Read past Accounting Chat newsletters

Each week I send a newsletter to Aussie accountants with all the news and updates they need to know. Here are some recent newsletters.

Poor skills, lack of scepticism blamed for audit quality problems

How do you drive an accountant completely insane? Tie them to a chair and mess up their excel formulas. Why digital financial reporting should be mandatory Despite the noted benefits of digital financial reporting, Australia has no apparent, immediate plans to make it mandatory – even though many G20 countries have … Read more.

Accountants’ skills in demand for voluntary work

Children may be tax deductible, but they’re still taxing. Accountants’ skills in demand for voluntary work With many not-for-profit organisations facing difficulties in the wake of the pandemic, there is a growing need for accountants to do voluntary work. Read more How PwC got tangled in a fight between ATO … Read more.

You may be paying a ‘loyalty tax’ at work. Here’s why

Accounting is an accrual profession, where everyone works their assets off, and everybody count. You may be paying a ‘loyalty tax’ at work. Here’s why Workers are paying a “loyalty tax” by sticking with their employers at a time when labour shortages are forcing companies to offer higher salaries to … Read more.

Big Four accounting firms dodge a bullet

Four Laws of Accounting:1. Trial balances don’t.2. Bank reconciliations never do.3. Working capital does not.4. Return on investments never will Big Four accounting firms dodge a bullet Tax Commissioner Chris Jordan’s bold attempt to regulate Australia’s more creative tax advisers ended quietly last month with an agreement that is so good … Read more.

Adopt global sustainability standards urgently, accountants say

Why are accountants always so calm, composed, and methodical? They have strong internal controls. Can the latest audit tools for practice deliver faster, higher quality audits or are humans still largely required to do the grunt work? With its long hours and propensity for staff burnout, audit has long been a … Read more.

How disciplinary bodies work

MYOB buys fintech Flare, moving on after ‘semi-ignorant’ reaction to ANZ talks Accounting software firm MYOB has beefed up its offerings by acquiring Flare, a Sydney-based fintech backed by investors such as former prime minister Malcolm Turnbull, for an undisclosed sum. Read more Accounting firms look offshore to save 25-50pc … Read more.

ATO boss outlines future ‘where tax just happens’

Why did the two accountants finally call off their on-again, off-again romance? They couldn’t reconcile their differences. ATO boss outlines future ‘where tax just happens’ Agents that rely on high-volume business will be unviable within five years, Chris Jordan says, with full digitisation by 2030. Read more Xero’s incoming local boss … Read more.

Where have all the accountants gone?

What’s an accountant’s idea of trashing his hotel room? Refusing to fill out the guest comment card. Where have all the accountants gone? The Federal Government’s skill shortage list indicates the last time there was a shortage of accountants in Australia was in 2008. Until recently, data shows there has consistently been enough … Read more.

The sad maths behind bad management

What’s the definition of a good tax accountant?The accountant has a tax loophole named after them! The sad maths behind bad management Bad management can have a devastating impact on a business, reducing productivity and staff engagement and dramatically increasing staff turnover. What does bad management look like, and how … Read more.

ATO agrees to improve help for accounting professionals

ATO agrees to improve help for accounting professionals The Tax Office has agreed to consult accountants and business activity statement agents on how to improve an industry help line, after an Auditor-General’s report found room for better assistance to the industry. Read more Rural accountants busier than ever as farming clients … Read more.