TREADMILL. TAKE CONTROL NOW AND ENSURE THE COMING YEARS ARE EVERYTHING YOU WANT THEM TO BE.

The pandemic showed how accountants are the true superheroes of the business world.

Yes, there was significant extra work. But a door was opened. As accountants performed tasks like helping clients prepare reporting to access government assistance, clients were educated about a closer relationship with an advisor they could trust.

Similarly, Making Tax Digital in the UK has indicated that client relationships can evolve as accountants focus more on additional service offerings, such as periodic financial check-ups, and less on basic compliance now that the government de- mands technology do much of that work. that’s right for everybody. But it’s wise to jump off the treadmill for just a few minutes and plan your route. The focus should be less about the specific and unique challenges. Instead, look at the ways you can navigate through the challenges in a way that will create a future perfect for you. Scaling up, scaling down, specialising or more rad-

All of this is becoming the norm, rather than the exception.

In the very near future, more and more taxes will be digitalised—everything from income tax to corporation tax. Simultaneously, governments worldwide are increasing business regulation.

Scaling up

As the philosopher Alan Watts said, the only way to make sense out of change is to plunge into it, move with it, and join the dance.

For accountants, this means scaling their practice to exploit challenges in the coming years.

But while basic growth is simple—do more of what decade, resulting in an inevitable fight to the bottom when it comes to pricing and profit. Nowadays a high street accountant competes with online services. clients being able to cope with the increased demands of at least quarterly reports for each trade and landlord income, plus discrete end of period statements (EOPS). And that’s before we discuss the requirements for digital record keeping and digital linking.

Providing more of the same is unlikely to be effective. Instead, fresh service offerings and increasing your practice’s understanding of client needs must be central to any plans to scale.

Clients that scribble down income and expenses as they occur, then hand this over to their accountant each January along with a bag full of receipts, are in for a huge shock.

But some accountancy practices are seizing the chance to manage this change and in doing so, they illustrate perfectly the mindset needed for practices looking to scale.

Client accounting services

You need to choose how you and your practice will fit into this new world.

The issues are the same as they ever have been: ensuring you’re relevant to clients, pricing services optimally, remaining profitable, and so forth, all while being guided by your values.

There isn’t a single path ical options—all must be explored, and a destination selected. you’re already doing—accountancy practices have opportunities to instead evolve what they do, driven by aforementioned increasing government requirements and changing client demands.

And that’s perhaps the most important point. All journeys start with a single step. But less often mentioned is that all successful journeys start by choosing the best destination for you.

After all, basic accounting services have become commoditised over the last

For example, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) arrives in the 2024/25 tax year, with the expectation that many businesses will signup to the pilot programme ahead of time as of the 2023/24 tax year.

There remains industry-wide incredulity about

MTD ITSA’s quarterly reporting requirement in particular means some business owners and managers will need to have much more contact with their accounting.

Because of the obvious reluctance of those clients to do so, some accountancy...

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