Over the past several months in Australia we’ve seen several things in the Australian compliance area: Australian compliance accountants are equally able to work from home as they are in the office, with little productivity losses. If anything, the time saved in long commutes to and from work has been a blessing. During difficult times, of which we seem to …
Australian tax and accounting compliance Outsourcing forecast to increase 75% from 2020 to 2022
Commbank released their June 2020 marketing pulse recently. Most interestingly Australian tax and accounting compliance Outsourcing forecast to increase 75% from 2020 to 2022. As a direct result of their coronavirus experience, 21% of firms responded that they would increase their use of contractors and outsourcing. Many firms had invested in cloud technology and made the transition to working from …
Accounting Compliance firms valuation drops in the face of SME closures
I was speaking to an accountant who has a business assisting accounting firms get their practices ready for sale, usually when they are retiring. He assists both buyers and sellers. Basically the premise of valuation of an accounting firm is a multiple of the annual revenue, with individual returns having a lower multiple than other “stickier” clients. There’s a lot …
Australian SMSF auditors: including the extra Coronavirus Disease (COVID-19) Notification
With the longer term impact of COVID-19 as yet one of the unknowns, there has been recent news regarding disclosure requirements for SMSF trustees who have not yet completed their 2019 financial year accounts. We’ve seen some recommendations related to the need to disclose the pandemic as a significant event in the “Events subsequent to Balance Date”. Accountants should be …
The Coronavirus challenge: Forget the historical Compliance work, now is the time for Australian accounting firms to be working real-time with their SME clients to support and ensure their survival…!
The world has been scrambling to deal with the outbreak of Coronavirus. Governments are limiting travel and imposing quarantines to curb the spread of the Virus. Conferences and meetings are being cancelled. Key supply chains around the world are disrupted. Many businesses are struggling, releasing staff, or just shuttering their doors. Accounting firms are operating in a difficult environment with …
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